My wife and I play the same Western Canada Lotto 649 numbers each week and are wondering if anyone has an answer to this:
If we were to win big how could we legally share the winnings among others without Federal or Provincial tax burden to the recipient or us?
I know our winnings would be tax free, it's when we give some away is what's in question.
I was searching through Canada gift tax laws and from what I get out of it we can only give away up to $500,000 to a non charitable organization one time without tax penalties to both parties.
Win this weeks Lotto 649 of $30,000,000
Share $20,000,000 with sixteen people. (this doesn't include immediate family)
Approx. 4.1667% of total winning for each of the sixteen people- $1,250,010 ($20,000,160 total)
Am hoping an Income tax lawyer or others that have been in this situation can answer the question.
We plan on winning soon...don't we all..
. Just would be nice to have all the ducks in a row when and if we do.