Canadians need to be creative about buying, redeeming Powerball lottery tickets

Comment #12

vulcanclassic15 — Sat, 16 Jan 2016 20:44:42 GMT

After Canadians cash the jack pot and pay all the tax on it in the states, they can go back to Canada and file a form there that gets all the tax money back

Comment #11

MaximumMillions — Tue, 12 Jan 2016 22:31:43 GMT

Right. they should also be banned from paying in in the first place than.

BTW, you are from Canada, are you telling me you wouldn't cash winnings above 600$? L M A O

Comment #10

Lucky2Times — Tue, 12 Jan 2016 22:02:21 GMT

Canadians and foreigners should not be able to cash out US lottery winnings that are worth more than $600.

Only US residents and/or citizens.

Comment #9

Sorrento — Tue, 12 Jan 2016 19:55:36 GMT

I'm pretty sure they won't have to pay the extra 9.6% but would have to pay any State income tax depending on where they bought the ticket.

Comment #8

peppy007 — Tue, 12 Jan 2016 19:09:55 GMT

Yes. That's what this site says. Foreigners get 30% taken out as opposed to 25% for nationals. And they may not have to lay the extra 9.6% since they don't live here, but I'm not 100% sure about that. Hopefully Todd or any tax expert could shine some light on this issue.

Comment #7

Sorrento — Tue, 12 Jan 2016 17:39:27 GMT

Canadians will have to pay a 30% withholding tax up front. And I believe that's it for them since lottery winnings aren't taxed in Canada, just the income from it. Americans pay 25% withholding tax up front but the rest of the 39.5% tax will be due come tax time.

Comment #6

Jaybird64 — Tue, 12 Jan 2016 17:09:18 GMT

Yep, everyone is required to pay the tax and it is about 1/3. I don't know the percentage that the states take off the total amount but on Saturday when the total was 1.2 billion, what you would have got would've been 800 million, THEN unkle Sam takes his 25% right off the top. That is NOT all the tax you'll pay. When you do your taxes for 2015, You'll finish paying what you owe plus the interest you've made for that year. I think for a guy like me, my total tax would be another 7% on top of the... [ More ]

Comment #5

docstrange — Tue, 12 Jan 2016 15:34:00 GMT

For me not a problem, pay 35% tax but then convert the US into Canadian you get 40% more

Comment #4

mypiemaster — Tue, 12 Jan 2016 14:47:16 GMT

The mere thought of paying taxes on lottery winnings must be a big shock to the system for those Canadians.

Comment #3

sthl129 — Tue, 12 Jan 2016 14:39:02 GMT

I believe they are referring to the 1/3 tax anyone would have to pay on the winnings. In other words, they can't get around the 1/3 tax rate because they don't live in the U.S.. They aren't being double taxed.

Comment #2

AbsolutelyFun — Tue, 12 Jan 2016 14:35:42 GMT

The very last sentence of this article says, Canadians are eligible to win the grand prize, but will have to give up one-third to U.S. taxes before that cash is brought north of the border.

Man that hurts! So first you pay Uncle Sam his 39.6% then you pay any state taxes if applicable. THEN you give one third of the original amount to Uncle Sam. So we thought that living in New York was bad (8.82% state tax) living in Canada is much more of a nightmare. The biggest nightmare is how do y... [ More ]

Comment #1

mypiemaster — Tue, 12 Jan 2016 14:24:38 GMT

A couple of dollars and some exotic fantasies. After Uncle Sam takes his share, those Canadians will still be singing Yankee Doodle Dandy.

All these archaic stupid laws need to be wiped off the books. The border patrol should concentrate on terrorists and leave the darn lottery tickets alone.

Canadians need to be creative about buying, redeeming Powerball lottery tickets

Lottery Post — Tue, 12 Jan 2016 13:59:15 GMT

Includes video report

With Canadians in a frenzy to get a piece of the U.S. Powerball draw, consumer advocates say people should exercise caution before forking out cash for tickets.

No one matched the Powerball numbers this weekend, meaning the already-record setting prize is now at an estimated $1.3 billion US almost $2 billion Canadian.

The next draw is Wednesday, and the odds to win are close to one in 300 million, according to the Multi-State Lottery Association.

It's expected... [ More ]