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Millionaire Life - Canadian Raffle

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The Canadian provincial lotteries have combined forces to offer a new raffle game. It is called Millionaire Life and the top prize is $1 million per year for 25 years or a cash payout of $17 million. And becuase this is offered in Canada, the money is all tax free.

There is an interesting price point. One ticket for $5, 3 tickets for $10 and 7 tickets for $20. Personally, I would either buy none or 7 tickets. At $20, the 7 tickets cost less than $3 each compared to $5 for one.

I am starting a new lottery group to buy Millionaire Life tickets. I am limiting the number of shares to 17 and the cost per share is $20. This way if we win, each share wins $1 million.

I am going to add a new twist to this group. Each set of 7 tickets will be assigned to a share (member). We will only split the cash prize of $17 million if we win. All secondary prizes will be won by the individual assigned the winning ticket.

The secondary prizes are substantial. They are $20, $100,000 and $1 million.

Let me know if you are interested. I already have 7 shares sold leaving only 10 shares available. The draw is on February 28. The tickets are on sale for only 4 weeks.

For more details on the new game, see:

http://www.wclc.com/games/Millionaire_Life.html

Entry #38

Comments

1.
Comment by CASH Only - February 8, 2007, 6:08 pm
Yes, Canadian lottery winnings are tax-free. However, if an annuity is chosen, the winner is liable for tax on the INTEREST, rather than the prize itself.
2.
LottoGroupsComment by LottoGroups - February 9, 2007, 12:09 am
Cash Only

That is not true. The annuity payments have already covered any tax implications. Each and every annuity payment is tax free. Read the rules and regulations for the games.

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