Lottery thread part II - 865m Mega Millions Jackpot, 730m PowerBall Jackpot
- Thread starter John Price
- Start date
Lame Lambert
Fire Lou
- Mar 5, 2015
- 21,369
- 15,853
Going to be bigger than that. When it was $900M yesterday the lump sum after taxes was about $410M depending on which state you live in. So at $1.3B you are looking at closer to $550M to $600M in your pocket.
JS19
Legends Never Die
NewBoysClub97*
All-Star
So can outsiders play? I would take a quick drive across the border or can Canadians use that online site?
someguy44
Registered User
Anybody of legal age can play. There is no law preventing foreigners from playing and winning. In fact, some guy in Iraq bought a US lottery ticket online and won $6.4 million from it. A cheque was cut out for his winnings. Foreigners who win, do however have to pay like 5% more on taxes.
No clue here in Canada they are not unless you are a professional gambler in which cases there are laws around being able to use your losses as deductions...
But in Canada if the pot is $60M you get $60M, no lump sum crap or taxes like in the US.
This is why you get a good lawyer before claiming the prize, specifically a tax/finance lawyer as thanks to treaties regarding taxes between Canada and the US for example, you can get part of the taxes back.
John Price
Gang Gang
- Sep 19, 2008
- 384,970
- 30,510
John Price
Gang Gang
- Sep 19, 2008
- 384,970
- 30,510
It depends on the payout you take, if you take the 20 years of payments you get the whole jackpot minus taxes. If you take the cash option, you get half of the jackpot then you pay taxes on that sum.
Still don't get this whole 20 year thing, feels like false advertising. Like I said in another post here in Canada you get what is advertised, so if the pot is $5M you get that if it's $60M you get that...no waiting 20 years or worrying about a lower lump sum.
Dr Pepper
Registered User
Well we have that Cash for Life thing here, too.....what is it, you pick either a lump sum, or $1,000 per week for 25 years, something like that?
Soliloquy of a Dogge
I love you, Boots
Soliloquy of a Dogge
I love you, Boots
I do hope a large group of people or someone who's had a rough go of it in life wins though. Can't even begin to think how I'd spend/invest $600 million (even a fraction of it, really)... mind boggling.
The cash for life scratch, at least here in Ontario, is for life, i.e. you get $1,000 a week tax free every week until you die so of course the younger you are the better.
They use to have a Cash for Life Lotto once a year and I believe that one was $1,000 a week for 25 years or a lump sum but they replaced that with something new this year called Living the Lotto Life...
I would seriously become a philanthropist. Quietly give it away to people/causes that I like or think really need it etc. Would do this slowly over the coming decades but that's just me.
Goonzilla
Welcome to my house!
A lot of people say they would be philanthropists, but what do they mean by that exactly?
$600 million or $900 million or whatever is an insane amount of money for an individual, even more so in cash, but it can't solve all the world's problems, of probably even the city's.
I remember Gretzky I think it was saying that when you have wealth and fame you get approached by all and everyone wanting this, that and help by way of giving or donating money; and you can't help everything and everyone. He said the most valuable thing you can can actually give is your time to help other people's initiatives.
I certainly wouldn't rush to start giving any away, but would sit down and formulate a strategy to go about using it to help others; and not just by forking over cash that others are going to be skimming and long their own pockets with.
You would want to be generating income off that money to put towards helping others, not just eroding your economic base.
$600 million or $900 million or whatever is an insane amount of money for an individual, even more so in cash, but it can't solve all the world's problems, of probably even the city's.
I remember Gretzky I think it was saying that when you have wealth and fame you get approached by all and everyone wanting this, that and help by way of giving or donating money; and you can't help everything and everyone. He said the most valuable thing you can can actually give is your time to help other people's initiatives.
I certainly wouldn't rush to start giving any away, but would sit down and formulate a strategy to go about using it to help others; and not just by forking over cash that others are going to be skimming and long their own pockets with.
You would want to be generating income off that money to put towards helping others, not just eroding your economic base.
John Price
Gang Gang
- Sep 19, 2008
- 384,970
- 30,510
Who said I would help everyone and anyone? That is why I wrote "quietly" as it would be something I would do to help causes I feel are important and it would be over time not just giving away all the winning in a year or something stupid.
Heck if I ever won that much money, not likely since I don't exactly play that often and in Canada that pots are much lower, I would take the first year to sit back and let things sink in. As money managers suggest, you should take a small amount for immediate use like paying off a house or debts, maybe a new car and and some travel but that's it at first. After that it's about using your brains!
John Price
Gang Gang
- Sep 19, 2008
- 384,970
- 30,510
Goonzilla
Welcome to my house!
Sorry, not specifically meaning you, but I'm sure everyone has seen those lottery disaster stories.
I wouldn't be donating to anything that the Government ought to be paying for, but I do love the idea of helping disadvantaged kids reach their potential or experience a different side to life. I would love to provide opportunities along those lines, scholarships and the like..and of course they could use my own private rink too.
