A Canadian casino employee was recently fined $8,000 for failing to pay tax for tips he received from gamblers in 2011 and 2012. When asked why he failed to disclose the money in his CRA returns, the defendant argued that gambling wins were tax-free.He was right—gambling income in Canada is tax-free. Whether you play casino games casually or you’re a professional, the CRA does not come after your wins. That includes the $20 million a Canadian won earlier in March while playing the Mega Moolah jackpot game.If you work in a gambling establishment, though, your income, including tips are subject to taxation. But what does that say about the state of online gambling in Canada? Can you make money playing casino games in Canada?The State of Gambling in CanadaCasinos in Canada acquire licenses from provincial administrators. Seven out of 10 provinces permit gambling of some form. Ontario is home to at least 25 gambling establishments, making the province with the highest number of licensed establishments.The Kahnawake National Reserveis also significant in the country’s gambling scene. While most companies struggle to get licensed in the country, investors from the First nations Tribes are allowed to launch casino establishments easier.Internationally, most casinos with servers in Canada also tend to base them in the Kahnawake reserve. This is even though Canada doesn’t permit remote gambling licenses except in rare cases. Fortunately, the government also doesn’t prohibit Canadians from gambling on foreign casinos.You could join any online gambling site, play slots, or table games without government interference. And if you win money, you’re allowed to keep it without having to pay taxes. That sort of thing doesn’t happen in many countries.Online Casinos that Accept CanadiansMore than 100 reputable online casinos accept Canadian players. Some are licensed in the UK while more are based in Europe and South America. Despite this, where a casino is established doesn’t matter so much than whether it’s licensed and offers reliable services.Some Europe-based casinos, for example, are poorly rated for their unreliable customer support, slow withdrawals and unusable web interfaces. By contrast, it’s not unusual to find trustworthy, well-reputable gambling sites licensed in the Caribbean.What makes up an Excellent Canada Casino?Read this online casino Canadaguide for suggestions of the best online casinos for Canadians. Also, learn the following tips to understand how to identify genuine casinos, especially when they’re new and not well documented.
Like their brick and mortar counterparts, remote gaming sites also get regulated. The UK, Malta, and Curacao are some of the most prominent online casino regulators. Gibraltar, Isle of Man, Alderney, and Sweden also regulate gambling platforms.When choosing a casino, make sure it’s licensed by a trusted regulator. If a casino isn’t regulated, don’t even attempt to create an account there. Unregulated gaming sites can’t be held accountable when they defraud customers.When people talk about the safety of online casinos, they don’t just mean passwords and data encryption. They also imply a casino’s privacy policies and how it protects players’ data. It also relates to how the house operates its games.Are games fair? Have they ever been audited? It’s become pretty important for casinos to hold certificates proving their games are fair. And following years of complaints about unfair games, most gamblers no longer play on platforms not audited.Look out for seals from companies like eCOGRA, iTech Labs and Thwate. These companies audit casinos not only for game fairness but also for their security and ability to resolve customer issues.Games and Software ProvidersWhat are your favorite casino games? List them down and only join gaming platforms that offer those games. If you’re an avid slot player, decide which slot games you love the most. You could play classics or video slots, cherish brand games, or select jackpot games.In the table section, you can pick for multiple varieties of roulette, blackjack poker, baccarat, Keno, and craps. You can also play most of these games in a live setting. Also known as live dealers, live games take place in real-time, but you compete against fellow players through web cameras.Evolution and Authentic Gaming organize most live casino games. If you see either company in a casino’s game library, just know you’ll be able to play live dealers. NetEnt, Microgaming, BetSoft, Playtech and Play’n GO, on the other hand, supply mostly slots and RNG table games.Welcome and Loyalty BonusesCasinos compete for your attention by offering all kinds of rewards. For creating an account, you receive 10-50 free spin. When you make your first deposit, your money is matched 100% with a bonus. Weekly, some casinos gift you spins and bet money for table games.Of course, casinos are not created equal. And some bonuses are better than others. Most gaming sites award you bonuses but won’t let you withdraw your money unless you wager it multiple times. The best companies allow you to keep your wins after only a few times of wagering.Casinos that accept payments using Canadian dollars almost always support Canadian payment options. But even if the national currency isn’t supported for payments, only join casinos with friendly banking policies.For instance, you should be allowed to deposit and withdraw Monday every day of the week. Payment limits should be convenient, and your wins should be processed fast. In regards to banking methods, choose credit cards or e-wallets if you prefer fast services.PayPal, Neteller, Skrill, and Paysafecard are most casinos’ preferred e-wallets. Bitcoin is also an option in some platforms but be aware of the tedious process that comes with handling crypto.To ConcludeYou’ll face legal action if you fail to disclose gifts you receive from gamblers in your tax returns. But if you’re a gambler in Canada, all your wins are tax-free. You can play casino games in most online gambling sites. But make your work easier by finding Canada-friendly platforms that meet the guideline shared above.
Is gambling income taxable in Canada? – Mtltimes.ca
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