Of course it's doable... just not for anywhere near the percentage of people that you might guess!
Not only do you play in an all cash game and avoid taxes, but you also avoid all of your standard worker's "deductions". There's deductions for EI, CPP, a benefit plan they will force you to join, the new Ontario Pension Plan coming. I am probably forgetting a deduction or two.
Just remember to deduct your own pension plan contributions from your winnings every week... plus extra for those non winning weeks... plus extra for health care and dental costs and all those other little things.
It's been a year since I left my banking job. I remember getting paid around 60K a year which is about $30 and hour. However, when I looked at my pay stub, it showed my net pay working out to only around $15-$16 an hour for about 50% net.
Seems to me, if you make 60K a year you should be taking home more than 70% of your income... single income, minimum deductions... I'd double check your pay stubs if I were you!
If I was going to play full time, here would be my overall approach.
Comments
Of course it's doable... just not for anywhere near the percentage of people that you might guess!
Just remember to deduct your own pension plan contributions from your winnings every week... plus extra for those non winning weeks... plus extra for health care and dental costs and all those other little things.
Seems to me, if you make 60K a year you should be taking home more than 70% of your income... single income, minimum deductions... I'd double check your pay stubs if I were you!
Um.... Welcome to the forum!