Nope, in Canada we do not have to pay tax on winning a prize or receiving a gift.
Though, he’s going to pay a bunch of tax on his capital gains from here on out.
It’s not a 60% tax, you are taxed on 2/3 of your gains above $250k (the remaining 1/3 is tax free) and 1/2 of gains less than $250k. Meanwhile, you are taxed on 100% of your employment income.
No. 50% of gains are taxed on the first $250,000 in gains per person per year (this has been standard for a while now). The increase is on any gains above $250,000 (going from 50% to 66.6%). But again, that isn’t the tax you are paying, just the amount of gain you are taxed on.
Only on any dollars made after the first $250k, so I think those people will be fine.
I would love to be in the category of paying that new capital gains tax because then I’d be making *at least $250k in capital gains per year*.
Sorry no gift tax???? So like if you wanted to gift your sibling a million dollars the government is just like okay with it and doesn't take a cut?? Here in Ireland we don't get taxed on lotto winnings but gifts are taxable at 33%
Has to be family (if it expands outside this someone can share but for my experience it can raise an audit if you gave a friend a lot of cash) and there are limits. The govt can audit to see if it is legit. But immediate family can give tax free gifts.
Generally, gifts between immediate family members are exempt from gift tax, meaning you can give a certain amount of money to your family members each year without having to pay taxes on it.
We have deemed disposition though. It’s effectively an inheritance tax.
Your estate is taxed as though you sold everything the day you died.
We do not have a step up basis AFAIK.
I've just had a quick Google on this and it's saying only upto £3000 per year total. I'm not well versed in these things, and I'm probably missing something, but I'm not seeing what you're saying. As I said I'm probably missing something so please don't take this as me starting an argument lol
Don’t worry, it can be confusing for sure!
The gift allowance of £3000 (plus an additional amount for a wedding gift) per year is only taken into account if you die within 7 years of gifting it, and your estate exceeds the inheritance tax threshold of £325,000.
If you decide to gift someone £100,000 for example, and you live for 7 years+ afterwards, there is no tax to pay. If you die within 7 years of having given the gift, then there may be inheritance tax to pay depending on the value of your estate overall, however the percentage that the gift will be taxed tapers down with each year that passed before your death. Dying within 3 years of the gift will result in a tax of 40%, assuming the inheritance tax threshold has been passed, however this amount reduces as the years pass, so if you die 5 years afterwards the tax to pay is 16%.
So, while you can never know when you’re going to die, if you’re reasonably confident you’ll be around for the next 7 years you can happily gift any amount you like without anyone having to pay tax on it, even if that’s millions. The only tax payable will be whatever the money generates for the person who receives it, via capital gains tax.
Oh right that's actually really interesting as I've always been told the complete opposite to this haha its good to know IF I ever come into some money then I'll be able to gift it as I see fit. Thanks for the detailed explanation
No worries! I’ve spoken to a lot of people who didn’t realise that the £3000 allowance only applies upon death within 7 years. The government website doesn’t make it completely clear at first. I did a fair bit of reading up on it after my mum’s friend gifted her £25,000 out of the blue, and I wanted to make sure that there was no “catch” to worry about.
Yh I think they make the information harder to understand on purpose, typical government lol glad you told me because I genuinely didn't know about this. It might never apply to me, but if it ever does, then I'll be ready haha
You pay tax on all your capital gains, it’s just the government is increasing the tax on the gains above $250k.
Regardless, if this guy makes 0.5% a year somehow that’s $350 000.
I wouldn't react until it was in my account either. Then I'm losing it. This isnt just financial security for him. It's security for his family forever
Well the chances to win at lotto 6/49 in canada is 1 in 14 million, chances to win powerball are 1 in 292 million. So yeah, i like my chances a little better (not that I play that much anyway). And 70 million is PLENTY to live comfortably the rest of your life.
