Are gambling winnings considered earned income?

[jankay]

I'm currently in the process of filing for EI after I got laid off from my job recently. My question is, are gambling winnings considered earned income and therefore would affect the amount I receive or my eligibility to receive EI at all? I usually make around $2000 a month on bookies. Also FYI I am living in Ontario, Canada if that matters.

Thanks in advance.

[jjgold]

lol

dont report it you nit wit

use your head man

[jankay]

You're right but then again I'd rather not take the risk of being charged with EI fraud if it turns out that gambling winnings are considered earned income and therefore i'd have to report it.

[jjgold]

There is no way for the government to know how much are winning gambling it's impossible unless maybe Vegas and betting big

[jankay]

There is no way for the government to know how much are winning gambling it's impossible unless maybe Vegas and betting big

Are you sure? Because i withdraw my winnings via wiretransfer directly to my bank account here in Canada on a monthly basis. I'm pretty sure the government has access to my bank records...

[Big Bear]

I'm currently in the process of filing for EI after I got laid off from my job recently. My question is, are gambling winnings considered earned income and therefore would affect the amount I receive or my eligibility to receive EI at all? I usually make around $2000 a month on bookies. Also FYI I am living in Ontario, Canada if that matters.

Thanks in advance.

why dont u ever post a play?

give us a winner

[jankay]

why dont u ever post a play?

give us a winner

As much as I'd like to, it won't be of much help since I only make live bets. I think you should never underestimate the power of live betting as it gives you the chance to read the momentum of the game which gives you a huge edge to beat the bookies as opposed to just blind betting and hoping that your team wins, this is especially true with soccer more so than any other sports. I'd say live betting on Soccer with 0:0 asian handicap/0:0 half time asian handicap is your bread and butter.

[chico2663]

are you getting a form w-2g or 1099. if not than you should be fine. Not sure of canadian govt but in usa they don't go into your accounts unless being audited and that is still doubtful.

[Big Bear]

never had much luck with live betting...

do you have a particular strategy like say with football if u like a certain team wait and hope they start the game down 7-0 and then bet them at + money live?

or do you go ahead and pounce on the team that is already off to a 7-0 lead and lay heavy juice?

[snapperman2]

In Canada, unlike the U.S., you are not taxed on gambling income if you are a recreational gambler. Only professional gamblers have to pay tax on gambling income. It is not well defined what the difference between professional gamblers and recreational gamblers is. Professional gamblers must be consistently profitable.

[Gee]

In Canada, unlike the U.S., you are not taxed on gambling income if you are a recreational gambler. Only professional gamblers have to pay tax on gambling income. It is not well defined what the difference between professional gamblers and recreational gamblers is. Professional gamblers must be consistently profitable.

It's basically the same in Australia.

It completely depends on whether your gambling is being carried on as a business. It is judged by all the circumstances of any case and the usual indicia of whether it is a business.

I can't see canadian or australian governments bothering on 24K a year. It would cost a lot to prosecute this type of case without any guarantee of success.

[Just Blaze]

If you report there is a decent chance you will be taxed, law is vague and not consistently applied. I highly recommend ID as your WD method in Canada, they are integrated into the canadian banking system and can do 20k a pop...$50,000 in wires a year can raise a flag with the CRA. If you move in excess of 6 figures annually in wires you will be audited, and not just for this year, especially if you were to do something like then max out your RRSP or TFSA for the year.

If you continue to win 5 figures+ a month you would fall into profession or systematic gambler, probably a low risk move as there are only a few cases of this known and it is more frequently poker players who play 12 hours a day.

[qwertvt]

To answer your question. Yes, it's earned income.

If you report it as gambling winnings your take will be taxed at 50%.

The legal definition of what constitutes taxable income is incredibly broad.

[stevenash]

I think you should never underestimate the power of live betting as it gives you the chance to read the momentum of the game which gives you a huge edge to beat the bookies as opposed to just blind betting and hoping that your team wins, this is especially true with soccer more so than any other sports. I'd say live betting on Soccer with 0:0 asian handicap/0:0 half time asian handicap is your bread and butter.

I'm always live betting.
Now shame on you for asking that earned income question.
Come on man, even non gamblers know earned income is earned income.

[Scorpion]

If you report there is a decent chance you will be taxed, law is vague and not consistently applied. I highly recommend ID as your WD method in Canada, they are integrated into the canadian banking system and can do 20k a pop...$50,000 in wires a year can raise a flag with the CRA. If you move in excess of 6 figures annually in wires you will be audited, and not just for this year, especially if you were to do something like then max out your RRSP or TFSA for the year.

If you continue to win 5 figures+ a month you would fall into profession or systematic gambler, probably a low risk move as there are only a few cases of this known and it is more frequently poker players who play 12 hours a day.

what is ID? did you mean TD?

[Scorpion]

instadebit moron

[TheMetsSuck]

morons