I like to talk about lotteries and often strike up conversations with lottery retailers and the people who play them as research for my second book. On a few occasions I have even met people who have my winnings beat on LotteryCharms.com.
I have also studied the habitats of people purchasing the tickets: from how they pick them to how they scratch them or how they check them. I have seen people waving their hands over scratch tickets looking for a hot spot, annoying the 7 people behind them in line.
One person I met had one of 5 winning tickets on Lotto 649 and received a check for $840,000 which he had a copy of in his wallet. He gave half to his wife, and her son (from a previous marriage) took all her share for drugs and wanted some of his share. Other relatives are blaming the troubles of the son on the lottery winner, as they believe it was his win that caused the son’s downfall, since the son did not have a problem before the win.
Often people who are on social assistance, behind in child support, people with judgements against them, and criminals will often sell their winning tickets for much less than the actual payout of the win in order to obtain quick untraceable cash. When you win big, your name is run through all sorts of databases.
One retailer told me of a story where a customer sold him a ticket at a much lower amount. The retailer pocketed some quick cash, because the actual winner was one of the people above and did not want his name connected to the win. This was before retailer wins were being examined closely.
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There was a story of a Barry Shell, a lottery winner who had picked up his winning check at the OLG office in Toronto, and left through the front door into a waiting police car because of a failed court appearance.
for full story – CLICK HERE
Barry Shell had some bad luck on Monday July 21st, 2009. He was arrested by police for an outstanding warrant of failing to appear (He failed to show up for a 2003 court date), theft under $5000, and possession of property obtained by crime. He spent the night in jail and was, then, released on $1500 bail. Talk about bad luck!
When you deal in big bucks it opens the door to corruption BIG TIME. The OLG is no stranger to the media. I was telling one person about big lottery winners having their phones tapped several times – we are working on a story and a video of this. I am interested in all sides of playing and winning the lottery, as I can make use of this for future books.
I was telling a person who has had a few good wins, if you WIN BIG do not try and transfer any large sums out of the country; for example, to the Cayman Islands or the Isle of Man, etc. Even taking a vacation to these places – if you are a big winner – could lead to tax audits.
The person I was talking to we will call “Peter” (not his real name). The conversation drifted in another direction.
Peter told me some lottery stories of how offshore banking has allegedly been used by Canadians without being traced. Pete said if he had a winning $4 Million ticket, he could get far more for the winning ticket than its actual value, as long as it was unsigned. By the tone of Peter’s voice, it seemed like he would actually do this himself. I looked at him strangely.
He then proceeded to say $4.5 million could easily be deposited into an offshore account from another offshore account with no traceable transactions in Canada. The purchaser of the $4 million ticket (money launderer) could claim the winning $4 Million ticket in Canada and have the money deposited in a Canadian bank, which to all reviewing the traceable transaction would appear to be legal. The money launderer could then use this money to purchase a house, car, etc. This is what is referred to as money laundering and is illegal. Actions like this are why other winners (totally legal) are subjected to wire taps on their phones and cell phones. Retailers who stole winning tickets in the past may have done this to avoid suspicion. WINK WINK
Knowing where and when your winning ticket was purchased could come in handy when claiming a big win. You may have to prove you are the actual person who made the original purchase. Not knowing could cost you your win or delay your getting paid.
Lottery wins in Canada are TAX FREE; interest earned off the principle is taxable. Dealing with someone that has say $4.5 Million sitting in an offshore bank account could be dangerous, since the money was most likely accumulated through illegal activities, and the person would likely own a gun. Even letting a criminal know that you have a winning ticket could be putting you and your family at great risk. This is a route we recommend NOT to take.
A safer way to NOT pay HIGH taxes on the interest earned is to take up residence in another country with a lower tax rate (and no snow). Yes, both you and your money would reside in another country. You could visit Canada or the USA (your country of origin) as a non-resident for under 6 months in any one year.
If you WIN BIG , we recommend planning your future wisely and legally. The tax boys and girls will be watching you for years.
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