Originally Posted by Monoxide
Don't be.... your would be giving your money away by submitting trust me. Like you said, it wont ring any bells, you arnt cashing out tens of thousands. its canada man, especially if this is your only income? - I dont know if it is - but the govt will be worrying more about the people making $100k++ a year, then a guy cashing a few stars cheques a month worth a few K each.
Originally Posted by feitr
Are you in school/have another job, or are you just playing poker now? I'd think you should probably talk to somebody about it if you don't have another source of income/occupation that can account for your time spent. These things tend to be very anal about what you were doing during a given unaccounted for period. If you were at school and playing poker part time i think you'd have alot more room to work with than if you are simply playing poker for a living. If Sept. is anything to use to scope the future (oh how i wish i ran like you) then you could be making serious money making poker, and if this is your only/primary source of income i think you should definitely check it out, as playing poker to what is essentially professionally and not reporting your winnings MUST be tax fraud i would imagine. I'm actually starting to worry somewhat about this, as although i don't really play all that much and have school during the year/job during the summer, i'll probably end up making something like ~$30k/year if i don't take a couple of months off during a year. But again, i don't know what other activities you have going on in your life at all.
I tried reading up on the massive 'canadian taxes' thread in 2+2 as well and got nothing but mixed messages about exactly how anal they are. Some say they've made in the hundreds of thousands and have no worries at all, others say they're worrying like crazy after making 'only' <50k in a year.
How do you think I should approach this? Call the CRA and ask them "if
i were to consider playing poker professionally then what would I have to claim and how much would I get taxed?", or "I play x amount, what are you going to tax me?"
I've also heard you can claim poker as a business and get around some loopholes - I think Bryce Paradis did that.