1. 05-10-12 02:02 PM #1
    KennyPowers
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    Canadian Taxes with Sports Betting from a new poster

    I'm new to the online sports betting world though I have been scanning through posts here for over a year I just decided to open an account a few months ago. This is my first post.

    I am just wondering if any other Canadian's know if profit from online sports betting is taxable? I am still in university and have no full-time job. Does having no other income effect the tax-ability of sports betting? I tried a few google searches but I could not find a definitive answer.

    Any help?
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  2. 05-10-12 02:14 PM #2
    Coolcanuck79
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    I have never paid taxes or reported wins/losses in my 15+ years of sportsbetting.
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  3. 05-10-12 02:21 PM #3
    KennyPowers
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    Thanks for the reply Canuck!
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  4. 05-10-12 03:01 PM #4
    BeardedTaco
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    if its your main source of income and you make 100k+ then it could get dangerous for u. It all depends on how you spend and how much you spend. Government only needs to see ur expenses dont match your reported income. They don't care if you are a drug dealer or a sports better. Income has to match expenses.
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  5. 05-10-12 03:04 PM #5
    dj_destroyer
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    Quote Originally Posted by BeardedTaco View Post
    if its your main source of income and you make 100k+ then it could get dangerous for u. It all depends on how you spend and how much you spend. Government only needs to see ur expenses dont match your reported income. They don't care if you are a drug dealer or a sports better. Income has to match expenses.
    I think you'd be fine even at 100k... Easy ways to launder money.
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  6. 05-10-12 03:11 PM #6
    BeardedTaco
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    probably true

    at first I wanted to write 200k+ but that would not apply to 99% of SBR
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  7. 05-10-12 04:20 PM #7
    Squared Box
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    Gambling winnings are exempt from Canadian taxes, aren't they? Assuming you aren't a pro gambler?
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  8. 05-10-12 04:55 PM #8
    soul786
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    I read somewhere that you don't need to report unless it's your main source of income. So not completely exempt but in most cases I'm sure you can slide it by.
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  9. 05-10-12 05:03 PM #9
    sapidoc
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    You will have nothing to worry about
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  10. 05-10-12 05:26 PM #10
    keyboarding
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    The CRA won't want anything to do with you unless you're pulling in hundreds of thousands. Even if you do the rules are murky. Basically, if they tax your winnings they leave themselves open for you reporting losses. It's not something the CRA wants to get into. So, make your money, don't spend it like an idiot, and you'll be fine.
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  11. 05-10-12 05:31 PM #11
    Hareeba!
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    Quote Originally Posted by keyboarding View Post
    The CRA won't want anything to do with you unless you're pulling in hundreds of thousands. Even if you do the rules are murky. Basically, if they tax your winnings they leave themselves open for you reporting losses. It's not something the CRA wants to get into. So, make your money, don't spend it like an idiot, and you'll be fine.
    Pretty much the same as in Australia and UK.

    Really makes you wonder why any winning Yank doesn't emigrate.
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  12. 05-10-12 05:35 PM #12
    as99
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    Under Canadian law gambling winnings aren't taxable.
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