Re: Canadian Online Poker Tax Thread
 

2 things, Qbert80, could you please post or msg me the # of that accountant you called I would like to call her myself and ask a few question. 2nd, for those of you paying taxes, what can/have you written off ? Say you make 80k a year online, then maybe 10k a year playing live. What have you written off ? Can you write off a vehicle with gas + insurance because you play live ? If you were to make a poker table could you write off all those things bought to build it ? Part of your mortgage ?

Re: Canadian Online Poker Tax Thread
 

i'm starting to make upper 5 figures... do you feel that i should pursue CCPC . I perosnally don't mind paying taxes as it gives back to a society that i reap benefits from. Im jsut not in to paying 31% marginal taxrate when I am risking so much more than others to gain my income.

Re: Canadian Online Poker Tax Thread
 

It is something worth considering - it really depends on individual circumstances.
There are costs to doing it and it takes some analysis to see if it is right for you.
When you are past 80k or so, it may be useful.

Re: Canadian Online Poker Tax Thread
 

You can write off all costs of earning the poker income -
internet connection costs if you use it substantially for playing online, the % of your mortgage interest (plus proprty taxes and maintenance) that relates to the footage used exclusively for playing, any books, travel costs (vehicle only if pretty much used only for playing, otherwise just mileage), software, laptop if used exclusively for playing, subscriptions, accounting costs, bank fees if you use a separate account, etc.

That is why the tax bite may not be as significant as some think.

Re: Canadian Online Poker Tax Thread
 

Sorry for the bump, but hoping TCFE can answer a quick question.
I'm a student (accounting student, actually, so I should probably know this).
I've made some money off of poker/casino this year, and its nowhere near what some in this thread are making, and I'm pretty sure I'd still be below the basic allowance w/ both my employment and online income.
Should I be declaring this?
And where would I declare it as non-taxable income.
Any help would be great.

Re: Canadian Online Poker Tax Thread
 

That's almost a definite no.
If you're not doing it to sustain yourself, you don't need to claim it. The actual amount made isn't an issue.
It's either business income or nothing, and if it doesn't fall into the category of business income, then it won't be taxable.

Re: Canadian Online Poker Tax Thread
 

I read the response above mine, but my situation is a bit different, so I was looking for some specific advice.

I'm normally a full-time student, but I have taken this Jan-April semester off (I'm still registered at the school, I just have no classes). However, I will be returning to full-time status in September and maintaining it until I graduate. I'm hoping to make 100k+ this year playing poker online, and I have no other income.

Any idea if I'll have to pay taxes, or does being a student cover me here? Thanks.

Re: Canadian Online Poker Tax Thread
 

[ QUOTE ]
I read the response above mine, but my situation is a bit different, so I was looking for some specific advice.

I'm normally a full-time student, but I have taken this Jan-April semester off (I'm still registered at the school, I just have no classes). However, I will be returning to full-time status in September and maintaining it until I graduate. I'm hoping to make 100k+ this year playing poker online, and I have no other income.

Any idea if I'll have to pay taxes, or does being a student cover me here? Thanks.

[/ QUOTE ]

100k???
Pay your freakin' taxes.

Re: Canadian Online Poker Tax Thread
 

[ QUOTE ]
[ QUOTE ]
I read the response above mine, but my situation is a bit different, so I was looking for some specific advice.

I'm normally a full-time student, but I have taken this Jan-April semester off (I'm still registered at the school, I just have no classes). However, I will be returning to full-time status in September and maintaining it until I graduate. I'm hoping to make 100k+ this year playing poker online, and I have no other income.

Any idea if I'll have to pay taxes, or does being a student cover me here? Thanks.

[/ QUOTE ]

100k???
Pay your freakin' taxes.

[/ QUOTE ]

Yeah we need to help support the government in their upcoming campaign to make online poker illegal. Do you think that enforcing the online poker ban is going to pay for itself? No, us poker players should have to pay to help ban it. Is there any way that I can donate more money to the government to help them with this campaign? I feel like 40% taxation isn't quite enough. Maybe we could start a charity drive here at twoplustwo to help raise money for the cause too.

Re: Canadian Online Poker Tax Thread
 

Even if you're a student, you're gonna have to pay taxes on that. The only thing being a student does is give you tuition credits. Students generally don't pay taxes because their income is below the basic allowance.
With no other source of income, I imagine you'll have to pay some sort of tax.