income from gambling Archives - LawNow Magazine

Is Good Luck Taxable?

Easy Money There seem to be plenty of opportunities to win – big and small – in our lives, from lotteries to radio contests to a friendly wager with a friend.  Whether it’s $10 on who wins the golf game, or $10 million from the lottery, does the tax man share in our good fortune? […]

Authors:

Hugh Neilson
Hugh Neilson
Hugh Neilson, FCPA, FCA, TEP, is an independent contractor with Kingston Ross Pasnak LLP, and a member of the Video Tax News editorial board in Edmonton, Alberta.
 

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.
 


A Publication of CPLEA