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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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Gambling News :

Is Gibraltar Out of Luck in US Tax Challenge - Gibraltar's challenge to the UK 15 percent point-of-consumption tax on online gambling operator revenues has already failed in the UK High Court, and it looks as if it may be rejected by the European Court of Justice too.

Quickspin are now available in Denmark - #quickspin The roll-out strengthens the long-standing partnership between the supplier and the operator, with Quickspin games already available on Vera&John’s websites around the world.

UCypher Launches - Indian entertainment and media entrepreneur Ronnie Screwvala has announced the formation of UCypher, an eSports tournament in which ten teams will compete.

Extreme Live Gaming In deal With Betsson - Extreme Live Gaming, a subsidiary of the Novomatic Interactive group, has announced a live dealer product deal with the Betsson online gambling group, with an initial launch planned for Betsson.com, followed by other brands in the Swedish group's portfolio.

Expansion Mode For BoyleSports - The Bambury premises are situated in Kildare, Meath and Dublin and will be refurbished and rebranded after acquisition, with the total of 31 staff remaining in employment..

Safecharge Q4-2016 - Online e-cash processing firm Safecharge, where Playtech's Teddy Sagi is a majority shareholder, released a trading update on its Q4-2016 performance Thursday, flagging record transaction processing volumes and revenues.

ASA Most Controversial Ads of 2016 - Paddy Power's penchant for advertisements that cause a stir saw the betting company mentioned twice in the Top Ten most controversial adverts of 2016 released by the Advertising Standards Authority in the UK Thursday.

Yggdrasi To Enter Italian Gambling Market - Yggdrasil’s Italian offering will include the company's collection of in-game promotional tools, BOOST, improving gamification, and the social sharing tool, BRAG. The company’s mobile product will also be available on its HTML5 iSense 2 platform.

888sport is the latest to join sports betting integrity body ESSA - Major operator 888sport is the latest to join sports betting integrity body ESSA with the company adding its customer base and betting market platforms to ESSA’s global anti-fraud alert and reporting system.

First partypoker live event to be held in Russia - Partypoker’s new live tour will kick off in Russia on March 24, 2017 at Sochi Casino and Resort in association with Club Poker Management. Online Day 1’s will start on partypoker on March 12, 2017.

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