Thoughts?
in Online Poker
Never mind . . . link is not allowed.
Basic gist of the article was about Italian tax cops sending letters to pros asking for details of their sponsorship deals with the various sites. Looks like the Euro Tax Cops are looking to come for some of that internet $$$ that everyone is talking about.
Bets on how long it takes the CRA to follow suit?
Basic gist of the article was about Italian tax cops sending letters to pros asking for details of their sponsorship deals with the various sites. Looks like the Euro Tax Cops are looking to come for some of that internet $$$ that everyone is talking about.
Bets on how long it takes the CRA to follow suit?
Comments
Bonus times Slot machine .
Bought a new vehicle, New flat screen and a couple of other things.
Audited by the Sopranos.(CRA) Had a hell of a time trying to get it through their thick skulls that he won some money. They look at everything .
I am sure they will someday soon start doing this to make up for what they have lost to date.
I can also see lottery and gambling winnings being taxed here in the near future also.
Technically they already do. If they suspect that you are making a living gambling (they even went after a guy that played ProLine), then they will include that money in your income. It would be up to you to prove otherwise.
http://www.canada.com/ottawacitizen/news/story.html?id=74e47320-ecf5-496d-a23f-e6440ece5134
Example: my first employer used to give you a Rolex for 10 yrs. of service. They also added said Rolex to your T4. It is still the only time I have ever had to send $$$ to the government at tax time.
Think about some on-line guy who feels all good inside about winning 10k on UB. Even if he's lucky enough to get it off the web and into his hands, now the feds want 26%?!?
Another proverbial Golden Cash Cow.
The feds will be demanding more money from this also.
What I could see, though is this. You play at govt run online casino with a gross rake tax free. You play at other online sites, we tax you.
Actually. There is a story on **************** in regards to the Italian Government, Italian Pros and their on line winnings. Still don't know how to bring it over here and it just popped up on my facebook wall. Short but interesting read.
wON'T ALLOW THE LINK.
c a n a d a p o k e r . c o m
They'll just change the rules.
IANA(tax)L, so ymmv.
If they start taxing winners at government run poker sites would it not make sense to start doing the same thing for all lotteries? I don't think they will do this and if they did it would be pretty unfair since they already take their fair share out of the proceeds. In order for things to be fair they would have to start taxing casino scores too. A lot of internet poker players will/should complain if they are taxed and live poker is not. That seems like a lot of change to squeeze out a little bit of money from a business model that is already extremely profitable for the government as is. The amount of longterm winners is ridiculously low compared to all the losers out there.
I could see a dangerous precedent being set by going after professional players for taxes with the current definitions of what a professional player is in the tax code. If you operate like a business and use skill to realize a positive expectation you can be considered a professional. What about all the people that use pokertracker, and read books but still find themselves losing? They can claim that they operate like a business and potentially be eligible for some pretty big tax write off's.
It'd be funny to see a bunch of people claiming they are part time professional gamblers reporting net losses on their tax forms.