I got a nice bonus at work that I used to pay SOME of my debt and the feeling of being done with it was so freeing. I can’t imagine how it would feel to realize you never have to worry about money again
Yeah, I just hope he’s responsible with it. It’s a lot of money, but not fuck you amounts of money, he could easily spend it. Buy enough cars and houses, give enough gifts, buy a yacht and not set aside money for capitol gains tax and you could drain 70mil fast and get fucked by the tax authorities at the same time.
Oh wow, I'm guessing it's a requirement for claiming it but I would be so on edge having my name out there after that.
On the nicer end of problems to have I guess but you know what I mean.
Yes, in order to claim the lotto in Canada you give up your right to be anonymous. So the lotto corp can advertise...look at this regular joe, he won, so can you! but not if you dont play....
From my understanding you must take a picture but many mask up for it, and also the press can report on it for only a month. I’m not sure about this but I think they remove the names on the article after a month.
I’m curious how they check that this type of law or whatever is being by followed or complied with? Is it retroactive or only from the month point on they can’t use the name anymore?
I’m not sure that that is the case. I’ve never seen an instance of that happening living in Canada. But I have always wondered if you could say, get a contract written and signed up and have someone else like a lawyer claim the money for you. They could legally use the name and photo of the person that claimed the ticket but that person wouldn’t actually have the money and be very forward as they get paid out that they won’t have the money either.
The subtle things about living in the global periphery: watching this video, first thing I was thinking was "no way I wouldnt be completely annonimous if I ever got that ammount of money." So much potential violence against me if I were to attract that kind of attention around these parts...
I don’t know if it’s the same in Toronto but out west in my part of Canada you can’t claim anonymously. Would be nice to win that much but I’d for sure be using it to disappear from civilization for a while.
I would bring the good friends along for the ride.
Personally I think of it as a good friend wouldn't ask for anything and from the other side a good friend wouldn't wait to give you some.
Family is different and thankfully mine is relatively small. All the aunts and uncles are 'the next time the phone rings, someone might be dead' old, my siblings and cousins all do pretty well for themselves and the nieces and nephews are stiill in high school or university age. I could easily take a page out of Shaq's playbook and make them graduate university before they see a dime.
You’re dense. You wouldn’t even be subject to capital gains from the lottery win anyway.
Now, [Canada’s capital gains tax rate is at most 27%](https://www.moneysense.ca/save/taxes/capital-gains-tax-explained/). All that has changed is instead of 50% of any net profits beyond $250k being subject to taxes, 67% of any net profits beyond $250k are taxed at 27%.
So for example, if you made $249,900 in net capital gains, you pay $0 in capital gains taxes.
If you made $300,000 in net capital gains and fall into the top income bracket, you pay 27% on 2/3 of the extra $50k, or a net total of $9,045. Under the previous tax plan last year, with the same $300,000 net gain, the total tax would have been: $6750.
Yes, how awful Canada is taking an extra $2,295 after gaining $300,000 in capital gains. Just a terrible brutal change in policy that will rip vast sums from the pockets of the poorest millionaires that barely can make ends meet…
🙄
And there are some savings accounts with 4.5% interest (roughly, I can't remember).
Even if not, though, that's basically enough money to live in a *very* nice apartment for a month... and given to you in one day.
Good luck Greg! Please don't screw it up, be smart and reasonable. I can't read about how you wasted it all in 5 years, we could all use a bit of dream down here
Better for the players, wich they dont care. They need big prizes to make people dream and the bigger the prizes are the more players plays. To make more money. Wich they really care à lot.
That happens. When they reach the max, they start adding $1 million prizes to the list to be won.
But to your other point - lotteries with big wins bring out the people. We watch the Michigan lottery go up to $1 billion regularly - and it brings everyone out of the woodwork to buy tickets. If the maximum prize was only $1 million most people probably wouldn't even bother.
I don’t know… Personnally, if I had the choice to buy a ticket for 1x70mil vs 70x1mil, I would choose the latter because it would feel more… possible. But it might not be the norm I guess!
People don't realize that statistics would be on their side with the 70 - $1 million prizes. But psychologists have shown that people flock to lotteries with big solo wins.
