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Originally Posted by
Old, but not dead
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.
Are you seriously resurrecting all these posts from like a year ago? Come on guy.
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