13th May 2010, 05:50 PM
Canada tax on gambling?
Am a U.S. citizen.
I've been to the Montral casino several times this winter, however not been lucky enough to win a jackpot at a slot machine.
I've read there is no tax on 'any' casino gambling winnings in Canada. I am wondering if the casino still requires a person to fill out paper work to claim a jackpot of say $1,200.00? or whatever amount?
As a U.S. citizen I am quite certain the U.S. tax man will 'expect' me to report my winnings from Canada. I'd like to know if Canadian authorities will notify the U.S. i.r.s. about a win by a U.S. citizen? or is it simply a "on your honor" thing?
If I was lucky enough to win...say $50,000.00 at a Canadian casino....how would the U.S. i.r.s. know that I won? unless I reported it as part of my income.
13th May 2010, 05:58 PM
Jasminebed will probably be able to give you a detailed answer re: land based casinos in particular, as she goes quite often. I can speak only in generalities..and as such, I won about 15K maybe eight or nine years ago at the track (horses). I filled out no forms. Just walked up to the teller, handed them my ticket...and they asked me if I wanted a cashier's cheque or cash. I said cash, they sent downstairs for it, and within about ten minutes I had cash in hand, and was on my way out. They asked if I wanted a guard to walk me to my car, but I declined. Never even showed them a piece of ID, just collected my winnings and away I went.
Again, this was quite a few years ago, and the track as opposed to a casino...not sure if anything has changed since then, but I don't think so.
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Richtree7 (13th May 2010)
13th May 2010, 06:04 PM
You have to show ID to collect winnings of over 10K in Ontario, but I don't ever remember seeing any signage for such in Quebec casinos. That would be a single win of over 10K, not chips from table games. Don't think there is any paperwork however, and I believe the onus is on you to report any income to your government, I'm fairly certain that our casinos do not collect and remit that information to the US government, and certainly not on wins for smaller sums.
I love Montreal, it is one of my favourite cities. Good luck to you Rich.
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Richtree7 (13th May 2010)
13th May 2010, 08:40 PM
Presumably you might have a problem carrying large amounts of cash over the border, especially if you fly? I remember seeing a notice at McCarran in Vegas about maximum amounts you can carry. Is it not possible too that Canada has some sort of agreement with the US re. taxes and stuff?
Just thinking out loud....
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Richtree7 (14th May 2010)
13th May 2010, 11:45 PM
no tax on winnings, unless you put winnings in a bank account and earn interest on them.... you are then taxed on the interest earned as it is considered income (as a Canadian), as an American, it is up to you to report your winnings to the IRS..... all wins (single or cumulative) that hit 10,000 it is required that only up to 10K is paid in cash, the rest is in cheque form. Also, after 10K you need to give your info for FINTRAC purposes.... FINTRAC is a program designed to cut down on money laundering.....
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Richtree7 (14th May 2010)
13th May 2010, 11:47 PM
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chayton (14th May 2010), Jasminebed (13th May 2010), Richtree7 (14th May 2010)
14th May 2010, 05:23 AM
Thanks to all for great information
I doubt I will ever win that much and thus have a real need to know but interesting never the less. It looks like it would be very difficult to hide anything over $10,000.00 and maybe even lesser amounts...due to the banking reg's.
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