Canadian Casino Taxes
Being the largest entertainment industry of the Canada casinos of this country are visited by millions from around the globe. Both forms i.e. online and offline generate whopping revenue for the government. There are many tax rebates and waivers which are offered to the gamblers as well as casino owners in Canada. There are two main parts of the Canadian law when it comes to casinos i.e. gambling income and losses. Whatever the form of the casino a user opts for, it is very important to check whether or not the income is considered as prize under Canadian income tax law. The only point which a gambler should care for is that none of the casino winnings in Canada are taxable at all. However, on the other hand, the casino owners are heavily taxed under the income tax law. None of the countries in the world have better tax laws than Canada.
Canadian income tax law refers these winnings to as windfalls which are never taxed. Some of the main reasons are as follows:
Maximizing government earnings
It is the first and foremost reason for which gambling for players only have been declared tax free. A professional gambler bets more while in a Canadian casino. The wins don’t come each time which means that casino owners win a lot. These owners are taxed by the government to maximize the revenue. This awesome law on average makes a whopping $15 million annually for the government.
Even a professional gambler does not play all the time. These players come out of the casino and explore other places as well. They spend and ultimately come under the tax net which again increases revenue for the government. The fact of the matter is that tourism flourishes and Canada are seen as one of the most tourist friendly countries in the world.
Winner gets all
It is again a point which makes a gambler play more and more. Other countries deduct huge amounts in name of taxes from the gamblers. However, in Canada, it is not the case. Life changing figures are credited to the bank account directly. It not only gives peace of mind to the players but also ensures that they never end. The online casinos of Canada also provide these stunning figures and as a result, the gambling industry has left its strong mark on the Canadian economy.
In Canada, there is no framework for casino earnings tax deductions which make it the most gambling-friendly country in the world. Declaring oneself as a professional gambler can also lead to a business start. If this is the case then expert advice should be sought. This is very important so that the government never thinks that a business is involved in money laundering. For gamblers, each and every win is tax-free which means unlimited enjoyment. This friendly act of revenue agencies in Canada clearly shows that the economy is the top priority. Each and every part of the gambling earning can be taken home without any issue.