Before withdrawing your winnings from your casino account, you have to know every online casino applies certain policies and procedures to withdrawal process. However, in fact, most policies, procedures and requirements are almost the same in terms of what you have to do. Below there are some easy steps Canadian players have to do to withdraw their winnings. You will see withdraw options you have to use, and learn about the tax situation for gamblers.
Using Physical Cheques to Cash Out
Cheques are one of online casino cash out options that have been working for a long time and prove that, perhaps, newer ones aren’t better. You can make a withdrawal from your online casino via cheque without paying attention to technical limits or something like that. I can’t but mention the experience and feeling you get when receiving a freshly cut paper check with your winnings! You have to wait several days for processing, and a few days more for delivery.
What You Need to Cash Out
The online casino may ask for a little more information before sending you any cash. You can be asked to send scanned/faxed copies of recent utility bills, your driver’s licenses, and/or other documents showing your current address to prove that you are who you say that you are. Online casinos always do it when there is any significant withdrawal to prevent any fraud and identity theft.
You may think such identification policies are excessive at first but a casino has never met you, these precautions are a guaranty of safety.Once this information is provided, you will be able to cash from that online casino at a later date.
Canadian Gambling Taxes
There are some gambling taxes in Canada, but they are only imposed on those gamblers whose winnings can be considered a form of business income meaning you are “working” for this winning, and your winnings make up an essential part of your income. Professional gamblers like poker players and sports bettors fall into this category. And many of them often have to use lots of specific strategies to avoid taxes. However, ordinary players who win in online casinos do not have to pay taxes on their winnings in Canada thanks to the “right to a prize” that exists on the law books. If you manage to really earn a living as a casino player.