Pokernews: 5 Reasons You Should be Playing Poker in Canada

BlondeFishBlondeFish
in WSOP / WPT / EPT Discussion
Hey America, Here are 5 Reasons You Should be Playing Poker in Canada! | PokerNews
A Tax-Free Winning Spree

Many Canadians have reservations about travelling to the states for tournaments because it is hard to come out ahead after the taxman nabs 30% of your money when you win big.
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No portion of your prize money will ever be withheld. You win $30K? You take home $30K!

Comments

  • MonoxideMonoxide
    I wish we had the WSOP and VDSE up here instead of in the states. Most options up here are pretty limited like once a year or the venues are in the middle of nowhere or the prize pools are generally smaller.

    But to be fair, if you do have losses in the US (if you are a reg tourney player, you will have runs of 0 cashes) you can claim them and get your taxed money back. I think im 0/30ish in tourneys down there so I can claim like 20k in losses, technically I will still get paid out fully, by the end of tax year, if I hit a $30k score.
  • compueasecompuease Admin
    The other thing to remember, this does not apply for the casual player who is not playing big prizepool tournies. The 30% withholding does not apply if you win a prize of less than $5K, unless you are playing at Seneca or the like. Almost all Vegas casinos hold to that. For a 1st prize of 5K you would need to be playing a tournament with a prize pool of at least 18-20K for it to be a consideration. The daily tournaments don't reach that.
  • MonoxideMonoxide
    Yeah often the venetian nightly $200 was like $4-4.5k for 1st so it was onei def played a lot due to the full payouts, other times even less when a series is not running. it was the only tourney type i cashed in, once, lol. Usually I had points from cash games to get in these nightlies for some $112 rando hourly lol.

    Even when it was like wsop busy it was like 8k i think but still i believe u can just chop and then just the player who has the best country tax deal signs for 1st, probably they get more money from each player if no one had a tax treaty, who knows. It went quite turbo-ish near the end tho, as opposed to all their main dse tourneys that have good structure, but its at 7 so thats expected.
  • jontmjontm
    Monoxide wrote: »
    I wish we had the WSOP and VDSE up here instead of in the states. Most options up here are pretty limited like once a year or the venues are in the middle of nowhere or the prize pools are generally smaller.

    But to be fair, if you do have losses in the US (if you are a reg tourney player, you will have runs of 0 cashes) you can claim them and get your taxed money back. I think im 0/30ish in tourneys down there so I can claim like 20k in losses, technically I will still get paid out fully, by the end of tax year, if I hit a $30k score.

    Not enough people actually experience this problem to know that you really have a tough time getting the withholding back...ask Pudge, Duhamels investors, anyone who bubbled the Nov Nine etc.

    You get back a percentage of what you lost so I guess you could consider it freerolling to min cashes but I hear it's not even that good. Win large again back to square one. Hard to prove losses.
  • philliiveyphilliivey
    We won't be playing online anymore (well government run sites) within the next year so the timing of this article is a little weird.
  • MonoxideMonoxide
    Like the new government sites will be so fishy we will have to leave Stars?!

    lol >:D

    seriously tho I think they will block casinos etc before targeting poker. I really think it near impossible for Stars to be a target, not to say it can't happen, but I certainly wouldn't bet on it in the near future.
    jontm wrote: »
    Not enough people actually experience this problem to know that you really have a tough time getting the withholding back...ask Pudge, Duhamels investors, anyone who bubbled the Nov Nine etc.

    You get back a percentage of what you lost so I guess you could consider it freerolling to min cashes but I hear it's not even that good. Win large again back to square one. Hard to prove losses.

