With no laws prohibiting the practice, online casinos seem to be 100% legal from the perspective of the player. Many foreign operators market their sites to Canadian gamblers, and some sites are even regulated by Canadian Indian tribal groups. Recently, the situation has become even better for Canadians who enjoy playing in online casinos. Several provincial governments, eager to keep more money in the local economy (and in their province’s coffers) have begun to set up regulated online gambling sites to provide Canadian players with a fully regulated, government-sponsored alternative to overseas casinos. These online casino sites have so far been launched in British Columbia and Quebec, with more provinces expected to follow suit.
Issues with Depositing to Online Casinos from Canada
With no governmental restrictions and no laws designed to make playing at online casinos difficult, Canadians can expect to see very few issues when depositing to online casinos. Most online casinos – both the more traditional ones, as well as the government sponsored alternatives – offer numerous deposit options to their Canadian players.
Current Deposit Methods Available
Currently, Canadians have a buffet of options when it comes to making deposits and withdrawals at online casinos. Current deposit methods available include debit and credit cards, prepaid cards, and checks (including e-checks). Bank wires and transfers are also widely available. In addition, many e-wallet websites operate in Canada, including some of the largest ones like Moneybookers.
Taxes on Online Casino Winnings
The typical player at an online casino does not have to pay taxes on their winnings. This actually goes for all types of gamblers: online or offline, poker, casino or sportsbetting, gambling winnings are not considered taxable income.
Canada does, however, make an exception for professional gamblers, who are expected to claim their winnings as income. The definition of a professional gambler is somewhat loose; while you’ll probably know if you’re a professional gambler if you are one, the government also provides guidelines, such as saying that a professional gambler is one who uses “skill and investment” to win. In other words, simply winning a huge jackpot is not enough to make you a professional, even if you take home millions of dollars. So the best online casino site, you can find f.e. in this SportsBetting.ag Review.
Broadly speaking, the basic rights of Canadians to access online gambling are unlikely to change in the near future. What Canadians will see is significant movement on the provincial level, as each province will deal with the possibility of regulating online gambling. While we mentioned above that some provinces have already jumped on board with the idea, others seem more hesitant. Prince Edward Island, for instance, has already said that they are not interested in setting up an online casino at this time, with Newfoundland and Nova Scotia also declining the opportunity to enter the market.