Dubey 1,035 Posted November 25, 2018 Share Posted November 25, 2018 50k in groceries per year is as good as money Link to post Share on other sites
Babying 613 Posted November 25, 2018 Share Posted November 25, 2018 $50k a year for 20 years. Tax free Link to post Share on other sites
Untilted 158 Posted November 26, 2018 Share Posted November 26, 2018 $50k a year for 20 years. Tax free What is Canada tax law on this? Link to post Share on other sites
digitalmonkey 929 Posted November 26, 2018 Author Share Posted November 26, 2018 No tax. Not viewed as income. Link to post Share on other sites
Babying 613 Posted November 26, 2018 Share Posted November 26, 2018 What is Canada tax law on this? I believe it is considered a lottery winning thus it is tax free Link to post Share on other sites
FCP Bob 1,312 Posted November 26, 2018 Share Posted November 26, 2018 What is Canada tax law on this? in Canada a "windfall" isn't considered taxable income so all lottery or gambling or sweepstakes wins are tax free here. we also can give anybody gifts of any amount tax free. Link to post Share on other sites
digitalmonkey 929 Posted November 26, 2018 Author Share Posted November 26, 2018 If you win the $1000 a week for life they will tax it. Link to post Share on other sites
FCP Bob 1,312 Posted November 26, 2018 Share Posted November 26, 2018 If you win the $1000 a week for life they will tax it. not sure what you're talking about. Windfalls including lottery wins aren't taxed. Link to post Share on other sites
Babying 613 Posted November 26, 2018 Share Posted November 26, 2018 not sure what you're talking about. Windfalls including lottery wins aren't taxed. Correct Link to post Share on other sites
digitalmonkey 929 Posted November 26, 2018 Author Share Posted November 26, 2018 If you take the cash in a lump sum you won't be taxed. If you take the payments as in $1000 a week then the government considers it income and you will be taxed. That what I've been told by representatives of OLG and a few accountants... so I don't really know. Perhaps there are ways around it. I'd like to know for sure because I plan on winning soon. Link to post Share on other sites
digitalmonkey 929 Posted November 26, 2018 Author Share Posted November 26, 2018 not sure what you're talking about. Windfalls including lottery wins aren't taxed. This is what I'm talking about... "The $1,000 a day prize is designed to help you dream and get you to buy a $3 ticket,but comes with tax complications as annuities are taxable. A $1,000 a day payout is $365,000 paid out in a year’s time. The $7 Million (shared by winning tickets) lump-sum payout is all TAX FREE. Put it in the bank; you have to pay tax on the interest made on the $7 Million." "Annuities If you win a sizable amount, it's common to receive the prize over time – perhaps paid as a certain amount each month for life. Be aware that prizes paid out in this way – that is, as an annuity – will be partly taxable. I think of the decision in the case of The Queen v. Rumack (92 DTC 6142), where Ms. Rumack won $1,000 a month for life. The court admitted that the $135,338 used to purchase the annuity, which would pay Ms. Rumack $1,000 monthly, was a tax-free amount. But the annuity payments are partly a return of this tax-free capital, and partly interest on the capital. The court made it clear the interest portion is taxable." Link to post Share on other sites
FCP Bob 1,312 Posted November 26, 2018 Share Posted November 26, 2018 interesting, I guess that makes sense and just one more reason to take the lump sum. Link to post Share on other sites
digitalmonkey 929 Posted November 26, 2018 Author Share Posted November 26, 2018 Another interesting thing I was told about the $1000/day option is that you can leave it to someone in your will. Link to post Share on other sites
FCP Bob 1,312 Posted November 26, 2018 Share Posted November 26, 2018 Another interesting thing I was told about the $1000/day option is that you can leave it to someone in your will. my understanding is that there is a minimum amount of time that they will pay out so if you die off before you reach the minimum they will still pay out the rest to your estate. Link to post Share on other sites
serge 904 Posted November 27, 2018 Share Posted November 27, 2018 Another interesting thing I was told about the $1000/day option is that you can leave it to someone in your will. I have never had it come up, but it would be interesting to see if you can use it as income on mortgage and loan applications. It would make sense yes Link to post Share on other sites
digitalmonkey 929 Posted November 27, 2018 Author Share Posted November 27, 2018 my understanding is that there is a minimum amount of time that they will pay out so if you die off before you reach the minimum they will still pay out the rest to your estate. I believe it's 25 years for the Daily Grand. Link to post Share on other sites
Babying 613 Posted November 27, 2018 Share Posted November 27, 2018 How about the $1,000 a week lottery Link to post Share on other sites
Untilted 158 Posted November 28, 2018 Share Posted November 28, 2018 Very Different here. 100% taxed Link to post Share on other sites
digitalmonkey 929 Posted November 28, 2018 Author Share Posted November 28, 2018 How about the $1,000 a week lottery Not sure Link to post Share on other sites
Babying 613 Posted November 28, 2018 Share Posted November 28, 2018 The 50/50 in Vancouver was $1,042,625. Not sure if it was already 50/50 or the total. Also tax free Link to post Share on other sites
serge 904 Posted November 28, 2018 Share Posted November 28, 2018 I just applied for a temp job to work the NHL All Star game.. Stay tuned Link to post Share on other sites
serge 904 Posted November 29, 2018 Share Posted November 29, 2018 Interesting Pickard gets claimed by Arizona. Darling going on waivers today Link to post Share on other sites
serge 904 Posted November 29, 2018 Share Posted November 29, 2018 Interesting and stupid at the same time. Carolina team will hold Shootouts BEFORE the game, just in case there is a tie. NASCAR fans might go for it, who knows. https://www.carolinathunderbirds.com/news/thunderbirds-testing-new-rule-to-begin-games-with-?fbclid=IwAR1SEzWWgcJij1O3xR34fkk0uKKnKk0WWxkJTG7Bhrgy2CGUZUnPSEOtbzQ Link to post Share on other sites
serge 904 Posted December 1, 2018 Share Posted December 1, 2018 Shark fans are losing it. If they lose this one today it’s going to get really ugly. Link to post Share on other sites
serge 904 Posted December 3, 2018 Share Posted December 3, 2018 Do you guys believe that +/- is a useless stat..I think maybe in context its useful but its a weird one in some cases. Ron Hainsey is one of the top guys in the league with a plus 16..While Kadri is a minus 8. And its not like Hainsey is an offensive dman, that gets a ton of points like Reilly. Matthews is a zero while Marner is a plus 10. I know it has more to do with matchups, but there has to be some validity in it. Link to post Share on other sites
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now