Win big? Not so fast, says the taxman

is there tax on lottery winnings in canada
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Winning US$1 million playing the Powerball means receiving a cheque for $700,000 While that is still a significant amount of money, it also means

Such prizes include lottery winnings and awards like the Nobel Peace Prize It doesn't tax Olympic athletes if the winnings are their primary income

is there sales tax on lottery tickets While there is no specific age when you need to start paying income tax, the Canada Revenue Agency requires you to file a return once

is playing poker illegal Are lottery prizes taxed? Generally speaking, lottery wins in Ontario are not taxed In the event an annuity or for life prize is won, arrangements are