US lottery winner scoops 365 million.

Yeah what a bunch of hype... I mean how on earth do they expect the poor guy to be able to live off of only 180 million dollars?

The winner gets half he elects to take a lump sum payment. If he wants the whole enchilida he gets it spread out for 29 years I believe.

That is not the point. Anyone would be happy to win one million.

After taxes the winner here can receive 124 million. That is not what was advertised.

If in Canada you win 10 million dollars, you receive a cheque for ten million dollars.

They get all of the money... they just have to pay taxes on it.

There is no tax on Canadian lottery winnings. None, nada, zip.

I think a family member won but they have not called me to give me the news yet.

That's great news, Husker. Old buddy, old pal. :-D

'

Then what is the point of the Canadian Lottery?

Are you sure they just don't take the tax out before hand?

Are you suggesting that I don't know what I am talking about? What do you mean, about what is the point?

NO taxes means NO taxes. It is government run and they sell tickets to form a pot. A percentage of that pot is given out in prize money. The winner does NOT pay taxes on it.

The money that is made by the government is PROFIT not TAX.

I hope this clears it up for you.

I'm not suggesting anything but was asking a question in which I didn't know the answer... thanks for being a @&%$ though.

In the US the government does not run the lottery. They make their money off of the income tax from the winnings (although there are some states that are exempt from that). Canada just takes it up front. What's the difference?

Let me clarify that... there is no National lottery but there are state sponsored lotteries often across multi-state.

You don't seem to understand.

If you win a ten million in Canada, you get a cheque for ten million within a day or two.

In the States if you want the 10 million, you have to wait 29 years.

If you don't want to wait, you get 4 million.

Which is better?

No, what you don't understand is that the government gets theirs no matter what. In the Candian system they take it out right off the top in the US they take it after the fact. Either way the government is making money. There is no difference.

Besides that, the US Jackpots are higher. The minimum Powerball jackpot is 15 million. I believe the minimum Canadian is 4 million? Even if you took 50 percent right off the top of the US jackpot you come out 3.5 million more than the Canadian jackpot.

Canadas record Lottery payout with no taxes taken out: $54.3 million
Us record lottery with taxes taken out: $177 million (approximated after taxes)

Which one is better? I'll take the US.

You are a true American, I admire your faith.
No matter how lousy the system, you support it.

I applaud your patriotism.

In America I'm pretty sure you do lose a larger percentage if you take the full sum up front vs. spreading it into annual payments.

But even if you spread it out over 30 years, you pay tax on the winnings. If you win 10 million, you're not going to end up with 10 million after paying taxes.

Why don't you try explaining the difference between the government taking the "profit" out before you win or the government taking "taxes" out after you win instead of applauding my perceived blind support of my country?

Even if you are right and the Canadian lottery pays out more per dollar than paid in than the US, isn't the entire point of the lottery to create revenue for the government? Besides that, it is a voluntary tax. If you do not want to pay the tax... don't play.