if somebody wins $1000 a week for life. will he/she get $1000 a week for the rest of his/her life or for 20-30 years?
i haven't bought a cash for life ticket yet$675,000 upfront or collect over 25 years if you live that long. Did you win canada-man ? Congrats if you did.
Aha, so he is the one giving $1000 tipsmy 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
I'd take it per week.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.
I believe Life is referring to life in jail. so i have to go with 25 years.if somebody wins $1000 a week for life. will he/she get $1000 a week for the rest of his/her life or for 20-30 years?
Correct I would suggest the the 1,000 per week is part winnings and part interest so you would pay tax on the interest portionLottery 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.
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.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?
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:
Yay! xoSweet I need to buy a ticket $1000 a week means Kailani a week for life