Can you play sports bet with LMIA?

[Fabian_Kittle]

I heard making the extra income other than from your workplace is not allowed with closed work permit. Does it count for sports betting as well? I might make a bet of $1000 and if I happen to win, the return would be $2500. I'm just wondering if it would also count as extra income.

I often play, and before I do so, I look at reviews on https://kaszinoworld.com/huf/, which is quite user-friendly. And I'm worried that I will have to limit myself in my little hobby.

I will play it through playalberta for your information.

With a closed work permit, generally, any “employment” outside your authorized job isn’t allowed, but passive income sources—like winnings from sports betting—don’t usually count as employment. Gambling winnings aren’t considered taxable income in Canada either, so a one-off win wouldn’t typically count as “extra income” in the same way that freelance work would.

 

[PaulCarruth]

And to add to that, considering the complexity of tax laws and their variations from one jurisdiction to another, it's becoming increasingly important to not only consult a legal expert but also to stay informed about any changes in legislation that might affect taxation on winnings. This is especially relevant in the context of engaging in online betting or gaming, where the legal and tax implications can be significantly different from traditional forms of income. For enthusiasts who enjoy placing bets or those interested in exploring the world of online gaming, visiting platforms such as completesports.com can provide valuable insights into the best betting sites. This resource can be particularly useful for understanding the financial aspects of online betting, including potential tax obligations. Furthermore, staying updated with such platforms can aid in navigating the intricacies of tax regulations, ensuring compliance, and optimizing the overall betting experience in the ever-evolving landscape of online gaming.Generally, sports betting laws vary by country and region, so the first step is to ensure that you're in compliance with local regulations. In some areas, online gambling, including sports betting, is regulated, while in others it may not be allowed. If you're looking for a safe place to start, visit a reputable casino platform like this https://bmcaluniv.org/ always gamble responsibly and understand the rules in your jurisdiction.

cool,thanks

 

[PaulCarruth]

Yes, well, I've read this discussion and still haven't figured out for myself if my betting winnings are taxable.
Because recently I just got excited about it, started analyzing and making assumptions without making a bet, and it seems to have turned out quite well. And SB, which recently passed, gave me the opportunity to practice.
I understand that turning to a lawyer for advice is the best thing I can do. Ohh

agree with you