now what??

[uncleben]

hi!!

i desperately need your advice...
i bet on sports online and i've make very good money...i wanted to declare it on my income for the gouvernment
but i just learn that its illegal in canada to bet online..
from the past months i've make a couple transfers from my neteller account to my bank account...

i don't want the bank think that i'm laundering money...
what can i do? make deposit of 10 000$ and less? can the gouvernment ask neteller where the money is from?

thanks!!

[Santo]

I thought I read it was legal in Canada as long as it wasn't primary income?

[SBR_John]

You should hire a tax attorney. Call a few and ask them how much they would charge to fill out the proper form and get you all good to go. It won't be more than a few hundred bucks if thats all you need from him.

[Mudcat]

Welcome to the forum, fellow hoser. I like your avatar.

You can relax. You have heard wrong. It is NOT illegal to bet online in Canada. I absolutely promise you this. I have filed my income tax returns as a professional sports betting business in Canada for the last 3 years.

I have my taxes done by an accountant. It may be slightly complicated to track the income and outgo for her but the process couldn't be simpler for me. I just keep all my statements over the course of the year, send them to her in a file at tax time, and write her a cheque. I've never been audited.

So that's my suggestion: get an accountant. I'll keep an eye out to see if you have any questions.

[Lucas]

Found an offshore bank account or better a firm (the firm then can buy your house, your car etc... and government will be happy for foreign investment ).

[uncleben]

thanks for your answers!!! i know now that it's not illegal to bet online....
by the way,i'm not gonna open an account bank offshore! ;-)