Taxes Again...

Hound83

Here's a question to any of you with much knowledge about the Canadian Tax service.

Say you have 9 off-shore sport's betting accounts (or poker for example), all very large.
now these off-shore books are highly respected in the on-line gaming industry and have been liscensed by their host country, i.e costa rica, Curacao, Antigua etc,

and you decide to have each book wire you a good sum of money,
lets say $7000USD each, now my first question, does the money automaticaly get transfered over to CDN currency if you have just a normal savings account at a financial insitution or insitutions?

Do you have to report any of these winnings as tax?

And if you withdraw each $7,000 as soon as it arrives in Canada so it doesn't draw any interest, do you have to pay taxes?

Very Confused.

H.

DJP

Larger amounts of money are tracked by banks. Usually over $10K US though. A series of smaller ones just under that amount would look very suspicious though.

Just a guess, but if you bring in money from outside the country it's gonna be taxable in some way.

ConfusedONE

Hound83 wrote:

and you decide to have each book wire you a good sum of money,
lets say $7000USD each, now my first question, does the money automaticaly get transfered over to CDN currency if you have just a normal savings account at a financial insitution or insitutions?

if your normal savings account is in CDN funds then yes it would be converted to CDN funds

IF you have an US savings acct...then have them wire it there
cuz the Exchange rate sucks

Hound83 wrote:

Do you have to report any of these winnings as tax?

gray area? :?: :shock: :?:

Hound83 wrote:

And if you withdraw each $7,000 as soon as it arrives in Canada so it doesn't draw any interest, do you have to pay taxes?

Very Confused.

H.

no interest earnt so no T5 slip will be issued by your Financial Institution

but it would seem suspicious to have for ex. 9 different wires of $7000 each

all to be withdrawn the moment in hits CDN soil so to speak :shock: