12/11/2023 0 Comments Paying taxes on casino winnings![]() The reader should, therefore, consider the Chapter’s information in light of the relevant provisions of the law in force for the particular tax year being considered. While each paragraph in a chapter of a folio may relate to provisions of the law in force at the time it was written (see the Application section), the information provided is not a substitute for the law. Due to their technical nature, folios are used primarily by tax specialists and other individuals who have an interest in tax matters. ![]() The Canada Revenue Agency (CRA) issues income tax folios to provide a summary of technical interpretations and positions regarding certain provisions contained in income tax law. This Chapter also discusses the income tax treatment of gains and losses of both a capital and non-capital nature resulting from theft or embezzlement from a business by strangers, employees, proprietors, and others. The Chapter indicates whether and under what circumstances a particular type of receipt is to be included in calculating income for tax purposes. Prizes from lottery schemes, pool system betting, and giveaway contests are also considered. This Chapter discusses the tax treatment of various receipts, such as strike pay, gambling winnings, and forfeited deposits, which do not readily come within any of the more usual categories of income.
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