I'm about to make a major (by my standards) withdrawl from my Neteller
account, and I have a few questions I want to ask.
I'll be making a withdrawl via Neteller for just short of $1000 CAD, to my bank account at CIBC's President's Choice bank.
I'm completely new to taxes, as I've never had a job that wasn't under the table or paid in cash, and have only the tiniest clue as to how it works, so I'll need some serious help in this department.
When the bank detects this big deposit from Neteller (they will see it as a gambling site), will they tax me or notify someone to tax me?
there taxing for online gambling winnings in Ontario? If so, what's the % they tax?
Could I possibly avoid the tax (say if they taxed only amounts above X dollars) by withdrawing several smaller amounts?
The reason I'm withdrawing is because my winning weeks have gotten less and less frequent, and to be honest, I think it's because I don't value my online $ enough, and I need to see it in person.
I'll still have a few hundred dollars at Stars, and I think I'm just going to bank the first $1000, and try to build on the $200 or so I have at Stars, and keep withdrawing amounts to my account.
Thanks in advance for any input.