Re: Canadian legislation
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Is this based on a subjective interpretation of the word 'reasonable' in 'reasonable expectation of profit'?
I've been winning for a year and a half now, so what claim, if any, could I make to not paying taxes on poker winnings?
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If you are just making money on poker recreationally (in Canada) then your winnings are not taxable. But if you are making money on poker for a living, then this can viewed as self employment income and all your winnings would be taxable. Similarily, if you're now subject to income taxes, you're also able to deduct all your expenses against this income (travel, buy-in fees, sharkscope, ect.). As long as there was a 'reasonable expectation of profit' from incurring the expense, it would be deductible against your income.
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