Online Gambling – Taxes and Laws in Canada
If you like online gambling, an approach to its legitimacy and the taxes to be paid in case of winning is necessary. The Internet is full of gambling offers all over Canada, and online betting is one of them, as well as online casino offers in Canada. A look at online casinos is important, as are sites that offer sports betting and poker tournaments.
The Law in Canada and Online Gambling
Canada is the most liberal country in the world when it comes to online gambling. Although not all provinces allow online gambling, it is important to note that anyone residing in Canada is entitled to gamble wherever they choose. Indeed, the central government of the Federal State of Canada allows its citizens to choose where they wish to gamble. To date, only 4 provinces have regulated online gambling. In practice, this makes no difference as long as the Canadian Internet is open to all without restriction.
Online Gambling in Canada
The online gambling available on the most visited online gambling platforms in Canada includes sports betting, casino games and poker. Online betting is of course very popular, especially at hockey tournaments. Then there are the casinos with their famous online slot machines and blackjack and roulette tables. Poker and bingo, on the other hand, are not very popular, as these games are mostly played live. Overall, the gambling offer for Canadian users is qualitative. Via casino guides or searches on search engines such as Google or Yahoo one can easily find reliable casino and sports betting sites.
Which Gambling Sites are the Most Suitable
If you look closely, the most reliable casino and betting sites are registered in either Kahnawake (in Quebec) or Malta (in Europe). However, when it comes to online casinos exclusively, it is the websites hosted in England that have the best reputation. Indeed, England is the country that has the best gambling options to date while offering a high level of security. If you are a casino enthusiast, a look at the guide, which lists the best online casino in Canada, will certainly satisfy you. The virtual casinos listed in the guide are all licensed by a Gaming Commission in England and accept players from Canada without any restrictions.
Taxes on Winnings from Gambling Sites
Do you have to pay tax if you win at an online gambling site or casino in Canada? The answer is… NO. It’s as simple as that. Betting or playing at a casino is a bit of a gamble, you can win if luck has decided to help you. That’s why the Canadian tax authorities don’t tax winnings from games of chance. It’s like the lottery, when a player wins, he doesn’t pay taxes.
The Exception that Proves the Rule with Tax
There is, however, an exception with tax. If a bettor is a professional gambler, he or she will have to pay tax on his or her profits. The tax declaration will be made in the same way as a self-employed person. In fact, the gambler has to make a living from his gambling activities to be obliged to pay taxes. To tell the truth, there can’t be many gamblers living from their Internet betting in Canada! This means that winnings from casino sites are not subject to tax in Canada.