Withdrawal to your bank in Canada. Income tax?

[casguy2016]

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.

 

[slotmaster]

I think or it was 10k transfer they have to report it the banks to the government. You should be o.k. for tax, more just for money laundering.

 

[dionysus]

WD 9.,999.00

 

[bebo67]

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.

 

[casguy2016]

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

 

[dionysus]

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]

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

 

[me_and_ed]

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.

 

[EngrishJonny]

I do it via interac withdrawals and they have a limit of $10,000 a day, so when I have been lucky to cashout I normally do $9600 a day

 

[Bordzzy]

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

 

[dionysus]

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

better to post publicly, then it answers everyone's Qs looking in
Most common these days is interac etransfer