ANSWERS: 6
  • I don't know about that, but if you give it to charity, then you can take it as a tax deduction.
  • Lottery winnings are non-taxable in Canada...however you would still have to pay interest on the money.
  • No. take the taxes out the day of the winning. that way, its done and you do not have to worry about it at tax time. Depending on how big the jackpot, depends on the percentage of federal income tax owed. Generally, around 38%.
  • Most importantly, do some research and hire a trained professional for assistance instead of going online for anonymous tips on how to handle millions.
  • No. the Federal Government will normally receive 28% of your winnings and maybe more, depending on the amount of the jackpot. The Federal Government does not care about trusts or anything related, in order for you to lower the percentage owed. The only possible deduction you could use, would be your money you bet on gambling and lost. of course, you would have to have official proof, like a printout from a casino.
  • Make a charity a winner of a share of your winnings. Move to a state that does not have an income tax. Take all the money and move to Namibia.

Copyright 2023, Wired Ivy, LLC

Answerbag | Terms of Service | Privacy Policy