A Look at Gambling Tax in Canada
Gambling winnings in Canada are fully taxable. This includes cash from casinos, lotteries and sports bets and fair market value of physical prizes such as holidays and cars.
If you win a large gambling prize, it is recommended to seek advice from a financial advisor to ensure that you get things right. You will likely be issued a W-2G form and then will be able to take things from there.
Gambling is a popular pastime in Canada. It is important to remember that gambling winnings could be subject to tax. It's important for people to get advice and to pay the right fees due on any winings.
Land-based casinos within Canada are liable to pay tax on any winnings. If you have been unlucky and lost a little money on a slot machine or Blackjack, you may be able to claim these losses on your tax return.
It is recommended that you keep a record of your winnings and losses when you visit land-based casinos. This will help you fill in the gambling section of the Form 1040 when filing your tax return.