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Episode Synopsis "Are gambling winnings taxable in Canada?"
Gambling winnings are not taxable. It also follows that there are no gambling losses taxes! Regardless if you are playing in an online or land-based casino, you can expect that your winnings will be tax-exempt. Even lottery winnings, big or small, are tax-free! If you are a professional gambler, however, it is a different story. This means that gambling is your way of living, which is like a business, and hence, you need to pay the right taxes. Now that you know that gambling winnings are tax-free, it’s time to learn the nuances of taxation gambling winnings: https://casinovalley.ca/gambling-winnings-tax/
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