Lack of State Grab Leaves Canadian Gambling Jackpots Bigger

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Lack of State Grab Leaves Canadian Gambling Jackpots Bigger Gambling and lottery winnings in Canada are in practice larger than equal rewards in the US, as Canada recognizes that a tax on profits means money won has already been taxed once.

Unlike US regulations, which tax gambling and lottery winnings, Canadian prize winners are free to enjoy their entire reward, as the country does not tax jackpots. Under Canadian law, only those who are into gambling as a profession are required to pay tax when luck favors them.

US policies reflect an attitude that, if gambling is to be permitted reluctantly, then the state has the right to take big pieces of the cash flowing into and out of gambling operations at every turn, leaving propositions considerably less rewarding once the government has wet its beak. Not only does a major portion of lottery winnings go toward state revenues, but then prizes are taxed when paid out, effectively taxing players both for playing and again a second time for winning.

Canadian law recognizes that such gaming operations as lotteries collect significant government revenue from profits generated, and acknowledge the double-dipping implicit in taxing winners. The Vancouver Sun quotes  Department of Finance regulations as stating that "“there is already a considerable element of implicit taxation of lottery and gambling proceeds.”

Canadian officials say if they taxed gambling payouts, they would have to allow deductions for gambling losses, a sense of fairness now found in US tax codes.

Further, the Canadian federal government has promised provinces to stay away from any new gambling tax i return for its share of profits from provincial gaming operations. US gambling patrons wish they could get as fair a deal from their government.

Published on November 14, 2009 by VirginiaMaddox Help Spread the News

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