Winnings From Poker Buys RE

kyle-wilson.jpgFriday February 29 2008 Vancouver Sun – This ‘Poker Nation’ front-page article (not yet citable on the web) featured Kyle Wilson, a 24 year-old BC poker player from White Rock.

Excerpts from page A13-

“These days… he puts in three to four hours a day, usually starting at 11am.”

“Gambling winnings – Wilson prefers not to call it income – are not taxable in Canada.” — “Canadian law has traditionally held that gains from gambling are incidental to the ‘entertainment’ of gambling even when earnings from gambling form the majority of one’s income..”

[It’s unclear from the article what exactly Wilson’s annual income amounts to, but we read that his online account balance at PartyPoker is $270,000 (after tax, one presumes), and that he’s won $20K to $55K in 6 different US tournaments.]

“In the open family room of Wilson’s house, Kristel gets the kids Kyle, 7, Destiny, 4, Raine, 1, and newborn Sadie dressed and fed. If she minds her husband playing cards for a living, it doesn’t show. “It leaves him a lot of time for the kids and for leisure,” she said. That, and their new White Rock home was assessed at $1.5 million”

——-

This anecdote lifted from the Vancouver Sun will be archived in the ’05. Where do Buyers get the money? (archive)’ page HERE.

3 responses to “Winnings From Poker Buys RE

  1. I do agree that gambling besides a source of survival can be served as source of entertainment. Some people prefer gambling rather than job. Since it utilizes less work and great fortune.

  2. For the majority of individuals, gambling will be a source of losses and not ‘great fortune’.

  3. If one gambles professionally they must pay taxes on that income… even in Canada. He is in for a reality check…

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s