I need some tax help! (Canadian...)

[Lefort]

Hey guys. I recently finished 3rd in the WCOOP ME for $417k and I wanted to know what my responsibilities are for taxes. I am a Canadian resident and I've heard that Canadian poker players don't pay taxes on winnings... so do I not even have to claim this as income or how does it work?

Thanks..

P.S. I'm a real tax-newb, so try to dumb things down for me where possible..

[Vern]

[ QUOTE ]
Hey guys. I recently finished 3rd in the WCOOP ME for $417k and I wanted to know what my responsibilities are for taxes. I am a Canadian resident and I've heard that Canadian poker players don't pay taxes on winnings... so do I not even have to claim this as income or how does it work?

Thanks..

P.S. I'm a real tax-newb, so try to dumb things down for me where possible..

[/ QUOTE ]
The only good advice you can expect from this forum is to seek professional advice from a CPA in Canada.

[Tuco]

Lefort,

Congrats. Nice try in the deal making too. [img]/images/graemlins/smile.gif[/img]

Any old CPA is not the way to go here. Find one that specializes, or has a very good working knowledge of, gambling tax laws in Canada. We have one of the best here at 2+2. He's in Toronto and you can search for him under the name "TorontoCFE".

Tuco.

[steggy]

BBV...

Get a CPA you rich mofo