    I have like $25k+ in receipts on my desk, im sure with the venetians help next time in vegas I can see what has processed on my players card and gather more proof. They are all losses so I can't imagine it being much different that inserting my players card into a slot machine and asking the casino to provide me a player history with all the playdata for taxes.
  • BlondeFishBlondeFish
    IANA RMS agent, but I don't think you can claim your losses in previous years to offset any winnings this year. In other words, it will continue to be highly -EV to keep buying into US tournaments. You are much better off grinding cash games in Las Vegas like you do at Rama/Fallsview. By the way, Rama has three tournaments this month with only 5% rake instead of 30% extra rake.
    Monoxide wrote: »
    I think im 0/30ish in tourneys down there so I can claim like 20k in losses, technically I will still get paid out fully, by the end of tax year, if I hit a $30k score.
  • Wetts1012Wetts1012
    BlondeFish wrote: »
    IANA RMS agent, but I don't think you can claim your losses in previous years to offset any winnings this year. In other words, it will continue to be highly -EV to keep buying into US tournaments. You are much better off grinding cash games in Las Vegas like you do at Rama/Fallsview. By the way, Rama has three tournaments this month with only 5% rake instead of 30% extra rake.

    It might be -ev to play in the US, but its +fun.

    Thats the difference in the equation that youre not really calculating.

    Id rather take a trip to Atlantic City and grind a circuit event, with multiple MTT than drive to Rama 4 times a month for a single tournament.
  • BlondeFishBlondeFish
    I always have fun when I play in the US, but one of the most important factors for a winning poker player is game selection: I'll be grinding the +EV games this summer during the WSOP, but I will NOT play a single highly -EV MTT with 30% extra rake. I'd rather play a cash game or satellite with Johnny F***ing Chan than buy into a 30%-taxed MTT with Shaun MotherF***ing Deeb! :D
    Wetts1012 wrote: »
    It might be -ev to play in the US, but its +fun.
    Thats the difference in the equation that youre not really calculating.
  • MonoxideMonoxide
    Well maybe you are right. But I guess ill just do like I do with most things and wait until it happens and go from there, if i cant use my receipts that sucks but oh well. Its surely -EV in the long run if I did this every year, but I do have a lot of fun and get a real rush on day 2, I think maybe like another year or two of trying these to hit something big and THEN take a long break from U.S tourneys. The V owes me! lol
  • GTA PokerGTA Poker
    Move to Alberta and you don't have to worry about losses
  • JimmyHoJimmyHo
    Wetts1012 wrote: »
    Thats the difference in the equation that youre not really calculating.

    I don't think BF enjoys poker, its more like the guy who drives a TTC bus on the same route for 30 years. He just does it causes it pays the rent.
  • MonoxideMonoxide
    GTA Poker wrote: »
    Move to Alberta and you don't have to worry about losses

    heh i never hear about a lack of cash game action from there, sounds amazing. Its just so cold, so very cold, my cousins and aunt/uncle live in edmonton which is nicer to be in a city I guess, i liked it.

    did i mention its super cold?
  • GTA PokerGTA Poker
    Wetts1012 wrote: »
    It might be -ev to play in the US, but its +fun.

    Thats the difference in the equation that youre not really calculating.

    Id rather take a trip to Atlantic City and grind a circuit event, with multiple MTT than drive to Rama 4 times a month for a single tournament.

    What about the 15 30 at that goulash joint...you could beat that all night long
  • GTA PokerGTA Poker
    Monoxide wrote: »
    heh i never hear about a lack of cash game action from there, sounds amazing. Its just so cold, so very cold, my cousins and aunt/uncle live in edmonton which is nicer to be in a city I guess, i liked it.

    did i mention its super cold?

    Dunno was 15 today
  • BlondeFishBlondeFish
    Are you going with us to WPT Playground so YOU can start learning how to enjoy the best of both worlds? You can borrow pkrfce9's T-shirt to get it autographed by the Royal Flush Girls. After you and/or I win at Playground, I want to book a Montreal castle; are you in?
    pokerJAH wrote: »
    I don't think BF enjoys poker
    P.S. I enjoyed our last Forumers' Night Out At Woodstock, but I'm sorry if you didn't.
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