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Old 07-02-2011, 11:32 AM   #1
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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 ?
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Old 07-02-2011, 11:35 AM   #2
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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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Old 07-02-2011, 11:47 AM   #3
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Im using TD for anybody wants to chime in , thx
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Old 07-02-2011, 01:24 PM   #4
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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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Old 07-02-2011, 01:30 PM   #5
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If it's a US cheque, it would take a lot longer to clear, but never had any problem either.
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Old 07-02-2011, 01:58 PM   #6
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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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Old 07-02-2011, 04:02 PM   #7
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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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Old 07-02-2011, 06:51 PM   #8
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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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Old 07-05-2011, 05:54 AM   #9
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Quote:
Originally Posted by Greenstoner View Post
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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