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07-02-2011, 12:32 PM
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#1 | | HELP ME PLS!!!
Join Date: Dec 2009 Location: Canada
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| US Cheque
Might be a dumb question, can i cash it at local bank or depost into my US account at local bank if i received a US cheque from US casino ??
US casino deducted the tax 30% off my winning and they counted it as source of income. If i do deposit into my US account, does it count as my foreign source of income when the tax season comes next year ?
Last edited by Greenstoner; 07-02-2011 at 12:46 PM.
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07-02-2011, 12:35 PM
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#2 | | Hacked RS to become a mod
Join Date: Feb 2002 Location: Sunny Hong Kong
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I don't know about other banks, but with RBC you can deposit it in the ATM like any other check. They will adjust it later
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07-02-2011, 12:47 PM
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#3 | | HELP ME PLS!!!
Join Date: Dec 2009 Location: Canada
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Im using TD for anybody wants to chime in , thx
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07-02-2011, 02:24 PM
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#4 | | I subscribe to the Revscene NWS thread(s)
Join Date: Jan 2007 Location: Vancouver
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Sure you can. Since you have a USD account, just deposit it there. If you deposit it to a CDN account, then it'll get converted to CDN at today's USD buy rate. Also, normally you'll have to wait up to 1 month for the funds to clear.
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07-02-2011, 02:30 PM
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#5 | | RS has made me the bitter person i am today!
Join Date: Dec 2002 Location: YVR/TPE
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If it's a US cheque, it would take a lot longer to clear, but never had any problem either.
__________________
Nothing for now
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07-02-2011, 02:58 PM
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#6 | | In RS I Trust
Join Date: Mar 2003 Location: Mission
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Do you have a receipt from the casino showing the deduction? You can actually get that 30% back from the Casino.
They will take a % but the money is free in a way I guess Casino Tax RebateŽ | Casino Tax Refund | US Gambling Tax Refunds
the site is just a example but there are local ones out there. You can actually get a card where the Casino can't tax you at all as well.
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07-02-2011, 05:02 PM
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#7 | | HELP ME PLS!!!
Join Date: Dec 2009 Location: Canada
Posts: 5,647
Thanked 1,816 Times in 450 Posts
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^i kinda look around but there are so many sites out there and not too sure which one is legit and wondering how much fee they would charge
do u know what the card is called ? i didnt see anything on that
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07-02-2011, 07:51 PM
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#8 | | In RS I Trust
Join Date: Mar 2003 Location: Mission
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no clue but my buddy has it. They just take a % off so its basically free money
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07-05-2011, 06:54 AM
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#9 | | RS.net, where our google ads make absolutely no sense!
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| Quote:
Originally Posted by Greenstoner  US casino deducted the tax 30% off my winning and they counted it as source of income. If i do deposit into my US account, does it count as my foreign source of income when the tax season comes next year ? | If you haven't inferred it from the other posts, gambling is not taxable by the CRA so you don't have to include it on your tax return.
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