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Powerball Lottery


beartooth

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The Powerball Lottery in the states is going to be over $800 million US. I've been reading some comments on several Canadian news sites and one comment I keep hearing is the call for the Canadian Government to tax our lottery winnings. The large Canadian Lotteries are already taxed before they are drawn. The Government takes it's cut before not after it's won. The charity lotteries aren't taxed because the money goes to a particular hospital or other charity that is running the draw. Any thoughts? $800 million US before tax would be pretty overwhelming, but I think I could handle it. 

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You have already answered your own question. The provincial governments take approximately half of the pot first. They use that to fund public initiatives.

In Canada we call lotteries a tax on the statistically challenged because when you spend $10 on a LottoMax ticket $5 goes to the government (call it a tax) and $5 goes to the winnings.

http://www.gamingpost.ca/canadian-lottery-news/637/ 

 

No need to tax the winnings.
This way we have one more way we are better than the US ::D 

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Wasn't a question. I was just commenting on the fact that there are a lot of people, it seems, that call for the Canadian govt. to tax lotteries when they are already. It's a voluntary tax to the people who buy tickets. Just looking for dialogue on the lottery in general.:)

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I'd buy an english football team. Something in like Div 6/Div 7 because they'd almost certainly be crap.

 

And then I'd watch them. Nothing says "Yeah I've made it" like watching people who work in a butcher shop play soccer in England in the winter.

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9 hours ago, Warhippy said:

Someone needs to find some rules and clarify something for me.


All week long CTV/CTV have been reporting on canadians rushing across the border to buy powerball tickets...how?

 

What happens if a canadian/non american wins??

They win the prize and are taxed 30% by the USA.  They will not be taxed in Canada.

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In the US if you win first off its paid out over 25 years or you can take the lump sum payout. On $800 million the lump sum would be around $450 or so million ( im just ballparking it here) Then you have to pay US federal Income tax on the winnings of 39.6% (yeah, its been going up fast) . So take off $178 million for old Uncle Sam so you take home  $272 million of the original $800 million amount. 

 The above is only if you are Canadian. In most US states residents also have to pay state tax on the winnings. On $800 million the numbers are all crazy anyways but when an American wins like $500k or something it gets whittled down a lot.

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