Updated: May 17, 2022
Discover all of the most important aspects of gambling legislation in Canada. We will cover all of the important details so you’re fully informed.
All too often, people aren’t fully aware of the rules that are required for gambling. With a host of different online casinos and sportsbooks available to players in the modern world, it can sometimes be difficult to understand what is, and isn’t accepted within Canada. We’ve taken a look at the most important aspects of online gambling within Canada to ensure that you’re fully up-to-date with what is allowed.
Players have a range of different online casinos to play at in Canada. There are sites here that offer players every opportunity to play different casino games. It’s one of the most common forms of gambling in Canada, which is what drives the large number of sites that are available to players.
One of the biggest reasons that online casinos are so popular within Canada, is due to the offer of bonuses to players. This is something that land based casinos are unable to compete with, mainly for logistical reasons. As such, many gamblers are choosing online casinos as their favored playing area.
In terms of legislation, there aren’t too many limits placed on players on what they can and can’t do. As long as the site is regulated, and legitimate, then players don’t have anything to worry about. This means that all forms of games are available, which ensures that players have a big range of options to choose from.
In terms of taxes, there are no taxes on any winnings that players earn from the site. However, any interest that players earn from their gambling winnings, does need to be added to their tax form. So, if you spend it right away then you won’t pay any taxes apart from sales taxes. If you put your winnings into a savings account, then the interest will accrue taxes.
Ice Hockey is easily the most popular sport in Canada. The NHL is often one of the most watched events on TV when it’s on. As Canada is so passionate when it comes to sports, it’s not a shock that Canadians enjoy gambling on sporting events. There has recently been some good news on the sports betting front, with a new bill being passed that has offered more choice to Canadians.
In the past, sports bettors in Canada only had the option to bet on parlays. This meant that there had to be a number of different games, or markets to bet on in order for a bet to be placed. The new bill means that gamblers can now place a bet on a single game or market. This provides a lot more choice and is certainly good news for Canadian bettors.
Sports betting has the same taxation laws as casino betting. So, players don’t have to worry about paying large amounts of tax if they grab a big win betting on hockey.
As we have already mentioned, gambling winnings don’t have to be taxed. However, there is an exception to this rule. If you operate as a professional gambler, then tax does have to be paid on gambling winnings. This is, because any winnings count as your income. It means that income tax, therefore, has to be applied to them.
Of course, a plus side to this, is that you will be able to claim back any expenses that you have accrued in the course of gambling. So, any losses will be offset against your income. This does make it easier to deal with.