This is in regaurds to sports betting using an online sportsbook. I understand that gambling and betting winnings aren't taxable in Canada, but what happens if you win money ith a sportsbook located in the US or the UK?

 

http://www.ccra-adrc.gc.ca/E/pub/tp/...it334r2-e.html

This is the Canada Revenue Agency official stance on gambling profits. Read through it at your leisure (its a pain and I don't have time to summarize it for you). It should give you an idea.

Keenan

 

Cool, thanks for the link.

Basically, they can tax the gambling profits if they feel you have made a certain amount of it or gamble in a frequent basis. Couldn't find out that tax percentage in that anywhere.

Just curious cause a friend just won close to $15,000 on 4 bets this past weekend with a sportsbook, so I guess he should report that on next years return. He's actually thinking of making a living betting on sports. Seems to win every bet he makes more or less.

 

In a nutshell:

If you make money gambling, they want a cut.

If you lose money gambling, you can't deduct the loss

/didn't read the link