The Canadian Dollar in the World of Gambling

Many people in Canada enjoy sports, especially ice hockey, so this makes the Canadian Dollar a popular currency at gambling websites. The bookmakers would like to ensure that Canadian punters can gamble using their currency, that’s why the currency is being accepted at more and more websites. On this page, you will find information about the deposit methods offered by gambling sites that accept the Canadian Dollar, and whether or not you should pay a gambling tax on your winnings.

Where can you bet using Canadian Dollar?

Here are the bookmakers which accept the Canadian money as a deposit and withdrawal currency:

• Bet365 – Bet365 accepts almost any currency, so it’s not surprising that they let their customers use the Canadian currency. The process of using CAD is made very intuitive, and punters can choose from a wide variety of deposit methods such as Skrill, Click2Pay, Entropay, Instadebit, Ukash, MoneyTT, cheques, wire transfer, and debit cards. You can use the same methods (except Ukash) for withdrawals.
• BetVictor – This is another website which provides their customers with a lot of currencies that they can pick, one of which is the CAD. Unfortunately, the deposit and withdrawal methods aren’t as many as we wanted. In fact, you can only deposit using Ukash, debit card, and wire transfer. Debit cards are the only methods which can be used to make a withdrawal which hugely restricts Canadians.
• 888Sport – Unlike BetVictor, 888Sport have a great selection of deposit methods for the Canadian Dollar, including Entropay, ClickandBuy, Skrill, FundSend, Neteller, e-check, Instadebit, wire transfer, instant banking or debit card. You can use all of them to withdraw money from your account.

Gambling Tax in Canada

In this country, you don’t have to pay tax on gambling winnings if you gamble strictly “for recreation and enjoyment” (basically almost every user who bets online).

That’s why income tax is paid only on “income from source” which can be an office job, or on “business income”. Seeing as gambling isn’t any of these two examples, Canadians don’t have to pay tax on their gambling winnings. Feel free to enter the Canadian betting sites!

What payment methods should people use to deposit in Canadian money?

As we mentioned earlier, gambling is considered legal in Canada, so people don’t have to worry about hiding their winnings. In cases like this, we always recommend the most straightforward and easy to use method, which is the debit card.

Still, seeing as you have a lot of deposit and withdrawal methods to choose from if you decide to sign up at bet365 or 888Sport, there are other great options. For those who don’t want to use a debit card on sites for gambling, we would recommend an eWallet such as Skrill or Neteller.

Rest of the World Currencies

• • Australian Dollar
  • New Zealand Dollar
  • Mexican Peso
• • Brazilian Real
  • South African Rand
  • Argentine Peso