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Won $100k Gambling... But Need Suggestions

by chieflolz - 22 May, 2023 - 09:13 AM
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#9
blow it all on bodypillows and ignore that gay tax thingy  [Image: pizza.gif]
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#11
Congratulations on your profits! However, it is important to note that even though capital gains are not taxed in Canada, you may still have to file a report. The Canada Revenue Agency (CRA) requires you to report all income, including capital gains, on your tax return. If you do not report your income, you could be subject to penalties and interest.
In addition, if you are withdrawing large sums of money from your bank account, the CRA may flag your account for review. This is because large cash withdrawals can be a sign of money laundering or other illegal activity. If the CRA reviews your account and determines that you have not reported your income, you could be subject to further penalties.
To avoid any problems with the CRA, it is best to file a report and pay taxes on your capital gains. You can find more information about capital gains taxes on the CRA website.



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#15
Good for us

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