Sports Betting & Gambling Wins in Canada: Are the Taxes Different?

Canadian laws require people to report their wins and pay taxes according to determined rates. Since both sports betting and gambling are the ways Canadians can earn real money, both of these ways are similar in terms of taxation rates. Actually, the main aspect explaining whether wins in Canada are taxable is based on whether players get net incomes. This means that you can deduct losses and need to pay taxes only for the amount which is your interest. This theory is proved by the Paragraph 40(2)(F) of the Income Tax Act. Users pay 15% to 33% and fill in T5 slip, T3 slip, and T5013.

On Canadian gambling sites, you can both bet on sports and play slots or table games, which is very convenient since such entertainment is located on the same site. Yes, these two branches of gambling are different and that is why they attract so many new players. It turns out that sports fans can reinforce their knowledge with a successful bet, and board game enthusiasts can hone their skills.

In online casinos in Canada, you can often find a section with sports betting where gamblers can place bets on all popular local and global events, including the ones from our sports calendar 2023 & 2024. You can look at all upcoming sports events in our special calendar, so you have time to study the teams and prepare for spectacular viewing. Below, we will add the most popular sporting events in Canada which are chosen by players as CA favs.

In addition to sports betting, Canada has many fans of online gambling since this entertainment includes a lot of software from reliable providers. Here, we want to add more popular games that are in great demand among Canadian gamblers.

Gamblers can quickly switch between the sports and casino sections as many Canadian sites boast a wide selection of games. Of course, these types of entertainment are very popular and many come to this question: what are the main differences between these types of entertainment? Let’s say right away that there are differences, since betting is associated with sports, and casinos are associated with table games or slots. But let’s try to compare these two types in detail.

To place real money bets and get wins, Canadians should deposit first. This can be done via a range of payment options supported in the country, including local variations like Interac, Neosurf, and others. When you use official methods like bank cards or wire transfers, the funds are displayed to this financial institution and can be tracked by the government. In this case, you should check whether the amount you win is taxable and report it. However, when we are talking about cryptocurrency, taxes for sports and casino wins can be avoided since these amounts aren’t visible to anyone and Canadians can keep them private.

So, is the way you get wins important when you calculate taxes for your wins? In fact, there is no difference and you will pay the same taxes for sports betting and casino wins. In most cases, these wins can be received within the same gambling site since bookmaker and casino services can be provided within the same operator. To track new games and events, you can check our casino calendar 2023 & 2024. It’s really convenient and provides Canadians with more opportunities to enjoy legal gameplay and withdraw real funds.

Canadians are welcome to join fair gambling sites with local licences and get winnings on such platforms. This allows gamblers to pick operators with the best offers and test games with the highest RTP. Moreover, when you’ve played the selected games and received wins, the next step is dealing with taxes of the amounts you withdraw. Canadian laws vary from province to province and the amount you withdraw also matters, but one thing is for sure, when you get wins from sports betting, their taxes are the same as for regular casino games. This makes the industry really affordable. Of course, you shouldn’t forget about things like checking T&Cs and picking charge-free payment options to minimize spendings.