What records should I keep as an Ontario online casino player if I ever need to discuss my gambling activity with a tax professional?

Most Toronto players asking this question are quietly worried about one thing: if the CRA ever asks about large deposits in my bank account, can I explain where the money came from? That's a reasonable concern, and the answer is yes — if you've kept the right paper trail. Here's exactly what to collect and why it matters.

The Canadian tax baseline on gambling winnings

Lottery winnings are generally not taxable in Canada, and the same non-taxability extends to most casual gambling winnings. The CRA treats lottery and certain other winnings as non-taxable — unless the taxpayer is in the business of gambling, in which case proceeds and losses are considered for income tax purposes.

The tricky part is that "in the business of gambling" is a facts-based determination, not a bright-line rule. The issue of whether a taxpayer's activities constitute carrying on a gambling business is a question of fact that can only be determined by examining all the circumstances and the taxpayer's entire course of conduct. A tax professional needs your records to help make that argument either way.

What to actually keep

Your operator account history. Every licensed Ontario online casino is required to maintain a transaction log for your account. Log in and download your full deposit, withdrawal, and session history at least once a year — don't assume the platform will hold it indefinitely. Online betting and gambling require the use of a credit card or e-commerce account where wagers are withdrawn and winnings are deposited, so those records exist on both ends: at the operator and at your bank. Grab both.

Bank and payment statements. Every deposit you fund from your chequing account or credit card, and every withdrawal that lands back in it, should be traceable. Keep monthly statements for any year in which you had significant gambling activity. Your bank's online portal typically lets you export these as PDFs — do it while they're available.

A personal gambling log. This is the one most people skip, and it's the most useful thing in a tax conversation. A simple spreadsheet recording date, platform, game type, amount deposited, amount withdrawn, and net result for each session gives your tax advisor something concrete to work with. A taxpayer may often recall wins but have to be prompted to recall losses — which is exactly why a contemporaneous log beats memory every time.

Proof you played on regulated Ontario sites. If the CRA ever scrutinizes large inflows, showing that your activity was on a properly registered Ontario platform — not an offshore site — matters for context. Look for the iGaming Ontario logo wherever you play as a sign that you're playing on a site that is being conducted and managed by iGaming Ontario. Regulated Ontario sites also display the BetGuard logo as a further marker of legitimacy. A screenshot of the operator's footer or a reference to the iGaming Ontario registry is easy to save and worth having.

Identity verification records. When you opened your account, the operator verified your identity. Keep a copy of what you submitted — a driver's licence scan, for example — and note the date the account was opened. This establishes you as the account holder if questions arise.

How long to keep everything

The CRA's general rule for personal tax records is six years from the end of the tax year they relate to. If your gambling activity was substantial enough to raise questions about whether it crossed into business income, err on the longer side and keep records for the full six-year window.

One thing your tax advisor will want to know upfront

Before your first meeting, be ready to describe your play honestly: how often you played, whether you used any particular system or skill-based approach, and whether gambling was a meaningful source of income or occasional entertainment. Determining the commerciality of gambling can be challenging — traditional tests to determine the existence of a business include an evaluation of a taxpayer's profit-making purpose and the commerciality of their activity. Your records give the advisor the raw material; your honest account of intent gives them the context.

One housekeeping note: you must be 19+ to play on any Ontario-regulated site, and if gambling ever starts feeling like something other than recreation, ConnexOntario (1-866-531-2600) is a free, confidential line staffed around the clock.