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| *The Commerce Journal>>>Canada Taxes |
Tax lottery in ontario? |
if i win the lotto 649...do i pay any taxes or charges on the winnings? does any percentage of the money go to the government? Lotteries winnings are non-taxable! The only money that goes to the government is the GST&PST you pay when you start spending your dinero. (They are smart, they will catch you one way or the other.) No tax payable, lottery winnings are non-taxable income in Canada, although it should still be claimed (as non-taxable)so the doesn't audit you for your 5 houses, 20 cars and 15 boats on your current salary. No taxes. The Province receives money for running the lottery to begin with; nothing comes out of the lottery winnings themselves. You will pay tax on any income you earn on the money you invest from your winfall (interest, dividends, capital gains, etc), but not the principal itself. |
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