Canadian Players Online

BankItDrew · #1 08-25-2007, 01:36 AM

I play poker online in Canada and wish to begin making withdrawls. So I have a couple questions for Canadians here, already in this situation.

Do you let the government know that a major source of income is from gambling?

Have you considered audits being performed?

Are you hesitant to withdrawl more than a certain amount at a time due to deposits getting 'flagged' at the bank?

See, I don't know what to do. Whether or not I should withdrawl all I like and let the gov. come to me, or if I should go to them.

The term 'tax evasion' has been running through my head a lot recently.

Advice from players outside of this country is also greatly appreciated.

Thanks,
[img]/images/graemlins/spade.gif[/img]Drew[img]/images/graemlins/spade.gif[/img]

veggies · #2 08-25-2007, 03:34 AM

Winnings from gambling aren't taxable in Canada.

Although if poker is your only source of income, it is a bit different. But if you aren't a pro, all the money you make is yours.

BankItDrew · #3 08-25-2007, 03:52 AM

Assuming pro, and it is my only source of income.

rubberloon · #4 08-25-2007, 08:42 AM

According to close relative working for the evil empire (Canadian Revenue Agency - accursed is their name) it would probably be taxable if sole source of income, you can check by either phoning in (use pay phone) or asking for personal ruling for $25. It is grey area in every sense. Banks will not bother reporting small sums.

BankItDrew · #5 08-25-2007, 03:38 PM

[ QUOTE ]
asking for personal ruling for $25.

Banks will not bother reporting small sums.

[/ QUOTE ]
Personal ruling?
how small of a sum?

could you please elaborate?

rubberloon · #6 08-26-2007, 12:28 PM

You can ask for a personal ruling that is one that applies to you personally but not others and only for that year.

The banks report large transfers especially from outcountry. They watch for money laundering and thus cash deposits, the old rule was $10,000, it may be less today.

I have not been questioned on cheque deposits up to $3000 Canadian in fiscal 2007, I buy money orders routinely for amounts from $9 to $3500 US no questions asked.

The banks are required to issue T4s or T5s for interest over $50 on any given account.

This is all personal experience and may not be true in every case.

Hope that answers your questions.