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Old 02-28-2006, 11:06 PM
ianlippert ianlippert is offline
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Join Date: Apr 2005
Posts: 1,309
Default Re: Canadian Taxes for students

ok so it looks like that if you are making more money than expenses and you treat poker like a business then you have to pay taxes on it. Is anyone familiar with the percentage that is paid by each tax bracket? Could you only withdrawel a minimum amount per month and say that is your income while still building your roll?

For example there is a certain point where you are paying something rediculous like 35-50%. If I only took out $4000/month could I claim that I make 50K/yr get taxed on that but say leave an additional $2000/month on the poker site? So you could skip a tax bracket when the tax would hurt your roll building, but say if you got up really high you could start taking out more money.
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