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NO TAX WRITE-OFF FOR CANADIAN PERSONAL GAMBLERS

02/19/2012 :  NO TAX WRITE-OFF FOR CANADIAN PERSONAL GAMBLERS
 
Federal Court of Appeal confirms lower court ruling
 
A Toronto man who spent years fighting a decision by the taxman that he was not a professional gambler and therefore cannot claim tax write-offs on his losses, has hit another brick wall with a decision from the Federal Court of Appeal that the taxman is right.
 
The Canadian Broadcasting Corporation reports that Giuseppe Tarascio claimed that he earned most of his income by gambling, submitting tax returns claiming losses and declaring winnings.
 
However Tarascio had a day job at Bell Canada and was not a full-time professional gambler, although gambling was his preferred method of earning.
 
For years he claimed winnings as income, and deducted his losses and expenses amounting to $40,933 in 2002 and $56,000 in 2003.
 
Then the unlucky gambler came into conflict with a formidable opponent - the Canada Revenue Agency - which disallowed all his deductions. Convinced he had a case; Tarascio took the issue to tax court, supported by detailed records, but lost.
 
His next stop was the Federal Court of Appeal, but despite his contention that his degree in mathematics, coupled with his experience in probability theory, gave him the expertise to register his gambling as a business, the news has been just as bleak there - pay-up, and spring for the court costs to boot.
 
The appeal court found that Tarascio had no "systematic method" for gambling and had spent no time practising his skills. His admission that, win or lose, it was the thrill of gambling that motivated him, did little to help his case.
 
A University of Western Ontario legal expert told CBC that the test of whether or not gambling losses are a legitimate writeoff depends on whether it’s a personal or commercial activity.
 
“That's the dividing line,” said Colin Campbell. “And in the case of gambling, the courts have generally found that gambling is predominately a personal activity.”



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Live Dealer Now At Slotocash - Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.

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Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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