Are online casino winnings taxable in Canada? This is a common question among gamblers. The answer depends on several factors.
In Canada, gambling winnings from online casinos are generally not subject to income tax. However, there are some exceptions.
For instance, if you are self-employed or operate a business related to gambling, your winnings may be taxable as income. Additionally, if you win a large prize like a jackpot, you may be required to report it to the Canada Revenue Agency （CRA）.
It is important to keep detailed records of your winnings and losses, as well as any expenses related to gambling. This will help you determine if you need to report your winnings and how much tax you may owe.
Always consult with a tax professional or the CRA for specific advice regarding your situation. |
