canadian taxes and poker winnings

[AceSpades11 0]

Hi I am a resident of Ontario and I play poker for a living. I'm only 19 right now but approaching on almost having $100,000 in my bank account. What should I do? Do I start paying taxes or just kinda go with it? I know in Canada you don't get in nearly as much trouble as the united states.... Also is there anyway to hide the funds? I know gambling winnings are tax free in canada but im pretty sure if it's your prime source of income they are taxable. I couldn't imagine giving any of my money away to the government......

[justblaze 0]

if you list gambling as your primary income, you can make a lot of deductions. Basically any sort of expense you incur (i.e. car, housing, food, pretty much anything) can be written off. talk to a CPA, you can likely write off almost all your taxes. where in ontario do you play?

[AceSpades11 0]

if you list gambling as your primary income, you can make a lot of deductions. Basically any sort of expense you incur (i.e. car, housing, food, pretty much anything) can be written off. talk to a CPA, you can likely write off almost all your taxes. where in ontario do you play?

What does CPA stand for?I live in Guelph near Toronto. I actually was considering opening up a bar and kind of hiding the funds that way.... Also I make all my income online so I was thinking of either keeping my funds in neteller or just transferring from neteller to a non-canadian bank account? There has to be a way and it's almost fun to play with since you really can't get in ANY trouble at all if they find out, besides having to pay a truckload to them when they find out.

[DJ_Chaps 0]

cpa is an accountant, basically.

[justblaze 0]

CPA= chartered practice account... i think. anyways its an accountant they cant track the money until it comes into a canadian bank account so if you keep it in neteller you can avoid the taxes. However, im not sure id want to keep that much money with a company thats not subject to the same regulations as a bank. Probably the best thing to do is withdraw it in small amounts, but again an accountant would be better able to answer this question for you, probably for free.

[jeff_536 3]

CPA is Chartered Public Accountant.As for gambling, it's taxable in Canada if it's your main source of income. You can go to the racetrack one day and hit the superfecta for $50,000...tax free.But if you're there every day and grind out $50,000 a year, with no other income, it's a job and you have to pay taxes.It's harder for the government to catch you, but if they do, avoiding income tax is a major crime, they'll ding you for the tax, interest and penalties, withe the possibility of jail time.However, if you voluntarily go to them and say you didn't pay taxes on a certain kind of income, there's no penalty, just pay the tax and interest.

[amarillotg 0]

Ok let me get this stratight.I work a regular monday to friday job. If i grind out 5,000 to 6,000 grand in a year on the side playing poker am i safe to not be paying tax on it?Cause i sure the hell don't plan on it!

[justblaze 0]

Ok let me get this stratight.I work a regular monday to friday job.  If i grind out 5,000 to 6,000 grand in a year on the side playing poker am i safe to not be paying tax on it?Cause i sure the hell don't plan on it!

key point: i work a regular monday to friday job. therefore, poker is not your primary source of income, and therefore any profits are tax free. the point is they tax it only if it is your primary source of income. Obviously, there are many ways of getting around this.