I was asking Bing AI.
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! 😊
If you'd keep winning.. it'd be like what I was saying.. just send the tax man half as bill payment. Would be in this category it said,
"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."
This is pretty crazy, how with sports betting here in Canada, you don't have to pay taxes on it. Is it like that in the US?
Searching for: sports betting taxes US
Generating answers for you…
No, it’s not like that in the US. Sports betting winnings are taxable income in the US, which means they are taxed like other ordinary income on your tax return12. The tax rate that you pay on your sports betting winnings may vary from 0% to 37% depending on the amount of other income that you have, your filing status, and several other factors on your tax return12.
Sports betting wins of at least $600 but less than $5,000 are taxable, but no tax is withheld by the bookmaker. Wins of $5,000 and greater are taxable immediately and taxes must be withheld by the bookmaker3. W-2G forms are based on your aggregate wins and losses over a 24-hour period, rather than an annual basis3.
You can also deduct your gambling losses from your winnings to reduce your taxable income, but only if you itemize your deductions and keep a record of your gambling activities12. However, your losses cannot exceed your winnings, and you cannot deduct any losses that are not related to gambling12.
So, as you can see, sports betting taxes are quite different and more complex in the US than in Canada. If you ever gamble in the US, you should be aware of the tax implications and consult a tax professional if you have any questions or doubts. I hope this information was helpful to you. 😊
Same with the lottery as well. Surprising that canada doesnt take their cut. Im not sure how you could "gamble" professionally for a living though. Doesnt seem to really work unless your the one running the con, and in that case sure. Proably something along those lines.
That being said. Fucking canadas laws are some of the dumbest shit Ive ever seen and I have no desire to learn it and since I will never be a citizen, I have no reason to. Corrupt broken ass system that does nothing but protect the crown.
All the laws are basically open to interpretation by whoever, which is how they can do whatever the fuck they want.
This shit here was a real eye opener for me.
https://www.cbc.ca/news/canada/nova-scotia/democracy-group-urges-overhaul-of-nova-scotia-s-right-to-information-law-1.7048345
Truth and justice in chinada are a joke.