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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.”
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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