Canadian Lotteries

Canada Lottery Tax Every time a headline announces a massive lottery win in Canada, one of the first questions that arises is: "How much will they actually take home after taxes?" It's a valid concern - after all, in many countries like the U.S., a significant portion of lottery prizes can be eaten up by tax authorities. But here’s the twist: in Canada, most lottery winnings are not subject to tax. This leads to a common misconception - especially among those familiar with U.S. tax rules - that “all lottery winnings are taxed.” In Canada, this simply isn’t true for...