Is it true that Canadian citizens don pay taxes on lottery wins?
If a Canadian wins the Canadian lottery, the funds are given to the winner in cash, with no tax liabilities ever.All lottery payments are in cash, with no deductions. These winnings are not taxable in Canada if you win on this lottery. There is no further liability for any amount, and you actually get 100% of the prize amount that is forecast. So if I won the Canadian lottery would I have to pay taxes to the US government? Yes, as the above rule states. If a US citizen wins the Canadian lottery, they would also be given the winning amount all at once, without any tax liability in Canada. But the US tax code requires you to list this win on your US income tax form, and to pay taxes on it. How does the lottery compare to other gambling ventures? The state lotteries typically take about a 40% share of all gambling revenues. This is way above other gambling choices. Most casinos take anywhere from 1-6% on all their games. You can get more bang for your gambling buck by going to a casino- a
