Managing Your Poker Earnings?
The income tax laws in Canada are somewhat different than in the United States and other countries, especially regarding lottery and casino winnings. But with online poker becoming so popular, it’s one more thing for you to consider if you’re planning on earning significant yearly revenue through poker.
In fact, you know poker’s become popular when the financial section of a large, mostly conservative Canadian business newspaper runs a story on poker earnings (requires a paid subscription) that cautions you regarding income taxes.
The gist of the story is that if you are only earning a little bit with online poker each year, it may be considered a hobby business in some countries. As such, you may not have to declare the income, but you also cannot declare any expenses. On the other hand, if you’re playing all day long, every day, and raking in the bucks, you’re better off declaring the income. That means that you can also declare expenses.
If you’re considering supplementing your income regularly with online poker earnings, talk to a good accountant (not your chainstore kind, who’ll lean towards being extremely conservative and possibly cost you lost expense declarations). And in the meantime, save all your receipts relating to your poker playing, in case you can use them after all.
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