Avoiding taxes 4 online poker...

[slub]

As a Canadian citizen, it's not entirely clear whether or not I have to declare our winnings as taxable income. However, for players that do pay, read the following strategy in an attempt to avoid paying taxes...and tell me if you think it's possible. Thanks.

- Transfer all your net winnings into your poker account (let's say for example 50K).

- Now transfer 5K into a "friends" account (or sibling, wife etc). Play them heads-up, 5K buy-in.

-LOSE EACH GAME

-keep doing this until you have no balance left

-Preferably, your "opponent" is based overseas and is not a citizen of your tax jurisdiction. (because they can be taxed too! UNLESS, you play various "opponents", perhaps 5 or 6 different people - wife, neighbour, friend, dad, etc..) play each 1 game at 5K each until your down 50K. And since they are only netting 5k individually, they won't be taxed (considered a windfall)

- Now it's time to get your money back - have them cash-out, and wire funds to offshore account!

thoughts?

ps: I am a bit confused to where on this forum this should be posted, please advice if this should be be placed else where.

[sonneti]

Can't you just print yourself off a 50k horse racing docket?

[_Towelie_]

You may benefit from this thread

[Gildwulf]

umm that's fraud

[sethypooh21]

Is this Greg Olden's new gimmick? Pay your [censored] taxes.

[WordWhiz]

Why don't you just lie on your tax form? It's much easier and has the same effect.

[Lessu]

move to finland. problem solved

[slub]

well, sure you can lie, but if you ever get audited, the government will want to know a few things......