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Kinda wish I was a little closer, I'd get a ticket too....
 

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One of my co-workers father won that last week. He had the choice of a ridgeline or a car (I forget what make) or take $35000 in lieu of the vehicle.

He chose the $35000. His son tried to get him to look at the ridgeline but he was set on the money.
 

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Discussion Starter #6
One of my co-workers father won that last week. He had the choice of a ridgeline or a car (I forget what make) or take $35000 in lieu of the vehicle.

He chose the $35000. His son tried to get him to look at the ridgeline but he was set on the money.
Thanks Franks! Hmmmm... wonder what kind of taxes would have to be paid on a prize like that? I mean, in addition to the income tax adjustment? Don't know if the winner is from Canada or USA...

Hope they made alot of money for the cause. :)
 

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Thanks Franks! Hmmmm... wonder what kind of taxes would have to be paid on a prize like that? I mean, in addition to the income tax adjustment? Don't know if the winner is from Canada or USA...

Hope they made alot of money for the cause. :)
Frank, unlike our cousins in the U.S., Canadian lotto winners generally receive prize money tax free. In the case of winning an automobile, the sales taxes are collected on delivery as well as PDI and other dealer charges that they never tell you about when running these contests.

It's sad to say but I would have probably opted for the money in lieu of the truck as well.
 

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Pug, Andy is correct, Canadians usually don't pay tax on prize money. I think that if you gain interest on the money over the run of a year you have to claim that interest as capital gains. The winner is Canadian.

Andy I also would have taken the cash.
 
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