Withdrawal to your bank in Canada. Income tax?

casguy2016

Newbie member
Joined
Aug 30, 2016
Location
Canada
My understanding is slot gambling isn't taxable in Canada (Ontario). I also understand if you deposit certain amounts into your bank you might get flagged for income tax purposes.

What is a safe amount to withdraw without being flagged and how often? Do you also keep screenshots of your winnings in case you do get flagged?
I only recently got concerned because I won 5K in a slots game. I know if my winnings were through OLG i wouldn't have to worry about it but i like the variety of games you can find in various online casinos.
 

bebo67

Ueber Meister
PABnonaccred
MM
Joined
Jun 22, 2013
Location
Ontario Canada
My understanding is slot gambling isn't taxable in Canada (Ontario). I also understand if you deposit certain amounts into your bank you might get flagged for income tax purposes.

What is a safe amount to withdraw without being flagged and how often? Do you also keep screenshots of your winnings in case you do get flagged?
I only recently got concerned because I won 5K in a slots game. I know if my winnings were through OLG i wouldn't have to worry about it but i like the variety of games you can find in various online casinos.
I talked to the bank about this, and was very open when I told them I gamble. She told me it gets flagged at 10k, so IF you ever win a lot there you go! Jasmine won 100k OLG and got her money fine.
 

dionysus

Good(w)ill Ambassador
CAG
MM
Joined
Apr 27, 2009
Location
the land of snow and maple syrup
thanks and yes i figure if your playing OLG you won't get flagged. ok 10K makes sense. i guess i don't have anything to worry about then thank you guys
well, as I understand it, you'll get flagged regardless where you play if 10K hits your acct
 

casguy2016

Newbie member
Joined
Aug 30, 2016
Location
Canada
Is the 10K limit over a certain period of time? ok based on what i'm reading it's within a 48 hour period to be on the safe side. i'll never have to worry about that unless i hit a pretty big sum which would be great but isn't expected
 
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me_and_ed

Paleo Meister (means really, really old)
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Jun 2, 2006
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Vancouver
I have had numerous w/d's in excess of 10k and many multiples under 10k but totals well exceeding 10k within the same day, never had any issues or flags, I do not think this will last forever though, the crackdown will come sooner than later.
 

Bordzzy

Webby
webby
Joined
Jul 7, 2021
Hey, guys, does anyone could pm me as I have some questions regarding using payment methods at Casino websites here in Canada. Much appreciate ahead :cheers:
 

dionysus

Good(w)ill Ambassador
CAG
MM
Joined
Apr 27, 2009
Location
the land of snow and maple syrup
Hey, guys, does anyone could pm me as I have some questions regarding using payment methods at Casino websites here in Canada. Much appreciate ahead :cheers:
better to post publicly, then it answers everyone's Qs looking in
Most common these days is interac etransfer
 
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