Withdrawal to your bank in Canada. Income tax?

casguy2016

Senior 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.
 
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.
 
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
 
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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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.
 
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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