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| *The Commerce Journal>>>Canada Taxes |
Canada lottery? |
If someone in the United states won the canada lottery.. would they have to pay taxes on the money since they dont live in canada ? You should probably check with the US tax forum on that one. Canada does not charge taxes on lottery winnings.The US does, however; if the US tax laws work like Canada's, then you are taxed on worldwide income, and since the last I heard, the IRS considers lottery winnings to be income, you would probably have to pay tax to the IRS. They wouldn't have to pay Canadian taxes, but the IRS would nail you at the border. I don,t believe that a U.S. citizen can claim a canadian lottery prize. If they could, they would not pay taxs for there winnings. They would have to have the money in Canadian bank and pay income tax in Canada. Then they would pay income tax on the interest the money made. Not the winnings. You would not have to pay Canadian tax on the winnings as lottery winnings are not taxable in Canada, but as a US citizen you are taxed on your worldwide income and would have to pay US tax on the winnings. There's no "Canada Lottery" although there are various lotteries run by the provinces in Canada. Winnings from lotteries are not taxable in Canada, period. It doesn't matter whether the winner lives in Canada or not. Another unique aspect of most lotteries in Canada is that they are payable in a lump sum for the full amount won. Of course, someone from the US would have to pay US tax on the winnings of a Canadian lottery. |
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