Poll of the Day > I always wanted to win a 1,000 dollars a week for life lottery prize

(+) Yeah! (+)

even if taxes take it down to like $500 a week, that'd still be excellent.

I never bothered to calculate the math, though, but I like how its like an extra paycheck, not one bigass mass of cash at once.

yeah, back when I played scratchers, thats the only one I would play.

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Jeez that is alot of taxes, move to WA or something, then you won't pay as many.

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Texas its 35%

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Even though we tax taxes, we dont get taxed here in Canada on lotteries, so winning Set for Life would be great.

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zebatov posted...

Even though we tax taxes, we dont get taxed here in Canada on lotteries, so winning Set for Life would be great.

IIRC yall have a maximum for a general lottery though right?

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In Canada, we have a $1000 a day lottery. Tax free

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hypnox posted...

IIRC yall have a maximum for a general lottery though right?

No I dont think so. I think that it just so happens that it usually takes only 2-3 weeks before someone gets the numbers so the payout is usually around the same.

But I did just learn that if your employer does a lottery at work then you have to claim those winnings. Which is dumb.

https://turbotax.intuit.ca/tips/tax-tip-taxes-on-lottery-winnings-163

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zebatov posted...

But I did just learn that if your employer does a lottery at work then you have to claim those winnings. Which is dumb.

It makes sense though. The government has already taken their cut of the official lottery funds. It's bullshit that our government in the U.S. takes yet another cut from the winners.

An office lottery hasn't had a chance.for the government to skim it and take their cut so the winner has to pay it.

But hey, if the employer doesn't report it then you don't really have to either.


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Bugmeat posted...

It makes sense though. The government has already taken their cut of the official lottery funds. It's bullshit that our government in the U.S. takes yet another cut from the winners.

An office lottery hasn't had a chance.for the government to skim it and take their cut so the winner has to pay it.

But hey, if the employer doesn't report it then you don't really have to either.

Yeah I wouldnt be reporting it. I mean casino winnings arent taxed, why would private money thats already been taxed need to be taxed just because its at work? And in general, like with your lottery, its especially garbage that the government needs to get their hand in it.

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zebatov posted...

Yeah I wouldnt be reporting it. I mean casino winnings arent taxed, why would private money thats already been taxed need to be taxed just because its at work? And in general, like with your lottery, its especially garbage that the government needs to get their hand in it.

You are supposed to claim casino winnings on your taxes.

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helIy posted...

You are supposed to claim casino winnings on your taxes.

https://www.casino.ca/guides/taxation/

And then your winnings can be put into a TFSA which earns interest.

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zebatov posted...

https://www.casino.ca/guides/taxation/

And then your winnings can be put into a TFSA which earns interest.

Lucky. Here in the states if you win more than a few hundred dollars (I forget the exact threshold) the casino is required to report it before they even pay it out. You have to fill out tax forms there at the casino to collect the winnings.


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