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Must be nice....

Started by anlauto, February 28, 2020, 12:23:27 PM

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anlauto

February 28, 2020, 12:23:27 PM
A 22-year old Dude in Quebec just won 70 million tax free dollars :bigmoney: :bigmoney: :bigmoney: :bigmoney: :bigmoney: :bigmoney:

Can you imagine what you could do with that much cash.... :drunk:


https://www.msn.com/en-ca/lifestyle/whats-hot/quebec-grocery-store-bagger-won-dollar70-million-from-a-lottery-ticket/ar-BB10wlqs?ocid=spartandhp
I've taught you everything you know....but I haven't taught you everything I know....
Check out my web site ....  Alan Gallant Automotive Restoration

Marty

#1
February 28, 2020, 12:34:36 PM
Tax free? Really? :unbelievable:

JS29

#2
February 28, 2020, 12:41:43 PM
Quote from: Marty on February 28, 2020, 12:34:36 PM
Tax free? Really? :unbelievable:
That is hard to believe.  :unbelievable:

Cudajason

#3
February 28, 2020, 12:43:19 PM
Quote from: JS29 on February 28, 2020, 12:41:43 PM
Quote from: Marty on February 28, 2020, 12:34:36 PM
Tax free? Really? :unbelievable:
That is hard to believe.  :unbelievable:

yes....lottery winnings are tax free in Canada!!! :canada: :canada: :canada: :canada: :canada: :canada:
1974 Cuda. 360 / A500 OD.  Yes its pink, no its not my wife's car!  Yes I drive it.

anlauto

#4
February 28, 2020, 12:54:37 PM
YUP....one good thing about the lotto here in Canada  :canada: :drinkingbud:
I've taught you everything you know....but I haven't taught you everything I know....
Check out my web site ....  Alan Gallant Automotive Restoration

BIGSHCLUNK

#5
February 28, 2020, 01:04:18 PM
Same on casino winnings correct ?

Cudajason

#6
February 28, 2020, 01:48:36 PM
Quote from: BIGSHCLUNK on February 28, 2020, 01:04:18 PM
Same on casino winnings correct ?

Yes sir! 
1974 Cuda. 360 / A500 OD.  Yes its pink, no its not my wife's car!  Yes I drive it.

JS29

#7
February 28, 2020, 01:51:22 PM
Not so Here in the socialist state of New York!!!!!   :no:

6Pack70

#8
February 28, 2020, 01:56:21 PM
Yep, when its all said and done, we'd get about a hundred grand here. 👎

JS29

#9
February 28, 2020, 02:01:14 PM
Quote from: 6Pack70 on February 28, 2020, 01:56:21 PM
Yep, when its all said and done, we'd get about a hundred grand here. 👎
Nani Cuomo needs the money for the illegals and what not!!!

dodj

#10
February 28, 2020, 02:06:20 PM
Quote from: 6Pack70 on February 28, 2020, 01:56:21 PM
Yep, when its all said and done, we'd get about a hundred grand here. 👎
Ya, it's kind of wierd. In Canada we have higher income and sales taxes than you guys, but when it comes to lottery winnings, you take it up the chute and we get it tax free.  :huh:
"There is nothing your government can give you that it hasn't already taken from you in the first place" -Winston Churchill

Cudajason

#11
February 28, 2020, 02:07:45 PM
Quote from: 6Pack70 on February 28, 2020, 01:56:21 PM
Yep, when its all said and done, we'd get about a hundred grand here. 👎

Out of 70 mil!!! wow that's heavy!

it all has to do with the definition of income here in Canada.  Lottery winnings and casino winnings (games of chance) are not considered income.  Any interest gained off the investments of those winnings are considered income and taxed accordingly.
1974 Cuda. 360 / A500 OD.  Yes its pink, no its not my wife's car!  Yes I drive it.

soundcontrol

#12
February 28, 2020, 02:26:12 PM
Same in Sweden, they tax us heavy for everything, but winnings are taxfree.
I won last week! 80 bucks on horses  8)

Dakota

#13
February 28, 2020, 02:56:35 PM
Back when the Powerball lottery was up to $1.5 Billion (U.S.), CNN ran a story about how much you'd actually get to keep. 

The $1.5B is reduced to around $930M if the winner elects to take the money in a lump sum instead of payments over 30 years.  The state governments which treat lottery winnings as taxable income (more than 80% of the states do) and the federal government's tax bill combine to take about 40% of the winnings, so $1.5B ends up being about $580M with the "lump sum" approach - a hit that might disappoint some new family members that suddenly appear.

Full article here in case you need to do the math on your winning ticket:

https://money.cnn.com/2016/01/08/pf/taxes/powerball-jackpot-tax-bill

torredcuda

#14
February 29, 2020, 05:27:53 AM
A co-worker just hit a lower prize with Powerball for $50,000, she got $38,000 after the tax hit, still not too bad.
Jeff   `72 Barracuda 340/4spd
https://www.facebook.com/jeffrey.hunt.750

Northeast Mighty Mopar Club
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