Yes, it's legal enough; maybe it's more accurate to say it's NOT illegal.
Unless you're winning a LOT and not reporting it on your income tax, you won't have a problem.
If the CRA says you make your living from gambling, then you are going to have to pony up. Whether it's to a lawyer to fight it (and probably lose anyway), or just to settle the issue.
Having said that, most of us not named SirWatts will be fine . . .
What if you have a 'primary' job which makes u 8$ an hour but lets say you bring in 100K a year in 'gambling' money consistently..... can they still tax you on the 100K or do they just tax you on your 8$/hr job?
What if you have a 'primary' job which makes u 8$ an hour but lets say you bring in 100K a year in 'gambling' money consistently..... can they still tax you on the 100K or do they just tax you on your 8$/hr job?
Then they neuter you because you are so stupid that you should not breed.
What if you have a 'primary' job which makes u 8$ an hour but lets say you bring in 100K a year in 'gambling' money consistently..... can they still tax you on the 100K or do they just tax you on your 8$/hr job?
It comes down to what they decide is your primary source of income. Obviously, if they determine that you are making $100k from poker (or whatever) they may decide that is your primary income. The reason for my original post is that there have been some cases of consistent "winners" who have had the CRA (or it's earlier version, RevCan) decide that they were professional gamblers and go after their winnings.
But the biggest factor is whether or not they FIND OUT about it. I won't tell if you don't, okay?
What if you have a 'primary' job which makes u 8$ an hour but lets say you bring in 100K a year in 'gambling' money consistently..... can they still tax you on the 100K or do they just tax you on your 8$/hr job?
Quit your $8 job, move to Costa Rica and play the Carribean Tourists.
Comments
Unless you're winning a LOT and not reporting it on your income tax, you won't have a problem.
If you make a living at poker I'd say you have to, but I'm not a tax professional. Otherwise I think you're safe.
If the CRA says you make your living from gambling, then you are going to have to pony up. Whether it's to a lawyer to fight it (and probably lose anyway), or just to settle the issue.
Having said that, most of us not named SirWatts will be fine . . .
Then they neuter you because you are so stupid that you should not breed.
It comes down to what they decide is your primary source of income. Obviously, if they determine that you are making $100k from poker (or whatever) they may decide that is your primary income. The reason for my original post is that there have been some cases of consistent "winners" who have had the CRA (or it's earlier version, RevCan) decide that they were professional gamblers and go after their winnings.
But the biggest factor is whether or not they FIND OUT about it. I won't tell if you don't, okay?
Quit your $8 job, move to Costa Rica and play the Carribean Tourists.