Sobering truth of winning lottery dream homes in Canada
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- Опубликовано: 10 сен 2024
- Marketing expert Brynn Winegard explains why it is common for lottery dream home winners to sell the property.
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Lottery winnings in Canada are considered a windfall, and are not subject to taxes...Provincial (Ontario) or Federal.
True, but these Mcmansions incur exorbitant upkeep/utility/insurance costs along with high property tax.
@@writerforlifeifytrue, which is why if I was to buy a ticket for one, I’d only get it if it includes an additional cash prize with the house.
Winners in Ontario DO NOT pay TAX on their lottery win.
As far as I know no provence has that tax on winnings
@@UvidCo You are correct, however, money generated from the prize is taxable.
@@TinyDancerO You mean if you sell the home?
@@UvidCo Lotteries in Canada are considered a 'windfall.' If you sell the home you won, put the money in the bank, you pay tax on any interest. Win one of the BIG OLG lotteries, no tax on the amount won but taxed on any interest.
@@TinyDancerO
If you sell the house that you won, do you pay tax on that money.
Why not build and decorate really nice $200,000-$350,000 homes in areas with reasonable property taxes and auction them off, rather then $5 million dollar mansions that have a $45,000 per year property taxes?
Great idea! Time to renovation-reuse- redistribute-recycle etc...
I'd prefer the more expensive house I can end up selling it if I want
Coz average house in Vancouver and even sub urb is 1.5M..any average home is lottery now 😂
Why is this news? When someone wins 6/49 for example, do they have to invest, go on a vacation, pay down their mortgage? Maybe. But it's really up to that person what they do with THEIR money!
Man! I am SOOO lucky that I keep losing!
haha
You never had a chance. It's a fraud
Same here. I played since year 2000 and have never won anything.
😅
@@HafiZzZzZz wow nothing really like not even a earpods?
Nobody expects to live in it if they win it. For sale sign would go up immediately.
And hello to capital gains lol
I buy the home lottery tickets for one reason....and its the best reason too. Because the odds of winning are astronomically better than winning the national lottery!
Wins prize, sells prize. Not shocking. But no, you do not pay 'taxes' on all prizes won. You will incur property taxes on homes if you keep it... that should not surprise anyone.
Here in BC there is no additional tax on a windfall lottery winning such as a hospital charity auction. Both of the major ones in the lower mainland offer cash alternatives to the prize homes. Given that you own the home free and clear, whatever you are paying now for mortgage or rent could easily cover insurance, maintenance and annual property taxes. Using it as rental income property is also an option, and yes, there would be tax on that income.
I would recommend talking with an accomplished financial advisor whenever winning large amounts of money, if handling that sort of thing is not something you are used to.
Why pay property taxes? Sell it and go homeless. Tent living isn't that bad.
Duhhhh it's a business deal! Smart move..why not make money by saleing the house that you win! I would do it over and over lol
why not renting it though?
@@SI-ej8hw You could rent it out too, but that can cause all kinds of problems. Tenants trash the place and turn it into a crackhouse. Constant partying and the walls, doors and windows are all smashed. The place is ready to be condemned after a year or two and your insurance doesn't cover it. Then your tenants disappear and you never see them again.
It's a lot less aggravation just to sell it and pocket the bread, and live in a tiny, nice house (which still costs an absolute fortune in Canada.)
Rubbish. You don't pay taxes on a windfall (like houses won in a lottery) in Canada.
There are taxes on these houses. Property taxes.
IDC I still want to win one.😎
There's taxes? I know there are property taxes but what ones besides that?
She looks and talks like a robot
That's a great problem to have
so why don't they go back to putting normal houses on the lotto and more of them so that these hospital lotteries are worth the ticket?
A fantastic concept. Really appreciate
Obviously they sell it so would I!!!
what tax due you pay on winning a house?
Mm, property transfer tax maybe? just like if a relative was to give you a house. It's like 2% or something.
@@Chahlie
2% of the house value?
the most lovely home is living with love that is a usual common human feeling!
There's one in my home town that happens to be in the community I live in. Would be very tempted to live in it. Would need to do the math though.
I am very sure she said vagina.. how is it related to lottery homes?
LOL why is this news? the real prize is winning the right to put the property on the market..I thought everyone already knew this..
It is news because it is information. How did you know 9 home winners in a row sold their prize home from that lottery? I didn't know that.
Because its common sense, the average person who enters this draw cannot afford to maintain a nearly 10,000 square foot mansion. They enter it to have the chance to sell it and make $$$. Common sense.
If we are really talking about common sense, these homes are probably sold because they are built in communities far from city centers in order to be big. But of course that it too obvious to even mention as common sense. Since living and paying taxes on a 10 00 sqf mansion is common, what is the typical property tax or utility bill on one?
Here is one story from a woman who won one of these Princess Margaret lottery homes, she said the property tax was estimated at $27,000 a year. www.todaysparent.com/family/why-winning-the-lottery-isnt-always-a-win/
I really mean no ill will by continuing to comment. But I do LOL at why comment on the legitimacy about a segment on lottery homes being expensive to win, especially after you reference an article that followed the lead of a news paper. Not to mention pointing to an article for specific info does not really define something as common sense or common knowledge.
The heart of my commenting is trying to point out how media sometimes unfairly get criticized on what they report. If it is factual it is at least news.
There are a lot of free thinks I can’t afford to win.
We realize it. We just downsize & live within our means.
I want to win the lottery just to pay all my debts.
Same here bro😔
@@garryg8564 goodluck bro
Property tax on those homes are too high just sell it
Exactly. What kind of "prize" just sucks down what income you have and makes money for the government?
win the lottery, go on a dream cruise....buy art...so many dreams lol
Have you guys send my 50 grand check yet ...
Instead of furnishing it, give me the value of all that junkie looking furniture they force on you, that should be enough to pay the taxes for a few years before i have to sell it !!
“Force on you”. Wow you’re a loser.
i remember as a kid, when the dream home was worth $300 000. my house is worth $1 000 000 now, not a dream home
Twant
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH🤣🤡
VRAU PASSPORT DIPLOM
Boycott them hospitals. Let their oil well dry up so they move along.
When you start dying, don’t go looking for help. Do everyone a favour.
"Boycott them hospitals"??
How so? if you sick or had injury where would you go?
😂😂