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? In Canada, the … [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...]
