Lottery Winning Tax Free In Canada!

Just in case you had plans to win the lottery, make sure you win it in Canada …

if you want your windfall to be safe from the tax man! The general rule under Canadian law is that unless you are “carrying on the business of gambling” (or, in other words, a professional gambler) all gambling, wagering and lottery winnings are not subject to tax. Whilst this is good news for us, and the likes of Marie and Kirby Fontaine who won the first $50-million jackpot grand prize in Lotto Max, it means that the Canadian government is missing out on a huge potential source of revenue. The news for US lottery players in this regard is not so rosy unfortunately!