While gambling facilities must have a provincial license to operate, only government-operated websites offer legal gambling online. You have probably seen ads for online gambling websites all over the place - commercials, social media, even at the Superbowl. But did you know these websites are not … [Read more...]
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 … [Read more...]
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 … [Read more...]
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. … [Read more...]