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| Jet Aircraft Discuss Jets in Canada |
Topic Review (Newest First)
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| 04-02-2012 06:50 AM | ||
| Arn |
Re: How would you improve this hobby if you won the big 500 million jack pot? I'm not wrong .... just not fully correct ..... drom ... http://www.cra-arc.gc.ca/E/pub/tg/p151/p151-e.html#tphp ... http://www.cra-arc.gc.ca/E/pub/tg/p151/p151-e.html#tphp Did you receive U.S. gambling or lottery winnings? As a non-resident alien, you are subject to tax on gross U.S. gambling or lottery winnings at the rate of 30% at the time of winning. However, winnings from blackjack, baccarat, craps, roulette, and Big-6 wheel are exempt from tax. If you received tax-exempt winnings, or if the correct amount of tax was collected at the time of winning, you do not have to file a U.S. tax return if this is your only U.S. income. Under the Canada-U.S. Income Tax Convention, you can claim your U.S. gambling losses up to the amount of your U.S. gambling winnings for the year using the same rules that apply to U.S. citizens and residents. To claim a refund of taxes withheld from gambling winnings, you must file Form 1040NR, U.S. Nonresident Alien Income Tax Return. Since proceeds from blackjack, baccarat, craps, roulette, and Big-6 wheel are exempt from tax, you cannot claim any losses you incur from wagering on these games. Be sure to keep an accurate record of your U.S. gambling losses and winnings. :Cheers: |
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| 04-01-2012 08:34 PM | ||
| Guest |
Re: How would you improve this hobby if you won the big 500 million jack pot? Sorry, ARN, but income earned in the US must be reported to the IRS and Revenue Canada. Revenue Canada may also rule that they get thier cut because this is an American lottery. You also may wind up owing more taxes if the US rates are less than the matching Canadian ones. |
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| 04-01-2012 07:40 PM | ||
| Arn |
Re: How would you improve this hobby if you won the big 500 million jack pot? Quote:
 
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| 04-01-2012 07:05 PM | ||
| nate55 |
Re: How would you improve this hobby if you won the big 500 million jack pot? I would go to Tofield buy the land & strip , OH ????? Just like yesterday +12, 2 to 3 km winds @ 260 deg & 10 hrs of great flying , Yes I won the lotto yesterday !!!! Jet flying is on !!!! Only 3 jets / Wish full thinking Guys !! Cheers Nate |
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| 04-01-2012 01:48 PM | ||
| Dave Holmes |
Re: How would you improve this hobby if you won the big 500 million jack pot? Quote:
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| 04-01-2012 01:06 PM | ||
| JimBrown |
Re: How would you improve this hobby if you won the big 500 million jack pot? You guys do know that there is a gauranteed way to get a winning ticket on that $540,000,000 dollar jackpot, right? All it takes is $175,000,000. The odds of winning are 175,000,000 to 1. That means that there are 175,000,000 combinations of numbers. Each ticket is $1. Therefore, $175,000,000 buys every combination of numbers possible. Therefore, one would have a winning ticket, gauranteed. Not too bad when you think about it. That's a profit of $365,000,000. Whoops. Forgot that US jackpots are taxable. And paid as an annual annuity, with less paid as a lump sum. And then there is that other fly in this soup... There is no gaurantee that one would have the ONLY winning ticket.  ...jim |
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| 03-31-2012 09:48 PM | ||
| Pauld |
Re: How would you improve this hobby if you won the big 500 million jack pot? Quote:
PaulD |
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| 03-31-2012 03:11 PM | ||
| Guest |
Re: How would you improve this hobby if you won the big 500 million jack pot? Quote:
However, that would come a year or two down the road after I get the finances straightened out and actually put together a proper business plan, and figure out the costs, and engage people who are honest and accountable for the proper use of the funds. The problem with the big prizes is that some people can't handle the wealth and publicity, and others think that the winner should support them, and so on and so forth. However, wishful living like this should stay that way. Playing the lottery and winning a major prize is not part of my financial planning. If I win, fine; if I don't, life goes on. My total lottery play works out to a cup or two of coffee every other week or so. |
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| 03-31-2012 11:00 AM | ||
| Dave Holmes |
Re: How would you improve this hobby if you won the big 500 million jack pot? Now that is REALLY thinking! That would be awesome! Quote:
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| 03-31-2012 09:46 AM | ||
| Guest |
Re: How would you improve this hobby if you won the big 500 million jack pot? Well, since the question was how to improve the hobby, not just individual hobbiests lives, I would invest in MAAC starting with creating our own private insuring body so that we as modelers are never left on question as to our coverage. I would finance a nationwide promotion of the hobby encouraging the fun, comraderie, and safety of the hobby. I would finance the promotion of clubs and belonging to chartered clubs rather than the rogue park flying so that we could garner more public support for our hobby based on safety and the group dynamic of clubs. This would not mean free membership, otherwise even 500 million would not last long, but it would mean a solid foundation and promotion for a great hobby with the promotion behind it to encourage all members old and new to enjoy the hobby more. |
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