Jun 13

Ultimate new user guide to online casino gambling in Canada.

Canada Online Casino FAQs for New PlayersGambling is an extremely popular pastime in Canada. In 2000, right around the time internet casinos were starting to blossom, an international study revealed that 70% of Canadians participate in some form of gambling each year. With the rise of online and mobile gaming options, that number is sure to have increased.

Those of you seeking to venture into that realm surely have a lot of questions. Is it legal? Can I access offshore websites? Are there convenient banking methods, and are they secure? Today’s ultimate new user guide to Canada online casino gaming will answer these questions, and more.

Is Online Casino Gambling in Canada Legal?

Yes, it is. Gambling is legal in every province and territory of Canada. There are no specific laws that discriminate between land-based and online gambling. Therefore online casinos are perfectly legal, too.

There are two basic types of online casinos for Canadian players. There’s the provincially regulated variety, and the offshore variety. Only the provinces of British Columbia, Manitoba, Ontario and Quebec host provincial casino sites (plus online lottery in the Atlantic regions), and you must live within the respective province to access them. Offshore casinos accept players from various countries, with Canada typically included.

Are Offshore Online Casinos Legal?

Yes, they are. Despite the efforts of provinces to change that fact, there is no law preventing Canadians from accessing internationally regulated gambling websites. It is equally legal for an international gaming operator to accept Canadians, so long as they follow one express rule.

The Criminal Code determines what types of gambling can be legal. The only way an online casino would be illegal is if it has a physical presence in Canada, but does not acquire a provincial licence. By remaining offshore, and opening no offices on Canadian soil, no laws are being broken.

How Do Deposits and Withdrawals Work?

Most online casinos offer a wide range of deposit methods. Credit cards, debit cards, prepaid cards, online payment processors (EcoPayz, Neteller, Skrill, etc.), bank transfers, instant eChecks—these are all common options. The key is to pick the one that best suits your needs.

They are incredibly secure, as well. So long as you choose reputable gaming websites, and keep your own computer or mobile device secure, you have nothing to worry about.

Are Online Casino Winnings Taxed?

Typically no, Canadians do not pay taxes on any gambling winnings. The Canada Revenue Agency states, “an individual may be subject to tax on income derived from gambling itself, if the gambling activities constitute carrying on the business of gambling”.

Therefore, the only players who pay taxes are those that gamble ‘professionally’. If you gamble regularly, and make consistent profits from it, then you may be subject to taxation. But as a casual player, no.

You can learn more about the minutiae of Canada gambling taxes here.

Can I Play in CA$?

Yes, usually. If you play provincially regulated Canada online casino games, all wagers are in Canadian Dollars. If you choose to play at internationally regulated websites, some of them do offer CA$ deposits and withdrawals. Be sure to skim over the banking options and payment details to see if it’s available.

The major benefit to online casino gambling in Canada’s own currency is the avoidance of foreign exchange rates. Although relatively inexpensive, currency exchange fees do add up over time, taking away from cash that should be part of your bankroll.

written by Grameister777 \\ tags: , , , , , , , , , , , , , , , , , ,

Mar 22

Taxes on Gambling Winnings from US CasinosAs tempting as a trip to Las Vegas or Atlantic City may seem for Canadians – especially after a long, cold winter – there’s one very god reason why Canada casinos are the best place to stay and play. Taxes!

In Canada, we aren’t subject to taxes on gambling winnings. In fact, the majority of first world countries consider winnings from gambling to be a windfall; categorized in the same manner as a monetary gift. Players keep every bit of their winnings, with no taxation applied.

The United States doesn’t see it that way. While the US government actually has one of the lowest state and federal tax rates in the world in terms of traditional income sources, taxes on gambling winnings are outrageous. Even if you’re a nonresident, you may be forced to give up nearly a third of your winnings to the nation’s prehensile government.

Taxes on Gambling Winnings from US Casinos

Not all gambling winnings are taxable. It depends on how much you win. A Canadian who walks away a few hundred dollars richer isn’t going to be subject to US tax withholding laws.

If you strike a slot machine or bingo jackpot of $1,200 or more, or get lucky at Keno to the tune of $1,500+, the situation changes drastically. Likewise, if you win a state or national lottery, wagering pool, or pari-mutuel pool (horses, dogs or jai alai) worth $5,000 or more, or at least 300 times the total stake, the US will want its cut.

When such winnings occur on US soil, Canadians can expect to fill out some forms when they visit the cashier. In addition, they’ll only be handed 70% of the overall winnings. The rest is withheld by the gambling facility to cover the mandated taxes on gambling winnings.

Keep Your Receipts! Form 1042-S

During the withholding process, the casino, racetrack or lottery facility will provide the player with Form 1042-S, Foreign Person’s Us Source Income Subject to Withholding.

Make sure to keep any receipts, tickets or other documents that can prove how much money you lost while gambling in the US. If a Canadian is able to prove their losses, that amount can be deducted from any withheld taxes on gambling winnings.

Stick With Canada Casinos

If you’d rather avoid all this hassle, the easiest way to do it is to simply refrain from gambling in the US. Canada casinos offer the same variety of gambling amusements, and never collect taxes on gambling winnings.

If it’s the opulence of Las Vegas you seek, we have some pretty fancy casinos right here. The Fallsview Casino Resort in Niagara Falls, Ontario is quite lovely, as is Quebec’s Casino de Montreal.

It’s also worth noting that Las Vegas – despite being the most famous gambling mecca in the world – has the absolute worst odds on slot machines. The rest of the world regulates that slots must have an RTP (return to player) averaging 87.5% (standard range of 85% to 92%. In Nevada, state regulators allow Las Vegas casinos to set deplorably low RTP’s of just 75%.

If Canada casinos and race tracks didn’t look very appealing to you before, hopefully the US government’s taxes on gambling winnings and lamentable slots payouts in Vegas will change your mind.

written by Grameister777 \\ tags: , ,