Paying taxes on Sportsbetting (Canada) ?

[Pedro]

Hey Guys!

I was wondering what the rules are on paying taxes on winnings from sportsbetting.

As I far as I knew, if income from sportsbetting happens to be a primary income then that income would be taxable just like any other source of income.

I was wondering if this is still the standard in Canada. Has there been any changes/modifications to this rule?

I appreciate your feedback, thanks.

Pedro

[bigloser]

Good question.
There have been no changes. The general feeling is that tax is not payable, however there are a couple of big accountancy firms that are suggesting that tax may be due.
My feeling is that they are just trying to recruit clients and that tax is not payable.
It shouldnt matter whether you are professional or recreational.