Casino Winnings + Taxes?
how many of you guys claim your winnings as taxable income? or what they would call a secondary/tertiary income? I was having a couple of friendly chats with fellow baccarat and roulette players at this gambling club and this is a question none of us can answer. As you may already know there were 2 sides to the argument. 1. The government should not be allowed to tax our gambling money because we paid taxes on the money we used to gamble with and on top of that the government doesn't help us when we lose money so why should they be allowed to take when we win? 2. The government is allowed to tax our casino earnings because it just like any other business/venture has an ability to earn money, and just like any other business or venture you can lose money as well so the government is allowed to take from our winnings? 3. This is kind of the agreement we came out to and it is that the government isn't allowed to dip their hands into our pockets unless we use the money to invest in our stocks/rrsp/equity etc... so does any one know the law about this? this applies to Canadian Citizens anyone an accountant or anything like that?
how many of you guys claim your winnings as taxable income? or what they would call a secondary/tertiary income? I was having a couple of friendly chats with fellow baccarat and roulette players at this gambling club and this is a question none of us can answer. As you may already know there were 2 sides to the argument. 1. The government should not be allowed to tax our gambling money because we paid taxes on the money we used to gamble with and on top of that the government doesn't help us when we lose money so why should they be allowed to take when we win? 2. The government is allowed to tax our casino earnings because it just like any other business/venture has an ability to earn money, and just like any other business or venture you can lose money as well so the government is allowed to take from our winnings? 3. This is kind of the agreement we came out to and it is that the government isn't allowed to dip their hands into our pockets unless we use the money to invest in our stocks/rrsp/equity etc... so does any one know the law about this? this applies to Canadian Citizens anyone an accountant or anything like that?