Income Tax Folio S3-F9-C1, Lottery Winnings, Miscellaneous
As for gambling losses, you can deduct them as an itemized deduction, although they can't exceed the winnings you report as income The
How gambling impacts your taxes this year - can you claim lottery losses on taxes
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You are only able to deduct gambling losses to the extent of gambling winnings So you will have to report all the money you win as taxable
can you use losing lottery tickets on your taxes You are allowed to deduct gambling losses in order to lower the amount of tax you pay on gambling winnings However, the loss deductions cannot