Gambling winnings are not taxable right? Won 100k

Are you sure that the source country won't tax your winnings? If a Canadian win's in Vegas or a USA lottery they have to pay the local tax on those winnings.

kr0zet wrote: ↑ Are you sure that the source country won't tax your winnings? If a Canadian win's in Vegas or a USA lottery they have to pay the local tax on those winnings.

I once won $2,500 in Vegas from some lucky lady kind of bet, 1:500 payout for $5, and then the casino took 30% off the winning as a withholding tax. Not sure if the UK betting site will do the same.

BatmoBeal wrote: ↑ I won 100k on betting the Habs to get in the finals. (another 100k if they win the title but unlikely)

As I know winnings are counted as windfalls and dont need to be taxed. But I used an UK sportsbook to bet, so if the 100k is wired from UK, will CRA ask about it? Just dont want to deal with CRA....

Unless you are a professional gambler, your betting winnings are non taxable in Canada. If the source country, like the US, withholds some tax, you can usually recover it with patience and a bit of work...they don't make it easy. Not sure about UK though...I believe Canada has tax treaty with UK.

happy camper wrote: ↑ Unless you are a professional gambler, your betting winnings are non taxable in Canada. If the source country, like the US, withholds some tax, you can usually recover it with patience and a bit of work...they don't make it easy. Not sure about UK though...I believe Canada has tax treaty with UK.

This, also be careful with the legality of the gambling if you did it online. If it is deemed taxable, you can deduct recent losses or losses going forward from gambling which helps align your taxes with your success rate.

The UK hasn’t had a gambling tax for decades, so no tax would be payable.

Thank you guys

how much did u have to pay to win that 100k? im a habs fan but price sux! he cost them crappy goldtending!

Congrats...make note that you will be flagged by FINTRAC as any transfer over $10,000 (whether a single transaction or by multiple transactions) will be reported. You likely will be investigated by CSIS, RCMP, or CRA regarding that transfer.

WetCoastGuy wrote: ↑ Congrats...make note that you will be flagged by FINTRAC as any transfer over $10,000 (whether a single transaction or by multiple transactions) will be reported. You likely will be investigated by CSIS, RCMP, or CRA regarding that transfer.

As long as the source and it's purpose is documented and legitimate, not something to worry about. Their biggest concern is catching money laundering. If it comes from a legitimate gambling company, they won't investigate (and neither will CRA as gambling winnings are non-taxable).

mikka2017 wrote: ↑ how much did u have to pay to win that 100k? im a habs fan but price sux! he cost them crappy goldtending!

I don't want to take this off on a tangent but Price is very good (otherwise they wouldn't have gotten to the finals)... it is just that Vasilevskiy is better.

sky417 wrote: ↑ I once won $2,500 in Vegas from some lucky lady kind of bet, 1:500 payout for $5, and then the casino took 30% off the winning as a withholding tax. Not sure if the UK betting site will do the same.

You could have gotten some of your 30% back.

There are signs all over McCarran airport for a company or companies that will get you part of the taxes from the IRS withheld for gambling winnings back. These companies take part of what they get back so you don't pay anything up front and if they don't get anything back, you don't pay anything. I look at it like this, I lost $500 for taxes withheld for gambling winnings to the IRS, if they can get back $250 for me, that's $250 that I wouldn't have had regardless of them keeping $250 for themselves (I don't remember the exact value that they kept)

You can also do it yourself but for me, I couldn't be bothered and let the company do it for me once when I had taxes withheld for my slot machine winnings in Las Vegas (table game winnings don't get taxed unless you win an excessive amount in a tournament as you can cash various chips without cashing them all at the same time. If I remember correctly since this happened a few years ago, they needed me to also get a statement of my gambling transactions which I had to contact the casino to get (and they got it from my Player's card)

Congrats OP. Just hope you don't have to pay up front fee (in bitcoins) before they send you the money, you know what I mean.