The US and Canada have been going through major legislation changes over the past couple of years when it comes to online gambling and online betting – a list of the best sportsbooks in Ontario can easily be found for those looking to wager on the biggest events, but some of these services could be undergoing change in the near future. For Canada, 2021 marked the change where individual provinces could make legislation adjustments, but as a whole Canada still stands out as quite a unique market in the way it handles tax on potential winnings, for both casual and competitive players.
Unlike the US, those wagering in Canada aren’t expected to pay any tax from any game of chance whether this be through casino games or online sportsbooks, for example, where the neighbors in the states are expected to pay up to and over 50% in some instances. Canadians do have to report any interest earned on these winnings, however, which is a taxable income – something Canadian punters can do however much like those in the US is claim back on losses – this does have to be calculated in terms of winnings compared to losses but are also two of the only gambling markets in the world that allow for players to claim back on gambling losses too.
This is different for professional players, however, and something else that is unique to the US and Canada too – those who make a living as a full time gambler or punter are expected to file taxes as this is viewed in the simplest sense of being a freelance business – other countries like the UK are on the other side of the fence here and see earnings from games of chance, whether in a professional setting or not, as something untaxable. There are suggestions that the Canada Revenue Agency aren’t the quickest at assessing those who make a living from gambling, but it would be safer to stay on the right side of things here.There could be changes in the future, however, as noted different provinces were only recently given control over individual gambling laws and this could see a potential change in either the taxing structure or the legality too – this could see some services become more restricted if there is a crackdown on online gambling with some countries particularly aiming at online casinos recently, or it could see tax breaks for professional players or higher taxes on the other side of the coin – right now it’s quite up in the air, and change could come quickly.