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Thread: Kelly Criterion and ploppy logic

  1. #27


    2 out of 2 members found this post helpful. Did you find this post helpful? Yes | No
    Quote Originally Posted by Counting_Is_Fun View Post
    Are you seriously resurrecting all these posts from like a year ago? Come on guy.
    C'mon! These post are old...but not dead!

  2. #28


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    Quote Originally Posted by Old, but not dead View Post
    A good friend of mine just retired from the CRA, and we have had numerous discussions about this. This is the one time when keeping proper records will hurt you as an AP. If you are an average gambler that may win or lose, winnings are non-taxable as a windfall. Once you have records to show regular wins, this becomes taxable income. I am not a tax attorney, but from the interpretation I got from my friend, the CRA is able to subpoena your records as proof. We had this discussion more about online poker, but the principals would be the same for BJ or any other AP opportunity when the expectation due to superior knowledge would be to make a profit, and thus not be a windfall. I don't think this would be an issue for small level counters, but as soon as you start generating FINTRAC reports, I would start paying taxes on my winnings.

    If you look at Radonjic v. Canada Revenue Agency, 2013 FC 916. you will see that simply being a consistent winner is NOT sufficient. The CRA must prove that the person in question has a winning system. And you must keep records, because absent any proof to the contrary, the assumption is that the income comes from taxable sources.

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