Sent: Wednesday, January 12, 2005 8:02 PM
To: taxman at centa.com
Subject:
Hello,
I plan to set up a gambling syndicate with some
friends, to 'bet' with bookmakers in England on the
stock market.
I have been asked to set up the account in my name and
manage the betting.
I have offered to guarantee the principal amount of the
money they contribute, and in exchange, I would like to
cap their winnings at a certain percentage, and keep
anything above that (e.g. if we have a 25% return, they
get 20% and I get 5%).
We are all Canadian citizens. Do we have to pay any
tax on any winnings?
Thanks,
M xxxxxxxxx
=====================================
david ingram replies:
An interesting situation. As you have proposed the
question, your friends would be tax free but you would
be taxable because you are running a business and
taking a percentage and guaranteeing the principal
(which I think is nuts).
You had better watch out though. As I see it, you are
likely running an illegal business in most if not all
provinces and will be subject to arrest.
Answers to this and other similar questions can be
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