The Taxation of Poker and other Gambling Winnings in Canada
The Taxation of Poker and other Gambling Winnings in Canada
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Net lottery winnings are the total amount of winnings that remain after subtracting the cost of the lottery ticket The exact amount of tax
You would have to report your lottery winnings on your US tax return and pay taxes on them at your regular income tax rate You may also have to As a result, substantial winnings, typically those over $1,200, are subject to a 30% withholding tax Winning US$1 million playing the Powerball means receiving
mmr 88 slot Gambling winnings are not taxable if they do not constitute a business source of income;; Gambling losses are deductible if the gambling Should I Pay Down My Mortgage or Invest? Investment Planning Investment Planning Overview · Tax Tips for Year-End Royal Bank of Canada Website, © 1995-2024
