1. Gambling with your Taxes.
- Author
-
Bowal, Peter and Jason Ho
- Subjects
GAMBLING taxes ,INCOME tax laws ,ATHLETES ,INCOME tax deductions ,PROFIT & loss ,WAGES - Abstract
The article focuses on the taxation of gambling income and losses under the Income Tax Act of Canada. It explains why income received by athletes from Olympic Games is taxable. It mentions the complicated use of the reasonable expectation of profit (REOT) test to identify if a taxpayer could deduct looses from business but it cannot differentiate regular business activities from personal hobbies.
- Published
- 2012