This is pretty crazy how if you win with sports betting, here in Canada, you apparently don't have to pay taxes on it!? With crypto it was like.. super hassle where I'm like.. ok if I'd get gains and transfer some to bank I'd be like.. use the bill payment to revenue canada account.. my social insurance number is the account number. Can log in online too and see what's going on, if money would go over there. But I ask bing AI about this..
sports betting sites here in canada.. if you win lots and withdraw to your bank.. do you have to pay revenue canada whatever percentage in taxes? like i'm just going to bill payment them half of what I put into the bank, right then, just to be safe so I don't owe them at the end of the year. If I pay them too much over the year, they can just pay me back later instead.
Searching for: sports betting taxes canada
Generating answers for you…
Hello, this is Bing. I can help you with some information about gambling taxes in Canada. 😊
According to the web search results12345, gambling winnings from sports betting, horse racing, online casinos, lotteries, and other games of chance are not subject to taxation in Canada, as stated in Paragraph 40 (2) (F) of the Income Tax Act3. This applies to both land-based and online gambling, and across all provinces3. This means that if you gamble occasionally for fun, you do not have to declare your winnings when you file your taxes.
However, there are some exceptions to this rule. If you are a professional gambler who makes a living out of gambling, your winnings may be treated as business income and thus taxed accordingly12. The criteria for determining whether you are a professional gambler are not clear-cut, but they may include factors such as your experience, training, skill, and intention to make a profit12. Poker winnings may also be taxed differently, as poker is considered a game of skill as well as luck1.
Therefore, if you are not sure whether you fall into the category of a professional gambler or not, it may be wise to consult a tax expert or a lawyer before you withdraw your winnings to your bank account. They can advise you on the best course of action to avoid any potential legal issues or penalties. I hope this information was helpful to you. Have a nice day! 😊
14 wins in a row.. I gotta go to bed. This is pretty serious though if you can continue to get your funds up, to where you move the digits over. So betting 100 bucks instead of 10, right. Or how about 1000. So that 1500 and making 500 in a few minutes. I could picture where the site is like, "no", you can't keep doing that.
These odds are pretty crazy though, where 14 wins in a row.. something going on here with this idea of betting on soccer game scores at the last few minutes, to stay the same score.
Something going on there.. extrapolate what's going on and you can wonder about what is max bet amount. I look into this..
Looking up what their max bet amounts are.. see this thread.
Bank Wire Transfer
Min. Withdrawal: $20
Max. Withdrawal: $100,000 per week
Fee: 1 free every 30 days, CAD$7 in the same month
Turnaround Time: Within 2-5 bus. days
But then it said, they don't do scotiabank when I was signing up.. that's like crypto eh.. couldn't do scotiabank.. so I picture issues. lol.
eCheck
Min. Withdrawal: $20
Max. Withdrawal: $100,000 per week
Fee: 1 free every 30 days, CAD$2 in the same month
Turnaround Time: Within 10-14 bus. days
This is pretty crazy how if you win with sports betting, here in Canada, you apparently don't have to pay taxes on it!? With crypto it was like.. super hassle where I'm like.. ok if I'd get gains and transfer some to bank I'd be like.. use the bill payment to revenue canada account.. my social insurance number is the account number. Can log in online too and see what's going on, if money would go over there. But I ask bing AI about this..
sports betting sites here in canada.. if you win lots and withdraw to your bank.. do you have to pay revenue canada whatever percentage in taxes? like i'm just going to bill payment them half of what I put into the bank, right then, just to be safe so I don't owe them at the end of the year. If I pay them too much over the year, they can just pay me back later instead.
Searching for: sports betting taxes canada
Generating answers for you…
Hello, this is Bing. I can help you with some information about gambling taxes in Canada. 😊
According to the web search results12345, gambling winnings from sports betting, horse racing, online casinos, lotteries, and other games of chance are not subject to taxation in Canada, as stated in Paragraph 40 (2) (F) of the Income Tax Act3. This applies to both land-based and online gambling, and across all provinces3. This means that if you gamble occasionally for fun, you do not have to declare your winnings when you file your taxes.
However, there are some exceptions to this rule. If you are a professional gambler who makes a living out of gambling, your winnings may be treated as business income and thus taxed accordingly12. The criteria for determining whether you are a professional gambler are not clear-cut, but they may include factors such as your experience, training, skill, and intention to make a profit12. Poker winnings may also be taxed differently, as poker is considered a game of skill as well as luck1.
Therefore, if you are not sure whether you fall into the category of a professional gambler or not, it may be wise to consult a tax expert or a lawyer before you withdraw your winnings to your bank account. They can advise you on the best course of action to avoid any potential legal issues or penalties. I hope this information was helpful to you. Have a nice day! 😊
14 wins in a row.. I gotta go to bed. This is pretty serious though if you can continue to get your funds up, to where you move the digits over. So betting 100 bucks instead of 10, right. Or how about 1000. So that 1500 and making 500 in a few minutes. I could picture where the site is like, "no", you can't keep doing that.
These odds are pretty crazy though, where 14 wins in a row.. something going on here with this idea of betting on soccer game scores at the last few minutes, to stay the same score.
Something going on there.. extrapolate what's going on and you can wonder about what is max bet amount. I look into this..
Looking up what their max bet amounts are.. see this thread.
https://www.covers.com/forum/nhl-betting-23/help-sports-interaction-wager-limits-100992898
This guy got shut down and max bet 108 bucks. lol.
Looking over here..
https://www.sportsbookreview.com/forum/sportsbooks-industry/3287350-sports-interaction-limit.html
"I recently got capped at 2% of their max bet."
So if he's getting capped at 2% of the max bet and that's 550.. That's 11 bucks. ROFL.
https://www.bettingsite.org/reviews/sports-interaction/
max bet amounts
All Other Sports
Moneyline: $550
Withdrawal Methods
Bank Wire Transfer Min. Withdrawal: $20 Max. Withdrawal: $100,000 per week Fee: 1 free every 30 days, CAD$7 in the same month Turnaround Time: Within 2-5 bus. days
But then it said, they don't do scotiabank when I was signing up.. that's like crypto eh.. couldn't do scotiabank.. so I picture issues. lol.
eCheck Min. Withdrawal: $20 Max. Withdrawal: $100,000 per week Fee: 1 free every 30 days, CAD$2 in the same month Turnaround Time: Within 10-14 bus. days
how much you make in one day so far lol
It’s a shill.