Avoiding U.S. taxes.........

smittysmitty
in Brick & Mortar Casino Talk
in order not to pay taxes on large winnings over $1200, canadians have to go to U.S. and apply for their TIN # without a TIN # u will be taxed on ur winnings.

when u see canadian advertisements about retrieving taxes u pay, what they are doing is getting ur TIN # for u and retrieving what u payed (for a fee of couse)

Comments

  • Dave ScharfDave Scharf
    I am not sure this is correct. Even with a TIN (taxpayer identification number) you will be subject to a 30% tax withholding. To get that money back you will have to file a U.S. tax return and reduce -- through deductions -- your taxable income to zero.

    There are folks in Canada who will get your money back. Honestly, it is not clear to me how they do it. I don't ask too many questions.
  • Dan808Dan808
    is the system much different for any US players that come here and win?

    thanks
  • ScottyZScottyZ
    is the system much different for any US players that come here and win?

    Very much different. To the best of my knowledge, tax is not withheld at all in Canadian casinos. In fact that is a great part of the appeal of the cross-border Ontario casinos (besides the currency exchange "more money illusion"). The last thing a slot jockey wants is to have 30% of their jackpot winnings whisked away on the spot. That's a lot of money that they could have used to put back into the machines! ;)

    ScottyZ
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