Could Virtual Reality Casinos be the Boost to the Canadian Tax's?1 year ago
Over a decade ago, innovations in speedy broadband, as well as the proliferation of portable smartphone technology marked the dawn of a new era in gambling and gaming in general. It allowed for gamers of all persuasions to get a grip of their favourite titles from anywhere in the world and at any time.
Fast forward to the present day, and the next major frontier of the world of casino gaming in Canada is becoming known: virtual reality games.
One great thing about VR casino games is that anyone can play them without headsets, goggles or any other hardware.
Of course, technology Samsung Gear and the Oculus Rift goggles, the gaming experience will be great, but that doesn't change the fact that you can still do without them as you enjoy VR gaming on your desktop or mobile device.
What changes are coming to Canada and the rest of the world with VR gaming?
Virtual Reality Casino Games are doing an amazing job at blurring the lines between esports, video gaming and gambling. Whilst regular video games appeal to a younger demographic, the VR version of casino games is aimed at people between the ages of 30-40, who enjoy gambling as a pass time. Even though there are just a few VR Casinos available on the net, there are set to be lots more coming in the near future. VR Casinos still feature a fantastic range of games which include Poker, Slots, Roulette, Gin Rummy, Backgammon, Poker Dice, and even Blackjack tournaments. So many online casino guide Canada are starting to report about more gaming providers looking into VR as the next big thing since the virus struck the world. Now, there are speculations that this could be the boost to Canadian Taxes.
What's the Canadian Tax law regarding casino winnings, and how does it affect VR casinos?
You may have heard that winnings from lottery under the Canadian Income Tax Act, are not taxable, but all winnings from playing casino games in Canada are taxable.
At first, this may seem quite unreasonable and unfair, but the CRA considers casino winnings as "business income" because of the existence of professional gamblers, who make a living by placing bets casinos. Hence, if you are one of those who like to play casino games often, you are considered a self-employed professional casino player.
But as with every cloud, this too has a silver lining. The silver lining here is that even though the casino players have to pay taxes on their earnings, they make from playing at a casino, being acknowledged as a "self-employed professional casino player" affords them the legal right to claim business expenses.
The above is the main reason why the law is not entirely clear when it comes to casino winnings since some players enjoy playing casino games and do not focus on the activity as a way to generate income. Hence, it has become a daunting task to determine if an individual is a professional casino player or not. In order to avoid situations in which players decide to deduct gambling losses in Canadian casinos as "business expenses", the CRA does not impose any taxes on casino winnings but makes it clear also that gambling losses are not deductible. With VR casino games about to take the world by storm, there may be a rise in the number of players who identify as professionals, and this may cause a boost in income for the CRA.
What to expect from VR casino games in Canada
Maybe it's the bright, colourful symbols, the possible huge payouts or just the thought of how VR Slots allow punters to experience a Slot game online in the same way they would enjoy it at an online casino that draws people towards VR slots, we can't say for certain. However, one thing is assured - VR Slots are becoming the most popular casino games on the internet in 2020! You'll find amazing titles to try your hands on and win. If online slots
VR Blackjack allows punters to play blackjack online and have them close to the real feeling of playing at a physical casino. Punters here can get into the game, and make their moves, interact with the dealer, monitor other bettors, and make decisions like they would in a brick and mortar casino.
VR Roulette is easily the third most famous VR casino game. Since roulette is one of the most played casino games after slots and blackjack, it is only expected that it follows the new train of gaming reality. Here too, punters can enjoy a life-like gaming experience as they place their bets on black or red.
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