The short answer to this question is simply ‘yes’. Nearly everyone has made some money at some stage by playing online slots, many people have even made a lot of money – discover more now. A few people have even become millionaires!
Online slots have the power to change your life with one spin of the reels and any spin could be your lucky one. But is that any different in Canada? What are the rules about making money from online gambling?
What are the rules in Canada?
Canada has a fairly liberal but disciplined approach to online gambling. Like the United States, legislation was devolved to the provinces in the 1970s, but the Canadian government still oversees the sector as a whole on a federal level.
The rules regarding online gambling in Canada are clear. Licenced online casinos are legal in Canada, but it’s illegal to run an online casino without a licence. Many Canadians enjoy online gambling and sports betting, with online slots forming a huge part of that market.
It is perfectly safe and legal for Canadians to play at any offshore casino, but the country’s government does not grant local companies with the licence to operate internet casinos.
Making money from online gambling
It’s most people’s dream to give up the 9 to 5 job and make enough money from gambling to live a comfortable life. But is that a reality?
In Canada, you’re certainly free to try. What’s more, if you remain a “recreational player”, as well as being a citizen of Canada, Canadian law states that any winnings you enjoy will be exempt from tax. Why? Crucially, because you’re a “recreational player” and your winnings are “not a constant source of income”.
Gambling is still not considered a business in Canada, and if you remain a “recreational player”, and don’t make a living solely based on your gambling takings, you’re exempt from paying tax on them.
Turning professional in Canada
However, this all changes as soon as you want to lose the “recreational player” tag and go professional.
Unfortunately, Canadian law says that if you are a professional gambler and you make a living from betting, then you are required to pay taxes.
Professional gamblers are deemed as running their own freelance businesses and will therefore pay tax. As online slots are strictly based on chance, it certainly makes it a risky line of professional work, and in all honesty, doesn’t make it realistically viable.
What casino games could be viable professionally?
Obviously, poker or other card games spring to mind. There are many professional poker players all across the planet. This is because it requires more skill, and is generally considered to be more nuanced than simply spinning the reels.
The Canadian Government know this too. The Canadian Income Tax Act states that not only is a person is seen as a professional gambler if gambling is their exclusive source of income, but also if the said person “uses a specific set of skills to make a long-term profit”.
Online slots in Canada
To sum up, making any money from online slots is a nice bonus aside from the joy of playing them. No-one is ever going to be a professional slots player, so as long as you’re in Canada as a recreational player, you can simply enjoy your winnings tax-free.