Poker winnings online

SmartieSmartie
in Online Poker
Hello all. I am very new to this forum. I've been playing online poker for years. Never made much, always been up and down at times. Last night I played a big tourney and won 5k. Now my question is.

should I withdraw the whole amount back into my chequing account?
or do bit by bit?

im not too sure if I would get taxed for this, because the Canadian law of gambling. You can keep your winnings tax free as a casual player. But if your a pro and do it for a living, it's taxed.
is it okay to withdraw that amount without being taxed?

also is there how much you could win up to before you pay taxes? Like some kind of bracket?

Comments

  • moosemoose
    CRA would have to show that your primary source of income is gambling before you would be taxed.
  • SmartieSmartie
    I work full-time 5 days a week. and make about 50k a year. lets say i make 20k off winnings in that year as well. it would still be consider my secondary income and i won't be taxed right?

    sorry I just seem lost in a situation like this.
  • kwstevekwsteve
    You've got nothing to worry about.
  • compueasecompuease Admin
    kwsteve wrote: »
    You've got nothing to worry about.

    Unless the money is on some "less than reputable" site. If it's on Stars, as what Moose and Kwsteve say..
  • SmartieSmartie
    Yes I play on Pokerstars. Thank you guys so much for your help! Much respected!
  • MonoxideMonoxide
    Even if you won $100,000 THEY would have to prove poker is your main income, its incredibly hard to do. Its more optional, ill personally never declare myself as a "poker pro" even though its all i do and sports betting lol. Tax free gambling is how canada, really how every country on earth, should be.

    But just withdraw whatever you wish, small amount or all at once in a $5000 chunk. It literally does not matter.
Sign In or Register to comment.
HomeDiscussionsToggle Dark Mode