Toronto Escorts

$1000 a week for life

Previous Thread Next Thread
F

FTWWTF

Well-known member
Aug 3, 2011
1,493
28
48
I cant remember the exact years but its only good for a set amount of years. Doesnt matter how long you live.
 
T

thumper18474

Well-known member
Mar 1, 2012
7,156
2,014
113
Treading water as I float down the river of time.
There is a minimum # of years..
But there is also now a caveat with one of these draws...if you win the 1000/week for life...at some point you can transfer it to someone else for the rest of their life...
 
canada-man

canada-man

Well-known member
Jun 16, 2007
31,154
2,605
113
Toronto, Ontario
canadianmale.wordpress.com
fred Zed said:
$675,000 upfront or collect over 25 years if you live that long. Did you win canada-man ? Congrats if you did.
Click to expand...
i haven't bought a cash for life ticket yet
 
erotq

erotq

Sr Member
Dec 1, 2012
329
0
0
Toronto
I played hockey with a guy who won cash-for-life
he took the $1000/per week instead of the upfront money.

I think it'd take it up front.
 
T

trod

Active member
Aug 3, 2009
1,091
1
38
Sweet Petite Jessica said:
my neighbour won this prize in a Cash for Life Lottery. Its in the small print that if he dies before the payout is complete it is transferred to whomever he willed it to. It's not for the rest of anyone's natural life... this prize was 1K per week for 25 years.

He's single, and lives a modest lifestyle, a couple doors down on the river in a nice but simple home. He did buy a nice car for summer.. but if I didn't know him I would never guess he had won the lottery.

Hey ... maybe he spends all his cash on the hobby!! LoL
Click to expand...
Aha, so he is the one giving $1000 tips :p
 
M

mtm2011

New member
Jul 3, 2011
703
0
0
erotq said:
I played hockey with a guy who won cash-for-life
he took the $1000/per week instead of the upfront money.

I think it'd take it up front.
Click to expand...
I'd take it per week.

For these reasons: 1.) I still have a lot of time left, not worried about kicking the bucket in 25 years; 2.) I like the fact that no matter what I know every Thursday I got $1,000. I could be beaten, lying in a ditch in my own filth half naked and not a penny in my pocket. But I've still got a thousand bucks coming that week. :D 3.) I'd probably fuck up and spend the lump sum too fast; 4.) rather get the most amount of money possible and 5.) if I did die by some freak chance I have heirs that can collect it plus a nice life insurance payout, so at least I'll know I left something when I'm gone.
 
B

bazokajoe

Well-known member
Nov 6, 2010
9,355
7,336
113
I have heard that if you take the 1000 a week you pay tax on it? But if you take the lump sum there is no tax? Anyone know if this is true?
 
T

Taxman2011/12

Member
Dec 24, 2011
40
0
6
Lottery winnings in Canada are not taxable. However, any income you earn on lottery won money is taxable in the same manner it would be as if you had just invested your own savings (money in a TFSA is not being discussed here).

If you take the lump sum (say $675,000 as a previous post suggested) and start investing it, any interest, dividends and capital gains you start making on it will come into your annual income.
 
G

guelph

Active member
May 25, 2002
1,500
0
36
77
Taxman2011/12 said:
Lottery winnings in Canada are not taxable. However, any income you earn on lottery won money is taxable in the same manner it would be as if you had just invested your own savings (money in a TFSA is not being discussed here).

If you take the lump sum (say $675,000 as a previous post suggested) and start investing it, any interest, dividends and capital gains you start making on it will come into your annual income.
Click to expand...
Correct I would suggest the the 1,000 per week is part winnings and part interest so you would pay tax on the interest portion
 
B

bazokajoe

Well-known member
Nov 6, 2010
9,355
7,336
113
bazokajoe said:
I have heard that if you take the 1000 a week you pay tax on it? But if you take the lump sum there is no tax? Anyone know if this is true?
Click to expand...
The reason I ask this is,I was told that the 1000 a week is considered a form of an annuity,so it is taxable.Where as the lump sum is considered a lump sum payment just like winning 649.
 
N

night ride

Active member
Jul 23, 2009
3,448
5
38
OLG equals: legalized robber-bandits. Even with my low opinion of this organization, I am surprised that "cash for life" is only for a set timeframe.
 
canada-man

canada-man

Well-known member
Jun 16, 2007
31,154
2,605
113
Toronto, Ontario
canadianmale.wordpress.com
I emailed OLG and they give me a reply


Thank you for contacting OLG regarding CASH FOR LIFE, INSTANT Lottery Games. I am pleased to provide you with the following information.

As you are aware, a top prize winner can choose one of two prize payment methods: either $1,000 a week for life, or a lump sum payment of $675,000 for a regular series of CASH FOR LIFE, or $2,000 a week for life or a lump sum payment of $1,350,000 for a bonus series.

Annuity payments are made to the winner over the course of his or her lifetime, with no restrictions as to the maximum length of time these payments occur. Annuity payments are guaranteed for a minimum of 20 years, or to the 91st birthday of the winner should the winner die prior to the minimum twenty year period. In addition, the winner may will the annuity prize to a beneficiary. Further information about CASH FOR LIFE, INSTANT Lottery Game can be accessed on our website at the following link:
Click to expand...
 
You must log in or register to reply here.
Previous Thread Next Thread
Toronto Escorts
Top Bottom