Gambling & Revenue Canada

P-Hound

Just Curious Guys,
I have a shit-load of cash to move out of my online poker sites and back to my bank account here. I use neteller and they send a cheque so I don't see that being a problem. However, are we susposed to claim our online gambling income? and if so, how do we do so and if anybody knows more than I do, which is zero, I'd love to hear from you!.

P.

literation

A search will show past advice.  Hmmm, how do you say let the reader beware in Latin?

http://www.pokerforum.ca/forum/index.php?topic=1764.0

http://www.pokerforum.ca/forum/index.php?topic=2899.0

http://www.pokerforum.ca/forum/index.php?topic=475.0

Unknown

Read those threads, but you'll notice the same words keep appearing over and over: consult a professional.  If you've been doing your own taxes in the past, and now you have this stuff to worry about, get someone else to do them this year.  Tell them your situation, and see what they think.  You will sleep better at night.

Unknown

I spoke to a friend of mine who is an auditor and he said that the government has contemplated taxing gambling winnings, but if they do, they will also have to accept gambling losses as tax deductions. This would include lottery and casino losses. The extra hassle is not worth the tax generated.

gilbert

http://www.toronto-poker.com/forum/showthread.php?t=113