The mega millions jackpot for this coming Tuesday is so high, the CASH OPTION is ONE BILLION DOLLARS. Start the daydreaming folks...
Last time it got so big there were three winners.
I only do lottery pools at work when they hit at least 500-600 million. Cause you know anything less isn’t worth it.I bought in on Friday's drawing and will go in on the next, too. May not win, but I'm going to take a shot. ALso got a ticket for tonight's Powerball. That one's a paltry half billion.
I just love being a Canadian...So how much does somebody actually receive after tax and whatever else has to come off?
But if you put it all into a mattress you won’t get any interest.I just love being a Canadian...
Only problem I'd have is finding a matteress big enough to stuff my winnings in so as to avoid the taxes on the interest.
According to the Canada Revenue Agency's windfall rules, if you win money from a lottery, you do not have to report the winnings nor pay tax on those funds. The CRA has not instituted a cap or limit on these winnings. However, if your winnings earn interest, the interest amounts will be subject to taxation.
So how much does somebody actually receive after tax and whatever else has to come off?
And I won't have to pay any taxes, you got my point exactly.But if you put it all into a mattress you won’t get any interest.
Most people who win go broke.
And if they were smart, they would take the yearly payout and live completely within the money they get every year with some left over since you can easily live longer than 30 years. Rip up all credit cards and the loan you have is for your completely affordable, even when paid off (taxes and utilities), primary residence.The smaller-ish lottery winners, definitely have some history of blowing it all - people who have no sense of that kind of cash flow, don't realize that $1M-2M really isn't that much money, especially when they switch into "anything goes" mode.
The smaller-ish lottery winners, definitely have some history of blowing it all - people who have no sense of that kind of cash flow, don't realize that $1M-2M really isn't that much money, especially when they switch into "anything goes" mode.
First thing I would do is get a lawyer and a good accountant. Set up a trust to handle the money. Don’t go public right away. Make sure everything is in order before announcing you have the wining ticket. After that I would make sure my family is set, then treat myself to some nice things and then set aside the rest and setup a charitable fund.