See the top rated post in this thread. Click here

Results 1 to 13 of 50

Thread: Cashing out in US as a Canadian

Threaded View

Previous Post Previous Post   Next Post Next Post
  1. #13


    Did you find this post helpful? Yes | No
    Quote Originally Posted by Midwest Player View Post
    According to this article it looks like G Man might be correct. This link appears to be a recovery service like Gronbog mentioned.
    https://ustaxrecovery.com/the-canada-us-tax-treaty/
    From that link :

    " For Canadians (and other non-resident aliens), the gambling winnings tax is 30% of the total win."


    The only way to recover withheld winnings is to demonstrate losses to cover the money withheld. Canadians (while gambling in the US of A) are taxed on net winnings over the calendar year, so if you win 10,000 in a poker tournament and lose $10,000 playing blackjack then your profits are $0 and you can recover the money that has been withheld.

    I think G Man's confusion stems from the fact that blackjack winnings are not withheld by the casino, like a slot win would be. That in no way absolves you of your tax liability to the IRS. And if you are going to cheat on your taxes, I would strongly advise you against bragging about it on a public forum.


    It also isn't exactly true that Canadians do not pay taxes on gambling. The position of the CRA is that professional and semi professional gamblers must file and pay taxes on their winnings. Historically they have been unable to collect in court, because the court is very careful to not allow ordinary Canadians to write off gambling losses as a business expense, but theoretically professional and semi professional gamblers can be taxed on their winnings. The sticking point is that the CRA must prove that the gambler in question has a winning system, a trivial task when it comes to winning blackjack players.
    Last edited by Meistro123; 04-25-2020 at 11:12 PM.

Similar Threads

  1. Cashing chips
    By jbjnooch in forum General Blackjack Forum
    Replies: 20
    Last Post: 09-09-2018, 05:22 PM
  2. Cashing out $8k several days in a row
    By beta in forum General Blackjack Forum
    Replies: 14
    Last Post: 02-06-2018, 10:49 PM
  3. Cashing Out
    By bjman17 in forum General Blackjack Forum
    Replies: 4
    Last Post: 09-12-2012, 10:30 AM
  4. DW: Canadian Casinos
    By DW in forum International Scene
    Replies: 2
    Last Post: 08-04-2004, 12:01 PM
  5. skrolldown: Canadian C
    By skrolldown in forum Blackjack Main
    Replies: 4
    Last Post: 12-02-2003, 11:56 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

About Blackjack: The Forum

BJTF is an advantage player site based on the principles of comity. That is, civil and considerate behavior for the mutual benefit of all involved. The goal of advantage play is the legal extraction of funds from gaming establishments by gaining a mathematic advantage and developing the skills required to use that advantage. To maximize our success, it is important to understand that we are all on the same side. Personal conflicts simply get in the way of our goals.