ARE LOTTERY WINNINGS IN CANADA TAXABLE?
In 2024, Canada is celebrating the 50th anniversary of its first national lottery. The so-called Olympic lottery took place in 1974, and it helped raise more than $230 million for the Montreal Olympics. It featured a $1 million tax-free jackpot prize that was the biggest lottery jackpot ever at the time.
Today, Canada continues to provide lottery options to its residents. Those who win these lo