Should I keep a record of my wins and losses at Ontario online casinos throughout the year?

Yes — and the reason is more nuanced than most people expect. For the vast majority of recreational players in Ontario, casino winnings are not taxable in Canada. But that doesn't mean records are pointless; there are several situations where having them matters quite a bit.

The baseline: recreational gambling is generally not taxable

Lottery and certain other winnings are non-taxable in Canada — however, if a taxpayer is in the business of gambling, the CRA considers the proceeds and losses for income tax purposes. The CRA's own Income Tax Folio on this topic confirms that factors indicating a receipt is a windfall — and therefore non-taxable — include that the taxpayer made no organized effort to receive it, had no customary expectation of it, and it was not earned as a result of any activity or pursuit of gain.

So if you're a Toronto recreational player logging into a registered Ontario online casino a few nights a week, your winnings almost certainly fall into the non-taxable windfall category. You won't owe CRA a dollar on a big blackjack session.

Where it gets complicated — and why records still help

The line between "recreational player" and "gambling as a business" is not always obvious. Determining the commerciality of gambling can be challenging. Games of pure chance lack the badges of trade to which traditional tests of business activity can be applied. Traditional tests include an evaluation of a taxpayer's profit-making purpose and the commerciality of the activity — though gambling is always undertaken in pursuit of profit. Courts have clarified that wanting to win doesn't make you a professional, but if you're playing systematically, with significant volume, and treating it as a primary income source, the CRA could view it differently.

Beyond the business-income question, there's a practical reason records matter even for purely recreational players: source-of-funds questions. If you withdraw a meaningful sum from an Ontario online casino account and it shows up in your bank statements, you may at some point need to explain where it came from — to a mortgage lender, an accountant, or in the unlikely event of a CRA review. When a CRA auditor does examine gambling activity, they request documents that support the winnings and losses for all significant amounts and test actual transactions to verify statements. Having your own records puts you in a much stronger position than relying solely on memory.

What to keep, and how Ontario's regulated market makes it easier

The good news for players using registered Ontario online casinos is that your transaction history already exists in digital form. Every deposit, withdrawal, and session result is logged in your account. Download or screenshot that history periodically — monthly is reasonable — and store it somewhere you can find it a year later.

Beyond the platform's own records, a simple personal log is worth maintaining if you play regularly. Note the date, the site, the approximate session result, and any significant withdrawals. This doesn't need to be elaborate — a spreadsheet or even a notes app works fine.

If you ever do find yourself in a position where the CRA questions the source of funds, keeping bank statements and any other proof to support your position is important, as is retaining copies of relevant records.

One important thing to know: if you believe your gambling activity might cross into business-income territory — high volume, systematic approach, significant annual profit — talk to a Canadian tax professional. The CRA's guidance on this is fact-specific and the answer genuinely depends on your individual circumstances. Nothing here is tax advice.

Make sure the Ontario online casino you're using is actually registered with iGaming Ontario — look for both the iGaming Ontario and BetGuard logos on the site. Playing on a registered platform means your records are reliable and the operator is accountable. The full list of registered operators is at the iGaming Ontario website. And if gambling ever feels like it's getting away from you, ConnexOntario is available at 1-866-531-2600 (19+ to play).