MONTREAL--(BUSINESS WIRE)--Canadian-poker (http://www.canadian-poker.ca) reports that 2011 WSOP champion Pius Heinz won’t need to pay any taxes on his $8.7 million in winnings. This lucky break is thanks to a tax treaty between Germany and the U.S. that exempts Germans who profit from gambling in America from paying income taxes there. Thankfully for Heinz, the German government also considers gambling winnings exempt from German taxes, allowing him to keep every penny of his WSOP prize money.
Heinz’s situation contrasts sharply with the 2010 WSOP champion, Canadian Jonathan Duhamel. Canada’s tax treaty required Duhamel to surrender 30% of his prize money to the IRS, and pay an additional percentage to Canada and Quebec. Ultimately, tax accountants estimate Duhamel kept barely half his WSOP winnings. Even when Duhamel plays online poker, as a professional player he still pays Canadian taxes. But players who don’t identify themselves as professional are completely exempt from online poker profit taxation, so winnings on sites like 888 Poker are free of taxes.
“What makes the WSOP so amazing is that depending on where you live, you could lose millions due to bureaucracy,” said Leon Daniels, Canadian-poker spokesperson. “Moreover, Pius Heinz couldn’t have kept all his earnings had he won at a land-based casino in Germany, where casinos are very heavily taxed.”
“For this reason, many Canadians choose to play online poker rather than deal with land-based gambling tax laws and international tax laws,” Daniels explained.
888 Poker is one online poker destination players can trust, Daniels continued. “Our Canadian readers are extremely impressed by 888’s reputation and improved platform. In light of PokerStars and Full Tilt Poker’s legal issues, and due to taxation of winnings in Vegas, players in Canada have been turning to 888 Poker and haven’t been disappointed.” Read full reviews: http://www.canadian-poker.ca/888-poker.
Party Poker is also known for their large prizes, which comes in handy if you can avoid being taxed. “According to our readers, bureaucracy shouldn’t come between them and their poker winnings. With sites like 888 Poker and Party Poker, we don’t have to worry about it.” Daniels concludes.
More online poker in Canada:
http://www.canadian-poker.ca/888-poker
http://www.canadian-poker.ca/party-poker
http://www.canadian-poker.ca/bwin-poker