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Just wondering...

2007-03-18 15:43:56 · 7 answers · asked by Anonymous in Business & Finance Taxes Canada

7 answers

If you are in Canada, then lottery losses cannot be claimed on your income tax return.

Likewise, lottery winnings are not claimed either.

Amounts that are not taxed can be found at CRA's website:

http://www.cra-arc.gc.ca/tax/individuals/topics/income-tax/return/completing/reporting-income/nottaxed-e.html

Amounts that are not taxed:

You do not have to include certain amounts in your income, including the following:

any GST/HST credit or Canada Child Tax Benefit payments, as well as those from related provincial and territorial programs;

child assistance payments and the supplement for handicapped children paid by the province of Quebec;

compensation received from a province or territory if you were a victim of a criminal act or a motor vehicle accident;

lottery winnings;

most gifts and inheritances;

amounts paid by Canada or an ally (if the amount is not taxable in that country) for disability or death due to war service;

most amounts received from a life insurance policy following someone's death; and

most payments of the type commonly referred to as "strike pay" you received from your union, even if you perform picketing duties as a requirement of membership.

Note
Income earned on any of the above amounts (such as interest you earn when you invest lottery winnings) is taxable.

Hope this helps you.

2007-03-18 17:40:28 · answer #1 · answered by taxgal2007 5 · 4 0

Prize winnings (including lotteries) are tax free. You only pay tax on interest you've earned off them...say if you win a huge amount and bank it.

2007-03-19 21:06:35 · answer #2 · answered by RanaBanana 7 · 0 0

You don't have to declare lottery winnings of any size in Canada, it's considered as windfall and are not taxed

2007-03-18 23:15:02 · answer #3 · answered by Anonymous · 2 0

No, the current law is that all gambling winnings won off a single bet that total over $1199 must be claimed on your taxes.

2007-03-18 22:53:05 · answer #4 · answered by byrongraham79 2 · 1 2

Depends on where you live. In most U.S states you only have to register if you win over $500.00.

2007-03-18 22:52:51 · answer #5 · answered by jrfire91 3 · 1 2

Canadian lottery is TAX FREE !!! ... happy spending !!!

2007-03-19 10:03:36 · answer #6 · answered by ? 2 · 2 0

Strictly speaking, yes, but if this were to be enforced, we'd all be in jail.

2007-03-18 22:47:39 · answer #7 · answered by TedEx 7 · 1 3

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