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Using Government-operated Casinos/Lotteries: a description

Posted by joyfulguy (My Page) on
Tue, Nov 13, 07 at 23:06

A voluntary tax on the stupid.

If you can consider them as entertainment, maybe they produce some value for you.

But as an investment ... forget it.

Payouts are often in the neighbourhood of 35%.

I like my investment money to grow, over time ... not shrink.

If you receive a payout in Canada, though ...

... the income is not taxable by the Canadian governments.

Who knows whether the U.S. income tax people consider such income "earned" in foreign jurisdictions taxable ...

... and have methods of learning of such winnings by U.S. people in foreign jurisdictions?

Maybe U.S. folks using them should have a deal going with a Canadian that the play would be in his/her name.

If they win ... nothing to say that the Canadian as winner-of-record couln't make a "gift" to their U.S. friend.

How would that compute, tax-wise?

If the U.S. tax folks would consider such a deal as income, likely it would be taxed higher, as the U.S. person "investing" in a ticket and having it produce so handsomely would likely be taxed as capital gain, which is taxed at a lower rate, isn't it?

Does someone know the most tax-effective way to fly?

Would they call such a co-operative Canadian - a gigolo?

ole joyful

Follow-Up Postings:

RE: Using Government-operated Casinos/Lotteries: a description

A voluntary tax on the stupid.

I've seen you say that b4 about lottery tickets in particular.
What you said is funny, but seeing those who really cannot afford to buy tickets, but do so anyway, is really sad.

Casinos collect the tax on bigger winnings right on the spot, b4 issuing the money to the winner.

I used to enjoy a night out with friends playing bingo. One might win, but if not, the money raised from the bingo is supposed to go to the charity holding the game. Battered women's shelter, Fireman's fund, Boy scouts, etc.
I did/do see it as entertainment, and a night out...all for a good cause.


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