Tuesday, July 18, 2023

One Ring Tax Bill

 According to this, the "One Ring" card was opened by someone in Toronto, Ontario. Assuming they get the full $2.2 Million CA that has been offered by a store in Spain, they would be lliable for a tax bill of about $530,000. Under Canadian tax law, half of the selling price of the card would be taxed at about 53% but they would get to keep the other half tax free. Yeah, it is quite a chunk of money but still a pretty good return on an investment of about $50 or so on the pack of cards.

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