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?

posted 353 days ago by newfunturistic 353 days ago by newfunturistic +5 / -5

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! 😊

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– freedomlogic 1 point 352 days ago +1 / -0

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.

Under Canada's Income Tax Act, money earned from a lottery is considered a financial windfall or, to put it another way, an unexpected surplus of cash. And since financial windfalls aren't subject to income tax, you're not required to report lottery winnings on your tax return.

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

The Halifax-based group says the vague wording of existing exemptions allows for wide interpretation that can lead to basic information remaining secret. It says a redraft is long overdue.

In its brief, released last week, the centre says many exemptions used by government officials to refuse access to public documents don't have clear tests that force the province to show what damage would occur if the information were released.

"Access should be denied only if disclosing the information would pose a real risk of harm," to interests such as national security, privacy and public order, the submission says.

Truth and justice in chinada are a joke.

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