Gambling and lottery winnings are tax-free in Canada.  So after I win the $42 million Lotto 6/49 jackpot tomorrow night and the $1 million North American Poker Championship on October 29, I won't have to pay a single ¢ in tax on the winnings!  :D I will however pay for the first flight out of Toronto.
I thought I saw something in my tax package. Oh well. Guess I was wrong.
Tye
Actually, to my knowledge, Canadian Tax Law differentiates between casual gambling winnings that those who take up gambling as a career or a second job.
I believe that if you are gambling, and the tax office notices that it's happening enough that it would constitute a source of income, then you are taxed on it
If the winner of the Bristol event is a professional poker player/gambler, there may well be some tax implications. Certainly it makes sense to stipulate that if the winner can provide proof that they are required to pay taxes on the winnings, then the after-tax amount is what would be divided up.
Just a reminder that we're a week away from the Bristol Street WPT Super Sat. We're eight players away from awarding two seats, so if you haven't yet signed up, please feel free to.
To make the tournament a little more friendly, I'm considering changing the payouts slightly, inspired by how PokerStars offers sat payout. Here's the change... Let me know what you think and we'll go by a rough popular vote. (I've bolded the change)
$$$ Pay-out (assumes 32 players)$$$
(1) entry into the Option 1/Step 2 Satellite for each $640 in the prize pool Multiple prizes of $150 to the next place finisher(s) once less than $640 remains in the prize pool.
One prize of less of $150 to finisher after that, once less than $150 remains in the prize pool.
A "piece" of the winner will be awarded to all participants (see below)
So, for example, if we remain at 18 players, the payouts are...
1st: $640 seat
2nd: $150
3rd: $110
The reason I'm thinking this is that it may take some of the sting out of the buyin and encourage more people to particiapte. Thoughts?
It's strange that there were a whole bunch of people :fish: that kept waiting around at Fallsview to play in their bingo satellites, but there seems to be little interest so far in rake-free satellites where you can still end up with thousands of dollars even if you are not the winner. I have mentioned the forum's rake-free satellites to my poker friends, but they are all making plans to pay the rake at Fallsview instead.
If at least 20 players show up, another possible payout is:
1st - $640 seat
2nd - $330 seat to WPT Canadian Poker Open Step 2 satellite
Any remaining money can be given to the next finisher(s) as you proposed.
If shannon wins this and then goes on to win the WPT event I will, if Rob agrees, pay for a 25K poker makeover for Rob's basement. Chairs, Tables, Chips...whatever.
If shannon wins this and then goes on to win the WPT event I will, if Rob agrees, pay for a 25K poker makeover for Rob's basement. Chairs, Tables, Chips...whatever.
No!!! Please don't spend 25k on a makeover for my basement!!!!! <--- sarcasm
That would rock. Do that and we're installing permanent beer taps.
If shannon wins this and then goes on to win the WPT event I will, if Rob agrees, pay for a 25K poker makeover for Rob's basement. Chairs, Tables, Chips...whatever.
As unlikely as it is that I win both the satellite and Main Event (hmm, have I dont that before?) I may just have to hold you to that Haddon when the time comes! You better get your hopes up...
OK, now the challenge is on......... After I win this, then the $640 satellite, then the main event.... I will pay for the 25K makever for Rob's basement...... Shannon the pressure is off you..
Although just thinking. I will also be winning a $640. seat through Rangers WPT satellite. He already has a really nice basement or should I say theatre..... jeesh so many seats, how can I use them all?
If at least 20 players show up, another possible payout is:
1st - $640 seat
2nd - $330 seat to WPT Canadian Poker Open Step 2 satellite
Any remaining money can be given to the next finisher(s) as you proposed.
Unfortunately, I just got a long distance call that Animaux and friend won't be back in town in time for tomorrow's tournament. Zithal, please remove them from the list. They will be playing in the Point Edward Casino tournament later in the week.
lol, Larry tight? Now thats funny. I was sitting at the same table as him in Niagara last Saturday and I swear he must have played at least 50% of the hands for long stretches....VERY successfully I might add. Now as for me, you go right on thinking I'm tight and only bet with the nuts, I like that image.....
Comments
Tye
Actually, to my knowledge, Canadian Tax Law differentiates between casual gambling winnings that those who take up gambling as a career or a second job.
I believe that if you are gambling, and the tax office notices that it's happening enough that it would constitute a source of income, then you are taxed on it
Mike
Not sure how the US gov't can withold 30% from an event that is run in Canada Joe.
SRS
Your right, I gapped since i'm down in the states playing right now. It's fallview.
Just a reminder that we're a week away from the Bristol Street WPT Super Sat. We're eight players away from awarding two seats, so if you haven't yet signed up, please feel free to.
To make the tournament a little more friendly, I'm considering changing the payouts slightly, inspired by how PokerStars offers sat payout. Here's the change... Let me know what you think and we'll go by a rough popular vote. (I've bolded the change)
(1) entry into the Option 1/Step 2 Satellite for each $640 in the prize pool
Multiple prizes of $150 to the next place finisher(s) once less than $640 remains in the prize pool.
One prize of less of $150 to finisher after that, once less than $150 remains in the prize pool.
A "piece" of the winner will be awarded to all participants (see below)
So, for example, if we remain at 18 players, the payouts are...
1st: $640 seat
2nd: $150
3rd: $110
The reason I'm thinking this is that it may take some of the sting out of the buyin and encourage more people to particiapte. Thoughts?
Thanks,
Jon P
If at least 20 players show up, another possible payout is:
1st - $640 seat
2nd - $330 seat to WPT Canadian Poker Open Step 2 satellite
Any remaining money can be given to the next finisher(s) as you proposed.
No!!! Please don't spend 25k on a makeover for my basement!!!!! <--- sarcasm
That would rock.
As unlikely as it is that I win both the satellite and Main Event (hmm, have I dont that before?)
stp
LOL @ Tom.
Although just thinking. I will also be winning a $640. seat through Rangers WPT satellite. He already has a really nice basement or should I say theatre..... jeesh so many seats, how can I use them all?
My work schedule just changed drastically. I can still play but I would have to be blinded out until 8:00 or 8:30.Is that okay with you?
Dave Kostis.
PS. When is the $640 event we are playing for? I need to plan my trip!
I still don't see my name on the list so please add me, I want to donate my money to the eventual winner.
Thanks buddy,
Steve
20. "Animaux"
21. Animaux's friend
Add Four more.
Rick H. + Gary A. + Gary A.'s Brother + Neil M.
Tye