| Posted by: combuboom at August 7, 2006, 6:48 am | | Topic: Withdraw/taxes/banking question Forum: Card Chat |
Quote: Originally Posted by joosebuck
us banks wont even notice a deposit unless it's over 10,000, if i remember correctly.
But what if they were several smaller deposits from Firepay which added up to $10,000? I maybe should have thought about this before I withdrew $1200 from my Firepay account into my bank account the other day. I'm in the U.S., so now I'm wondering what the chances are that I'm going to have to pay taxes on this or further withdrawals.
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| Posted by: Toadly at August 4, 2006, 12:41 am | | Topic: Withdraw/taxes/banking question Forum: Card Chat |
So..................... Start with 500
I win 12,000 profit over the year but,
I lost 230,000 to win 12,000.......you know counting every hand won or lost.win lose win lose win lose win win win lose etc.........
Good deal.......LOL
That should work out to a tax free return............................................ ...lol
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| Posted by: juiceeQ at August 4, 2006, 12:36 am | | Topic: Withdraw/taxes/banking question Forum: Card Chat |
They claim their winnings on their income tax forms. You can also use your gambling losses as a deduction. Perfectly legal (at least under the surmise that you were gambling in a legalized gaming facility--i.e. casino...online, not sure).
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| Posted by: Toadly at August 3, 2006, 11:24 pm | | Topic: Withdraw/taxes/banking question Forum: Card Chat |
Ok what do people who live in the U.S. do ? I see all these big time poker players on TV stating all the cash they win on-line...How does it work for them ?
I have never made a withdrawl from my on-line accounts. If I ever do, theres a lot, I would be intrested to know what is uo with that??
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| Posted by: ChuckTs at August 3, 2006, 10:04 pm | | Topic: Withdraw/taxes/banking question Forum: Card Chat |
Quote: Originally Posted by JeeDub84
Thanks Chuck and was really glad someone from CC was there to support me even though I couldnt see or talk to them. Much love and respect. As far as the money goes, I have decided to buy a winter car and put the remainder in my RRSP. I know thats not too exciting, but need to take care of those things.
Boooorrrring
Always good to know that your favourite hobby can pay the bills and then some.
Quote:
Well gee, I just perused the entire General Income Tax and Benefits Guide for the CRA (Canada Revenue Agency) and came up with the same answer. No mention of gambling winnings at all. The only thing I saw that was remotely close was lottery winnings, which you do not have to report (unless you deposit in some interest baring account, in which case you would have to report interest earned).
Thanks for lookin it up, jQ - I've just requested my cheque ia courier mail, and it's on the way!
Not quite ... | | Read Entire Entry |
| Posted by: juiceeQ at August 3, 2006, 9:57 pm | | Topic: Withdraw/taxes/banking question Forum: Card Chat |
Well gee, I just perused the entire General Income Tax and Benefits Guide for the CRA (Canada Revenue Agency) and came up with the same answer. No mention of gambling winnings at all. The only thing I saw that was remotely close was lottery winnings, which you do not have to report (unless you deposit in some interest baring account, in which case you would have to report interest earned).
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| Posted by: JeeDub84 at August 3, 2006, 9:54 pm | | Topic: Withdraw/taxes/banking question Forum: Card Chat |
Thanks Chuck and was really glad someone from CC was there to support me even though I couldnt see or talk to them. Much love and respect. As far as the money goes, I have decided to buy a winter car and put the remainder in my RRSP. I know thats not too exciting, but need to take care of those things.
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| Posted by: Lo-Dog at August 3, 2006, 9:47 pm | | Topic: Withdraw/taxes/banking question Forum: Card Chat |
Quote: Originally Posted by tranqxility
Being in Canada you shouldn't have to worry about anything... but don't quote me on that.
too late, you've been quoted!!!
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| Posted by: Lo-Dog at August 3, 2006, 9:46 pm | | Topic: Withdraw/taxes/banking question Forum: Card Chat |
Short answer is no, you do not have to pay any tax on gambling winnings in Canada.
If you make more at Poker than your income from all other sources then you are considered a pro and would have to pay up. Thats not the case so you are good to go!
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| Posted by: JeeDub84 at August 3, 2006, 9:45 pm | | Topic: Withdraw/taxes/banking question Forum: Card Chat |
Chuck. I have just taken out $5000 from neteller and the government wont be able to tax me for it. All lottery and gambling winnings are tax free in Canada and they wont tax you if its not your source of income. And even if it were your source of income then you are the one that has the responsibility to claim your income at the end of the year. The money you are going to withdraw is safe from the government. I have made many withdrawls from $800-1500 and have never been called once by the bank or the government.
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| Posted by: ChuckTs at August 3, 2006, 9:37 pm | | Topic: Withdraw/taxes/banking question Forum: Card Chat |
Quote: Originally Posted by juiceeQ
The US has the IRS, what governmental body does Canada have for income tax? Not sure I'll look up some info for you if you want (I've got spare time today). I'd love if you could, Tammy - I've been googling, but can't find anything
see bold
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| Posted by: juiceeQ at August 3, 2006, 9:33 pm | | Topic: Withdraw/taxes/banking question Forum: Card Chat |
The US has the IRS, what governmental body does Canada have for income tax? I'll look up some info for you if you want (I've got spare time today).
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| Posted by: ChuckTs at August 3, 2006, 9:31 pm | | Topic: Withdraw/taxes/banking question Forum: Card Chat |
I'm about to make a major (by my standards) withdrawl from my Neteller account, and I have a few questions I want to ask.
I'll be making a withdrawl ia Neteller for just short of $1000 CAD, to my bank account at CIBC's President's Choice bank.
I'm completely new to taxes, as I've never had a job that wasn't under the table or paid in cash, and have only the tiniest clue as to how it works, so I'll need some serious help in this department.
When the bank detects this big deposit from Neteller (they will see it as a gambling site), will they tax me or notify someone to tax me?
Is there taxing for online gambling winnings in Ontario? If so, what's the % they tax?
Could I possibly avoid the tax (say if they taxed only amounts above X dollars) by withdrawing several smaller amounts?
The reason I'm withdrawing is because my winning weeks have gotten less and less frequent, and to be honest, I think it's because I don't alue my online $ enough, and I need to see it i... | | Read Entire Entry |
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