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Archive for December 28, 2006
How to make sure gambling wins are tax free
December 28, 2006 by Dan White.
Gambling duo prove there’s no tax on luck
Globe and Mail Updatehttp://www.theglobeandmail.com/servlet/story/RTGAM.20061228.wgamble27/BNStory/National/home
The key issue here to consider is that CRA will look at any money making activity and try to define it as a business. That is a very significant issue around part time real estate investors. If they have a BUSINESS SYSTEM that makes money, then they are a business and capital gains and losses do not apply. All the income becomes taxable, and subsequently so do all the losses.
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