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Athens · Oct 26, 2005, 01:07 AM

Ok this is mostly for Canadians, how many of you have bought 6/49 tickets? I usually don't buy them but this time around I have bought 15 plays and pooling with a friend who also bought 15 plays. My mom also bought tickets which she doesn't usually. Does this high jackpot get any of you guys out buying? Tomorrow its 40 Million

Rolling Bones · Oct 26, 2005, 01:11 AM

Get it all at once too and no taxes.

But alas I'm already a loser. I hate giving my money away for a piece of paper with numbers on it.

Railroader · Oct 26, 2005, 01:42 AM

The lottery preys on the poor. It is a tax. Plain and simple.

If you don't see it, go to a convience store and see who buys hundreds of tickets. I'll assure you, it's not the kind of people who pull up in Rolls and Bentlys.

Athens · Oct 26, 2005, 04:38 AM

lol the only people I know who buy tickets are well off people.

Kevin · Oct 26, 2005, 05:22 AM

I've always said the lottery was a tax on the stupid.

Railroader · Oct 26, 2005, 07:32 AM

Originally Posted by Kevin

I've always said the lottery was a tax on the stupid.

I've heard a large number of lottery winners declare bankruptcy. I am not surprised.

ReggieX · Oct 26, 2005, 06:32 PM

Originally Posted by Railroader

The lottery preys on the poor. It is a tax. Plain and simple.

Not even close to being a "tax" since it's 100% voluntary.

Originally Posted by Railroader

I've heard a large number of lottery winners declare bankruptcy. I am not surprised.

Probably because they're stupid and spend all their money.

Scandalous Ion Cannon · Oct 26, 2005, 06:34 PM

Tax?

As far as I know the Canadian Gov doesn't take a slice of your winnings like the US gov does.

DigitalEl · Oct 26, 2005, 06:46 PM

Not so much a tax on the "stupid" as it is a tax on the mathematically challenged. Aren't the odds about the same that you would stumble upon a suitcase containing $40 million in the convenience store parking lot?

Scandalous Ion Cannon · Oct 26, 2005, 07:03 PM

I think the odds in Canada are 1 in 26 mil.

Kevin · Oct 26, 2005, 07:34 PM

Originally Posted by ReggieX

Not even close to being a "tax" since it's 100% voluntary.

Of course not... It's just a saying.

Railroader · Oct 26, 2005, 08:05 PM

Originally Posted by ReggieX

Not even close to being a "tax" since it's 100% voluntary.

Probably because they're stupid and spend all their money.

It's a tax on stupidity. And I am not talking about winnings.

The state takes a portion of not only the winnings, but also a portion of the sales. And since proceeds of lottery sales are supposed (another story all together) to go towards the school system, it's a tax on the stupid. At least it is in Michigan.

Originally Posted by SWF

Tax?

As far as I know the Canadian Gov doesn't take a slice of your winnings like the US gov does.

Does the Canadian gov't take a portion of the sales? Hmm.... I'd call that a tax.

brapper · Oct 26, 2005, 08:40 PM

no need to guess anymore...someone (me) actually bothered to check.
http://lotteries.olgc.ca/consumer_wm.jsp
And ya, I bought a ticket.
THE winning ticket, in fact.

Athens · Oct 26, 2005, 08:58 PM

Originally Posted by Scandalous Ion Cannon

I think the odds in Canada are 1 in 26 mil.

1 in 14 million and no tax on it, I do think it counts as income for income tax though.

Railroader · Oct 26, 2005, 10:18 PM

Originally Posted by Athens

1 in 14 million and no tax on it, I do think it counts as income for income tax though.

Then how can you say it has "no tax on it" if it is counted as income and thereby taxed?

shabbasuraj · Oct 26, 2005, 10:23 PM

yay i won

Railroader · Oct 26, 2005, 10:25 PM

Originally Posted by shabbasuraj

yay i won

Good for you.

Rolling Bones · Oct 26, 2005, 11:07 PM

Originally Posted by Railroader

Then how can you say it has "no tax on it" if it is counted as income and thereby taxed?

She's incorrect. There is no tax of any kind on the winnings. However income from interest generated from the time you start receiving interest is taxed as income.

And Yes, the Lottery Corporation (the government) collects something like twice what the prize is.

Eug Wanker · Oct 26, 2005, 11:26 PM

I did the tax-on-the-stupid thing and bought tix this time around, even though I usually don't buy tix. I used to spend a buck a week buying tix but then the one time I didn't play I would have won a hundred bux.

P!ssed me off so I never played again for years.

I must say though, my classmate in high school won the 6/49... Mind you the time he won several tickets won, and he was part of a large group at his workplace. So the money was subdivided several times. He ended up getting about $11000, which is less than he hoped, but that still ain't bad for a high school student.

My good friend's neighbour also won Western Lotto or whatever it was called. They got $100000.

Railroader, unlike in the US, lottery winnings are not taxed in Canada. I guess they figure it's a already a stupid tax.

Maybe in the US they consider lotteries a doubly stupid tax?

Scandalous Ion Cannon · Oct 26, 2005, 11:32 PM

Originally Posted by Eug Wanker

Railroader, unlike in the US, lottery winnings are not taxed in Canada. I guess they figure it's a already a stupid tax.

Maybe in the US they consider lotteries a doubly stupid tax?

Burn.

Railroader · Oct 27, 2005, 01:08 AM

Originally Posted by Eug Wanker

Railroader, unlike in the US, lottery winnings are not taxed in Canada. I guess they figure it's a already a stupid tax.

Maybe in the US they consider lotteries a doubly stupid tax?

Thanks for the info. Looks like Athens was wrong.

I asked a friend at work and he said he didn't think there were any taxes on gambling winnings in Canada. Is this true?

Railroader · Oct 27, 2005, 01:11 AM

Originally Posted by Scandalous Ion Cannon

Burn.

Not on me. I don't gamble.

Do you play the lottery? I'll bet you do. You seem like a dreamer.

Gambling is one of the few things that I don't think is taxed enough. If you have enough spare money to be gambling, then you shouldn't have any problem paying more taxes on you winnings. 50% sounds about right to me.

11011001 · Oct 27, 2005, 01:44 AM

I think I will buy one. This will be the first and last time I ever buy a lottery ticket. I figure if I am a really lucky person, then the only time that I try a lottery, I will win. If I don't win, then I'll conclude either that I am not lucky or that there is no such thing as luck, and I will never bother with this again.

I haven't ever gambled more than a few quarters into a slot machine once.

Athens · Oct 27, 2005, 04:00 AM

Originally Posted by Railroader

Then how can you say it has "no tax on it" if it is counted as income and thereby taxed?

I wasent sure if it was or not. Just the interest and other investment income you create with it is taxed as income tax, not the actual winnings. Side note the jackpot ended up being over 50 Million and was won by some one between Alberta and Manitoba.

kmkkid · Oct 27, 2005, 04:39 AM

6/6 1 $54,294,712.00
5/6 + Bonus 14 $143,252.90
5/6 899 $1,842.90
4/6 46890 $66.90
3/6 871035 $10.00
2/6 + Bonus 632707 $5.00

So out the window goes the estimated 40 million, in comes the new realism of 54 and a quarter million dollars with ONE winner.

No. I didn't win.

Athens · Oct 27, 2005, 04:40 AM

I ended up ahead by 10.00, most of my plays won me 5.00

kmkkid · Oct 27, 2005, 04:42 AM

Originally Posted by Athens

I ended up ahead by 10.00, most of my plays won me 5.00

I ended up behind $10.

Athens · Oct 27, 2005, 04:50 AM

I bought 20 plays, 40.00 woth lol