Taxes on Canadian lottery winnings

Reply #24

starchild_45 — Sun, 13 Aug 2006 08:47:05 GMT

i agree with you and rip about getting responsible tax help if i should ever be so lucky to win in canada. coming here still gives me the opportunity to gleam a little light from people like yourself and rip. i don't have to dig up info from all over the internet trying to get some kind of answer that i can just come here and ask. now i need to check my last canadian ticket while my other subscription runs out this week. i have no plans to go to canada for awhile. so sad.

Reply #23

KY Floyd — Sun, 13 Aug 2006 05:49:41 GMT

My info may be accurate, but anyone who relies on it for anything of consequence is a fool. I'd be a fool to rely on it, too, FTM. If anybody has a significant change in their tax situation, whether it's winning the lottery or the possibility of paying taxes to, or earning income from, another country should seek advice from a tax professional who can give them personal advice. OTOH, I think it would be pretty foolish to pay for info about such matters before you actually find yourself in a situ... [ More ]

Reply #22

Rip Snorter — Sat, 12 Aug 2006 19:01:55 GMT

Hi yourself csfb. Nice talking to you, also.

A person usually believes that which is consistent with his own belief or opinion.

In that case, it's consistent with my own belief or opinion that I don't know. But I also probably ain't going to put a lot of effort into trying to figure out Canadian Lottery numbers.

You have a good day also.

Jack

Reply #21

csfb — Sat, 12 Aug 2006 17:14:50 GMT

Hi J, nice talking to ya'.

I don't disagree with you at all. I was just citing a fact and an opinion. And here's another one: A person usually believes that which is consistent with his own belief or opinion.

Hope you're having a nice day. Bis dahin...

Reply #20

Rip Snorter — Sat, 12 Aug 2006 16:45:35 GMT

KY Floyd might well have given accurate, factual information. You might well be correct in declaring it thus. As you assert, a person can choose to believe both of you know of what you speak.

But a prudent person who has anything invested in learning the truth would do well to protect whatever that investment might be by getting the facts from sources more verifiable than the words of strangers of whom nothing is known other than the certainties expressed in words on a screen by anonymous f... [ More ]

Reply #19

csfb — Sat, 12 Aug 2006 14:50:49 GMT

KY Floyd has given accurate factual information. But a person chooses to believe whom he chooses to believe. If it was Benjamin Franklin who said what KY Floyd said, more people would believe.

Reply #18

shalini — Sat, 12 Aug 2006 12:16:50 GMT

actually India too has a very high tax on lottery winnings...the only thing is that our mega jackpots have never exceeded 3 million pounds serling...I think we get taxed 40% unless we belong to the state of Sikkim wjich is tax free................so cheer up

Reply #17

starchild_45 — Sat, 12 Aug 2006 10:35:06 GMT

true. the other thread makes sense too. so much for my dream.

Reply #16

Rip Snorter — Fri, 11 Aug 2006 22:54:51 GMT

Here's a link th the thread I mentioned earlier.

Euro-Millions and US Taxes

All a matter of who a person chooses to believe speaks with the most authority on the issue, I suppose.

If it's ever an issue I expect a person ought to talk to someone with a law degree.

The power of positive speaking comes from too many directions on this. Seeing folks speak opposing certainties with such authority leaves it all up for grabs.

Thanks for your input KYFloyd. It definitely offers ano... [ More ]

Reply #15

KY Floyd — Fri, 11 Aug 2006 16:32:58 GMT

The IRS thought about this a long time before you did. Giving up your citizenship wouldn't help unless you do it before you win. If you renounce your US citizenship in order to avoid taxes you'll still owe them for the next ten years. If you renounce your citizenship after winning a significant sum in the lottery you'll have two problems. First, it's a safe bet what the courts will rule when asked to decide if avoiding taxes played a role in your decision. Second, regardless of the court's rulin... [ More ]

Reply #14

starchild_45 — Mon, 07 Aug 2006 02:42:20 GMT

i like this response. this makes a lot of sense but still makes me sad. i was hoping to keep it up north and not pay taxes on it. i don't want to give up my citizenship over this. i know i have to win the big one first to even have to worry about it.

right now i have a british columbia and quebec super 7 ticket that are going to come due soon. as the canadians say ehhh, it could happen

