Search results
Results From The WOW.Com Content Network
A bonus number is also drawn, and if a player's ticket matches five numbers and the bonus number, the player wins the "second prize" which is usually between $100,000 and $500,000. Should more than one player win the top or second prize, it is split amongst them. Lesser prizes are also awarded if one matches at least two numbers.
The IRS requires a minimum withholding of 24% of the prize (minus the wager) of any gambling win in excess of $5,000. However, the net for a major prize often is misleading; winners often owe the IRS upon filing a return because the Federal withholding was below the winner's tax obligations. Nonresident U.S. lottery winners have 30% of winnings ...
At that time, lottery schemes were generally traditional lotteries where numbered tickets were purchased for chances to win large cash prizes in draws. In 1974, the provinces of British Columbia, Alberta, Saskatchewan and Manitoba formed the Western Canada Lottery Corporation (WCLC) to operate lotteries on their behalf. [ 5 ]
A betting pool, syndicate, sports lottery, sweep, or office pool if done at work, is a form of gambling, specifically a variant of parimutuel betting influenced by lotteries, where gamblers pay a fixed price into a pool (from which taxes and a house "take" or "vig" are removed), and then make a selection on an outcome, usually related to sport.
[25] [26] 28% of National Lottery revenue, along with all unclaimed prizes, are distributed as grants to charitable causes. 12% of the revenue from the National Lottery is expected to go to the government, 5% goes to lottery retailers, 5% is retained by the operator for operating costs, and 50% remains for the total prize fund of which 5% is ...
The Income Tax Act, Part I, subparagraph 2(1), states: "An income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person resident in Canada at any time in the year." After the calendar year, Canadian residents file a T1 Tax and Benefit Return [5] for individuals. It is due April 30, or June 15 ...
To change this template's initial visibility, the |state= parameter may be used: {{Income taxes in Canada | state = collapsed}} will show the template collapsed, i.e. hidden apart from its title bar. {{Income taxes in Canada | state = expanded}} will show the template expanded, i.e. fully visible.
In BC, the HST was reported to be a tax shift onto consumers and away from business. The BC government estimated businesses would pay $1.9 billion less in sales taxes. [11] claiming that this would boost investment from corporations as their MTR [clarification needed] is reduced. The claim is made that this would benefit consumers through more ...