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! 😊
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! 😊