1. 08-11-09 12:01 PM #1
    Esco
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    Large Payouts

    Does anyone have any experience with large payouts and the Canadian banking system??

    Does the bank have to report to the government any payout over $10,000?? How about under $10,000???
    What about Betfair, are they obliged to report large payouts to Revenue Canada??
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  2. 08-11-09 12:13 PM #2
    TheBeautifulGame
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    I remember when I worked for the CS of a book, that the bank wires processing to the US/Canada could not exceed $9,999.00. Apparently, above this amount, the banks will flag it and start asking questions.

    This was mainly due to the processing issues though. You know the whole US laws in regards to online gambling. The same wire policy applied for Canadians also but I have no direct experience with receiving wires obviously myself so I cannot confirm if the above will apply to you.

    Even here in Ireland where online gambling is completely legal, betting shops are absolutely EVERYWHERE, I still would not withdraw over 5,000 Euro to my bank because they will ask questions about where I got it.
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  3. 08-11-09 12:14 PM #3
    cinpls081
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    esco you bet 10 dollars a game what do you plan on winning 100 games in a row? do not withdraw anything over 10K that is reported any deposit is not reported but can send up a flag.

    Good luck on in 100 in a row
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  4. 08-11-09 12:58 PM #4
    MadTiger
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    Also, they don't readily admit it to the regular public, but they are required/encouraged to report suspicious structuring of deposits. $5,000+$5,000 in a short time period (short by their interpretation), or 3x$3,500, etc. is also grounds for filing paperwork on you.

    http://en.wikipedia.org/wiki/Structuring
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  5. 08-11-09 02:00 PM #5
    Esco
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    Quote Originally Posted by cinpls081 View Post
    esco you bet 10 dollars a game what do you plan on winning 100 games in a row? do not withdraw anything over 10K that is reported any deposit is not reported but can send up a flag.

    Good luck on in 100 in a row
    If you read my other thread properly I said I would increase my bets if I could maintain my 70% winning percentage
    Quote Originally Posted by MadTiger View Post
    Also, they don't readily admit it to the regular public, but they are required/encouraged to report suspicious structuring of deposits. $5,000+$5,000 in a short time period (short by their interpretation), or 3x$3,500, etc. is also grounds for filing paperwork on you.

    http://en.wikipedia.org/wiki/Structuring
    Arrghh.......time to get a Swiss bank account I guess
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  6. 08-11-09 02:05 PM #6
    cinpls081
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    Quote Originally Posted by Esco View Post
    If you read my other thread properly I said I would increase my bets if I could maintain my 70% winning percentage

    Arrghh.......time to get a Swiss bank account I guess

    you are going to go from betting 10 dollars to betting 2 dimes a game? GL dude don't worry about it you take out LESS then 10K every week you will be fine.

    thats 520K a year I think you will be OK.
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  7. 08-11-09 08:52 PM #7
    topgame85
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    This is risky stuff I think the banks have to claim anything over 3k 10k could definitley raise some eyebrows
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  8. 08-12-09 01:09 AM #8
    cap10
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    what are u guys talking about ;; canada does not tax lottery wins;; i won 7000, 24000, 13000, and some smaller sports parlays, the last one was at vipsports// foreign books but should be the same.
    Last edited by cap10; 08-12-09 at 01:12 AM.
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  9. 08-12-09 08:00 AM #9
    Esco
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    And another thing, I'm hearing conflicting reports whether gambling is illegal in Canada or not.
    The law says its illegal to be in an unlicensed gambling house, but internet gambling falls under a grey area since you're technically not inside a gambling house. So far the authorities have yet to arrest even one person, and they made no intention to go after any online gamblers.

    I dont think a criminal charge would hold up in court
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  10. 08-12-09 08:16 AM #10
    thespeculator
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    Quote Originally Posted by cap10 View Post
    what are u guys talking about ;; canada does not tax lottery wins;; i won 7000, 24000, 13000, and some smaller sports parlays, the last one was at vipsports// foreign books but should be the same.
    did you have any problems depositing these amounts at the bank, was it one large payout or small ones, i think it is better to go with one large payout and fill out any form the bank wants you to fill , rather than do it over and over
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  11. 08-13-09 12:33 AM #11
    cap10
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    the first 2 were at western canada lottery; no prob at bank;; cheque instant;; last one from vip, before they banned canadians, no prob.. i think i used neteller when i still could
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  12. 08-13-09 02:23 AM #12
    RickySteve
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    I think withdrawing large sums is #945 on your list of concerns.
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  13. 08-13-09 08:52 AM #13
    Esco
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    Probably a good idea to spread large payouts over 5 different banks.
    So like $6500 to Royal Bank
    $6000 to TD
    $7500 to Scotia

    etc....etc
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