Reply #13

KY Floyd — Sun, 06 Aug 2006 13:15:34 GMT

If you're a US citizen or you live in the US you're subject to US income tax, period. It doesn't matter where you earn it or how you earn it, even if somebody opens a casino on the moon. Anyone who claimed that keeping the money overseas makes it exempt from US taxes is not one of the people who know, but I wouldn't be surprised if somepeople said you don't have to pay taxes but meant something other than what you thought. I figure that everything is deductible right up until it's disallowed a... [ More ]

Reply #12

Coin Toss — Sat, 05 Aug 2006 17:36:07 GMT

Well, Americans can't legally buy a ticket for the Irish Sweepstakes...but if you win, it's taxed.

Reply #11

Rip Snorter — Sat, 05 Aug 2006 16:54:19 GMT

Seems to me when this was discussed before it was about Euro Millions. The consensus then about that particular one among people who claimed to know was that if the money doesn't enter the US it isn't taxable.

I assume that's true of Euro Millions, since I don't recall anyone much disputing it at the time.

I was mainly just wondering if it's a different situation with Canadian ones.

J

Reply #10

KY Floyd — Sat, 05 Aug 2006 06:10:20 GMT

If you're a US citizen or you live or work in the US then your income is subject to US income taxes unless the income is specifically exempted. I don't know if Canadian lottery authorities would report winnings to the IRS, but if they don't it's extremely easy to not claim the winnings on your taxes. Just don't list it as income when you file your return for that year. You won't need a lawyer at all to do that. Of course, if you get caught you won't have enough money for a lawyer fancy enough t... [ More ]

Reply #9

dvdiva — Sat, 05 Aug 2006 05:20:31 GMT

The only real advantage is that you can keep the money offshore. There are heavy taxes if you wish to take winnings and place it outside of the US.

As far as just not paying it a Canadian Jackpot wouldn't be enough for me plus I don't get the tickets online for that anyways. Euromillions would be a different story. Since the idiots at WA state would just assume I'm a felon anyways I would tell them exactly where to stick it.

Reply #8

Coin Toss — Fri, 04 Aug 2006 22:48:42 GMT

If I remember right, the U.S. is the only country that taxes gambling winnings.

Early on when lottereis came in, there was even a case of Americans winning the Canadian lottery and the government wanting to collect taxes on it. The story is that the couple who won said, For this kind of money we'll just listen to Oh Canada at the start of a baseball game.

Reply #7

CASH Only — Fri, 04 Aug 2006 19:42:58 GMT

The link says that all lottery is a ripoff. This is especially true of NY Lotto, where the vig is AT LEAST 60%-only 38%-40% of money wagered is paid in prizes.

Reply #6

starchild_45 — Fri, 04 Aug 2006 19:30:43 GMT

Is it true that Canadian citizens don't pay taxes on lottery wins?

If a Canadian wins the Canadian lottery, the funds are given to the winner in cash, with no tax liabilities ever.All lottery payments are in cash, with no deductions. These winnings are not taxable in Canada if you win on this lottery. There is no further liability for any amount, and you actually get 100% of the prize amount that is forecast.

So if I won the Canadian lottery would I have to pay taxes to the US government... [ More ]

Reply #5

CASH Only — Fri, 04 Aug 2006 19:29:54 GMT

For this reason, Australian lottery transactions often are not in whole dollars. Imagine Mega Millions/US Powerball players having to deal with change

Reply #4

savagegoose — Fri, 04 Aug 2006 19:15:19 GMT

actually australia taxes the ticket buyers, 1/11th of the price on purchase. the winner isnt taxed

Reply #3

Rip Snorter — Fri, 04 Aug 2006 18:09:06 GMT

Thanks Larry.

J

Reply #2

pacattack05 — Fri, 04 Aug 2006 17:57:20 GMT

Australia has no taxes either.

Reply #1

four4me — Fri, 04 Aug 2006 17:43:29 GMT

http://www.homepokergames.com/lotterytax.php

Taxes on Canadian lottery winnings

Rip Snorter — Fri, 04 Aug 2006 17:38:22 GMT

I recall reading on the forums several months ago that European lottery winnings were untaxed.

Purely out of curiosity, is that also true of Canadian lottery winnings?

J