Long time no visit. I used to be an active member here a few years back, and then dropped off as I moved to the US with my wife. Anyway, since moving to the US, I haven't paid attention to the online scene in Canada as much. The climate has gotten increasingly difficult here though, with the UIGEA laws passing, and then on June 1st, it being enforced. This of course is related to my problem, and information/advice I would love to hear from the people here...
A little less than 2 weeks ago, I won a Butt-load of money when I hit the bad beat jackpot, playing low limit holdem online. At first I was very excited, but then I came to realize that it may be difficulty or even impossible to get it off of the site, and into my bank account here with the new enforcement of the US law. I would even be willing to pay the taxes on it, but I still may not even be able to put it in the bank.
This leads to my questions:
Have things changed in a similar manner back there in Canada? Do banks have any problems with large deposits from Online poker?
Has anyone had issues with large online cashouts?
Have people had to pay Canadian taxes on their winnings, or is it still tax free?
Location: Milton, poker capital of the world.. after Wloo that is.
Posts: 8,578
Jeesh, you left here not long after I joined here, long time for sure.. As for your question, still not taxable here in Canada but not sure how you can get it off. afik, here in Canada it's still no issue, just have stars issue a chq and deposit. Likely holding for a period but it will clear. When you say boatload, is this more than 5 figures...?
My last bank wire transfer went through this month, so there has been no change in Canada for me.
You can ask your bank first, but from everything I've read, there will probably be no change for you either. I think the worst case for a US resident is if their specific bank mistakenly stopped accepting site withdrawals, then they can go to any other bank that knows the UIGEA rules better. Read The UIGEA FAQ.
__________________
May your EV always be positive.
no taxes on winnings, not unless you are a pro and do it for a living, apparently. Even most pros in Canada probably don't claim their online winnings.
Jeesh, you left here not long after I joined here, long time for sure.. As for your question, still not taxable here in Canada but not sure how you can get it off. afik, here in Canada it's still no issue, just have stars issue a chq and deposit. Likely holding for a period but it will clear. When you say boatload, is this more than 5 figures...?
I actually think I saw him win this. The Badbeat on UB was 450K. Not sure what he got out of that. I believe it was about well into 6 figures.
As for withdrawals I use instdebit right into my BMO account. No issues in the past year.
My last bank wire transfer went through this month, so there has been no change in Canada for me.
You can ask your bank first, but from everything I've read, there will probably be no change for you either. I think the worst case for a US resident is if their specific bank mistakenly stopped accepting site withdrawals, then they can go to any other bank that knows the UIGEA rules better. Read The UIGEA FAQ.
Thanks for the info. I have read that post, and quite a few others over the last couple weeks. I was thinking it would be OK (although it sucks giving the government a large percentage of it so that they can just waste it). Last night I found this though:
Wow, that's a pretty good offer. I'd be coming out ahead compared to paying the tax in the US... ;-)
I just wanted to thank the people here for their input. I am still working out how to get it all out, and into my account. I'll let you know how it goes...
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