Online Poker Money Taxes in Canada

[Masakik]

Anyone experience cashing out large sums of poker money into ur back account and dealing with taxes in canada. I know gambling is tax free in canada... So do i just do a wiretransfer into my bank account through my online poker site? I'm planning to take out 20k-25k.

What will happen if i do this?

[Pokerstuff2]

you're going to jail bro

[PatInTheHat]

Nothing. Most Likely.

It is possible that you are audited some day and you will have to explain this. Given what i've read on canadian poker legislation you may infact have to pay tax on your poker winnings.

[RNiner]

Pat, what/where have you read on canadian poker legislation? Would love to take a look myself if you can remember what you read.

Thanks!