gambling Archives - LawNow Magazine

Bench Press 39-3: Seven Seconds: $27 Million

A Quebec man had his hopes and his fortune dashed when the Supreme Court of Canada decided recently to dismiss his application for leave to appeal a decision of the Quebec Court of Appeal.  Joel Ifergan scooted into a convenience store just before 9 pm in 2008 and bought two lottery tickets for that night’s […]

Authors:

Teresa Mitchell
Teresa Mitchell
Teresa Mitchell is the Acting Editor and Legal Writer for LawNow Magazine at the Centre for Public Legal Education Alberta. www.cplea.ca
 

Olympics Medals, Poker Championships, and Taxes

Winning a medal at the Olympics is not only a great personal achievement and something that is admired and celebrated by entire nations, but also an achievement that comes with a financial bonus.  Peter Bowal summarized these winnings: For Canadian medalists: $20,000 (gold), $15,000 (silver) and $10,000 (bronze). American medalists receive $5000 more for each […]

Authors:

Gambling with your Taxes: Are Gambling Winnings a “Prize” Under the Income Tax Act?

During the recent summer Olympic Games we learned that Canadians, Americans and athletes from other countries receive a financial bonus for each medal they win, the size of the bonus depending upon the colour of the medal. This income is also taxed, a fact that is stirring legislators in the U.S. this fall to propose […]

Authors:

Peter Bowal
Peter Bowal
Peter Bowal is a Professor of Law at the Haskayne School of Business, University of Calgary in Calgary, Alberta.
 

Jason Ho
Jason Ho is an MBA student at the Haskayne School of Business, University of Calgary.
 


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