Monday, August 8, 2011

If I win the Canadian lottery...?

Canada would consider it a windfall so it would not be taxed by the Canadian government making the lump sum much more attractive. However, if you're an American, the US would still tax you even though the money was won in Canada. You need to look into the tax laws of your citizenship and your residency, not just the tax laws of the country issuing the lottery.

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