Canadian Taxes for students

[ahnuld]

Just spoke to a family friend who is also a tax lawyer about the deal with taxes on poker in Canada. Supposedly, if you are registered as a full time student like most of us are, then it is considered the same as a full time job and any money made in gambling or poker would automatically be considered a windfall. Bottom line, dont drop out to go pro, the taxes will kill you!

[DavidNB]

Its not a windfall, you are getting bad advice. Any big amount won would be taxable.

[ahnuld]

thats what im saying. As a registered full time student, it is not taxable.

[DavidNB]

Depends on how much won, not whether you are a student. If students have a part time job, they pay taxes. If students start raking in the cash on internet poker sites and/or vegas games, they pay taxes. It makes no difference in the eyes of the tax dept whether you are a student or have a full time job.,

A windfall falls under lottery winnings, bingo, game show and so on where you get a unexpect win. Poker isn't a windfall.

[ahnuld]

Part time job is didfferent from gambling. A full time student automatically is disqualified as a proffesional gambler. No taxes and it IS considered a windfall. Dude, shes a partner at a top firm.

[SirBobSaget]

If that were the case than any potential high earner would enroll themselves in some college (pay the 3,000$/year tuition) and save loads on taxes. The tax free status must be capped at some earnings level.

[DavidNB]

She must be mixed up. Fulltime student doesn't mean anythiung. Doesn't matter how you eartn the income, its still taxable. Poker winnings isn't a windfall. Look up the meaning of the word perhaps