Sports & Recreations → Casino-Gaming

• Author Samuel Moro
• Published July 14, 2009
• Word count 521

Are you anxious about paying taxes to the state on your gambling winnings? Don’t feel tensed for help is on the way! You are certain to get your winning money back with the aid of some institutions.

Casinos mandate a casino winnings tax of 30% to be reduced from the winnings of non residents of USA. The IRS 30% withholding tax has been fixed by the IRS itself. The US-Canada treaty allows the residents of Canada to offset gambling losses against their winnings. However Canadians may obtain gambling tax refund based on Form 1042-S. With this norm Casino tax refund can only be claimed by a selected few. Hence you must know whether you are entitled to get gambling tax refund or not. You can acquire casino tax rebate for certain activities which are listed below:

• Gaming -To play for stakes with the expectation to win. It can also be inclusive of paying something in order to win a prize.

• Keno - It is a kind of speculation which you play with balls rather than counters. The numbered balls are drawn randomly. Then you are required to cover those corresponding numbers in the cards.

'Generally, you must file a tax return to claim a refund of withholding. Gambling winnings by nonresidents of the U.S. Are taxed at a flat 30% tax rate. However, under the U.S./Canada Tax Treaty, residents of Canada may claim gambling losses, but only to the extent of gambling winnings. You should report both your total gambling winnings. Foreign Nationals, Tax on Gambling Winnings and US Tax Treaties. The USA signed an income tax treaty with various countries. Several of these income tax treaties have a provision for the gambling income. There are select countries which have a tax treaty with the United States (US) that will reduce the 30% withholding tax on gambling proceeds. We help Canadians and other International visitors to the United States claim their casino tax refund on the 30% gambling winnings tax US casinos and other gaming venues are required to withhold. If you are a Canadian resident and have had 30% tax withheld from lottery or gambling winnings in the US, some or all of the tax can be recovered if. You also have US gambling losses to offset some or all of the winnings,. Tax was withheld from winnings from blackjack, baccarat, craps, roulette or big-6 wheel. Hopefully I can answer a couple of your concerns.I sent my ITIN request and my US Federal Income tax return.When i filled out my income tax I was claiming for 730.00?? Reply to: Casino TAX REFUND canadians. Canadian needing info on getting tax back.

• Tournaments like blackjack poker - Blackjack is a widely played casino banking game. It is a mixture of chance with skills of an individual. A family of card games sharing betting rules and hand rankings is called Poker.

• Slot machines - They are machines used for gambling. They have about three reels which get in motion when a button is pushed.

• Dog/horse wagering - Betting on horse or dog racing is different than betting on other sports. In this form of betting a person has to put his/her money on the potential winner and if the money is put on the right animal then the individual wins a lucrative sum.

• Bingo -It is a card game which is played with money and in order to win lucrative amounts.

In all the above mentioned cases you may recover US gambling tax.

But the initial feelings of joy and excitement get waned gradually when you realize that you will have to pay taxes on the amount won. However taxes withheld may be included as a part of US gambling tax refunds. This is applicable for both US and non US residents’. However, the eligibility of these refunds includes the acquirer of I.R.S. Form 1042-S given by the casino, winner of a game which is taxable and is from a qualified gaming activity in the previous three years. And the last criteria include Canadian-U.S. Tax Treaty has defined the losers of the casino games and you will have to qualify as a loser.

US gambling tax returns maybe claimed after three years from the time of winning the games. Don’t be surprised with this rule of casino tax refund! Also surely keep evidences of your winning or losing in the form of records, statements, receipts, or tickets.

Don’t be tensed if you have to part with a portion of your winnings. There are refund management services to ensure that you get gambling tax refund.

Casino Tax Rebate is a member of the Better Business Bureau and an IRS authorized Certifying Acceptance Agent in USA and has been providing Refund Management Services since 2001.

Article source: http://articlebiz.com

Canadian Casino Tax Refund Status

How you file affects when you get your refund

The Canada Revenue Agency's goal is to send your refund within:

• 2 weeks, when you file online
• 8 weeks when you file a paper return

These timelines are only valid for returns we received on or before their due dates.

Returns may take up to 16 weeks if you live outside Canada and file a non-resident personal income tax return.

We may take longer to process your return if we select it for a more detailed review. See Review of your tax return by CRA for more information.

If you use direct deposit, you could get your refund faster.

Set up direct deposit.

Why haven’t you received your refund?

The CRA may keep some or all of your refund if you:

• owe or are about to owe a balance
• have a garnishment order under the Family Orders and Agreements Enforcement Assistance Act
• have certain other outstanding federal, provincial, or territorial government debts, such as student loans, employment insurance and social assistance benefit overpayments, immigration loans, and training allowance overpayments
• have any outstanding GST/HST returns from a sole proprietorship or partnership
• have a refund of $2 or less

Interest on your refund?

Canadian Casino Tax Refund Dates

The CRA will pay you compound daily interest on your tax refund for 2019. The calculation will start on the latest of the following 3 dates:

Canadian Casino Tax Refund Estimator

• May 31^st, 2020
• the 31^st day after you file your return
• the day after you overpaid your taxes

Canadian Casino Tax Refund Delayed

For more information, see Prescribed interest rates.