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#21
09-28-2007, 05:52 PM
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Re: Canadian Online players...especially playing Party
[ QUOTE ]
Except for those playing for a living and have poker as their sole source of income it is illegal not to pay taxes on your winnings in Canada [/ QUOTE ] huh?? wow... 
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#22
09-28-2007, 06:15 PM
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Re: Canadian Online players...especially playing Party
yes, I should have made clear I meant that comment for the people who poker is a game on the side that is played for fun, not as their main source of income.
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#23
09-28-2007, 06:38 PM
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Re: Canadian Online players...especially playing Party
[ QUOTE ]
I went to 3 different accountants 3 years ago when I first started doing this because as I understod it was a very "grey area" but all 3 accountants said the same thing. Basically to sum it up it's not a grey area at all Poker winnings are taxable if it is your sole source of income. [/ QUOTE ] There is actually a 4 part test but yes if it is your sole source of income then you legally have to pay tax on it. Even if you have other sources of income and you just play on the weekends you still have to pay tax if you meet the criteria (special skill, effort and organization, planning etc). My point is that given how incompetent CRA is unless the person does something stupid like start a blog or brag to the media the probability of ever having an issue is next to nil.
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