Win big? Not so fast, says the taxman

is the lottery taxed in canada
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Gambling winnings are not taxed in Canada, whether it's from a lottery, horse race or casino jackpot It comes as a surprise to many Canadians

Such income is generally taxed at a flat rate of 30% Nonresident aliens generally cannot deduct gambling losses The only exception is Canadian Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no

harrahs poker room Tax Band 2: Prizes between RON10,001 and RON66,750 are subject to a flat tax of RON300 and a tax rate of 20% on the amount that exceeds RON10,000 Tax Band 3: Taxes: Lottery winnings in Canada are not taxable Neither is a life insurance payout to a beneficiary Inheritances are generally not