Poker Law/Tax Return in Canada

tofu_8

Do online poker players have to pay taxes on their online poker earnings? What is the law for poker winnings online for Canadians? Can CRA ask the poker companies such as partypoker for financial information from your account? Do I have to put my winnings on my tax return? I am using neteller, can CRA ask neteller for my transaction history? Any answers would be greatly appreciated!

Tinkerbell

I am no expert.

However If you do not play poker for a living then you are not responsible for declaring any poker winnings. I believe CRA treats it the same as lottery and other casino winnings

zero

Do a search for it in the forum. You'll find many, many threads.

TorontoCFE

Poker income is taxable if you are in the business of poker, meaning you play more than a casual player, use special knowledge or otherwise mitigate risk and rely on the income to pay part of your bills.
Any transactions flowing through a bank account, like Neteller transfers, are traceable and can raise questions if you get frequent or large deposits.

tofu_8

TorontoCFE wrote:

Poker income is taxable if you are in the business of poker, meaning you play more than a casual player, use special knowledge or otherwise mitigate risk and rely on the income to pay part of your bills.
Any transactions flowing through a bank account, like Neteller transfers, are traceable and can raise questions if you get frequent or large deposits.

If I use neteller and transfer to a neteller ATM card, then it is not traceable right? And if this is true, can CRA get the financial info from neteller?

Hobbes

Best to talk to a CPA or CMA they can help you out.

Hobbes

jpajamas

if your are making that kind of money that you have to ask, get a good accountant