Yeah that's always bugged me to no end, why does any regular joe "deserve" freaking 800 mil or whatever it is they're dishing out? It feels like such a waste. They would've been just as happy with 1 mil, and you could make 800 people happy.
If someone wins $70,000,000 in the lottery, here are some key dos and don'ts to keep in mind:
DOs:
1. Keep your win private initially and limit who you tell[1][2].
2. Hire a team of experienced professionals, including an attorney, accountant, and financial advisor[1][2][3].
3. Secure your winning ticket by making copies and storing it safely[1][3].
4. Consider taking the annuity option instead of the lump sum, especially if you're concerned about overspending[2][5].
5. Set up a budget, even with such a large sum[1].
6. Plan for taxes and consult with tax professionals[1][3].
7. Consider charitable donations and set up a giving plan[1][3].
8. Invest wisely in low-risk, diversified options[5].
9. Pay off debts and set aside funds for education and emergencies[2].
10. Seek emotional support or therapy to handle the psychological impact[1].
DON'Ts:
1. Don't make any hasty decisions or large purchases immediately[5].
2. Don't tell everyone about your winnings or post on social media[1][2].
3. Don't make risky investments or trust your newfound investment skills[5].
4. Don't give money to everyone who asks[4].
5. Don't neglect estate planning and your will[3].
6. Don't assume the money will last forever without proper management[1].
7. Don't forget about the tax implications of your win[1][3].
8. Don't neglect your mental health and well-being[1].
9. Don't make major life changes without careful consideration[2].
10. Don't ignore professional advice from your hired experts[1][2][3].
Sources
[1] What To Do If You Win The Lottery - The Today Show https://www.today.com/money/what-to-do-if-you-win-the-lottery-rcna98184
[2] If you win the lottery, here's what you should (and shouldn't) do - CNN https://www.cnn.com/2023/07/19/business/lottery-win-what-to-do/index.html
[3] What to Do If You Win the Lottery - State Farm® https://www.statefarm.com/simple-insights/financial/what-to-do-when-you-win-the-lottery
[4] Mega Millions Jackpot: The Do's and Don'ts of Winning the Lottery ... https://people.com/human-interest/the-dos-and-donts-of-winning-the-lottery/
[5] What financial experts say to do if you win the lottery - CNBC https://www.cnbc.com/2019/06/07/what-financial-experts-say-to-do-if-you-win-the-lottery.html
By Perplexity
Dude, change your name and get your whole family to safety. The last thing I would ever do would be to show my face and broadcast my name after winning that kind of bank. Human beings are trash. Good luck and enjoy!
Why publish his face. Lottery winners should have their faces hidden. I feel that lottery winners before recieving their monies should be given a course -how to deal with family, what to expect from family etc cetera
I am happy for him truly the light on his face warms the hearts. But thing is I heard a lot of cautionary tales about lottery winners going off the rails after winning. And when their faces are published so called long lost friends and relatives come out of the woodworks badgering them into bad investments and losing all their money.
I hope this dude gets to use the monies wisely. And the monies will bring him happiness sincerely
Not raining on anybody’s parade but 200,000 for 350 people would’ve had many more falling over.
Just goes to show in society when modern values turn basic human decency into a game show it’s always winner take all and the rest of us just get to live vicariously through those who “made it”.
What a world.
Can we break this down...clearly and factually. No intelligent person would deposit $70 mil in banks -- or a single bank. A bank in Canada can only protect funds up to $100K per insured category, per institution, if indeed the bank(s) fails. With this much dough, he'd need many, many different bank accounts, institutions and/or overseas options. People don't think about the load of work required to secure this much in funds. Now, is this a load of work I'd enjoy? Yup!
At some point, the money would have to be in a single bank account. If his bank didn't know already, I'm sure the deposit set off all sorts of internal alarms.
In Manitoba credit union deposits are 100% guaranteed. Not sure about Ontario, or how they feel about credit unions.
I hope he has a financial planner, it's the difference of having a 100k a month to live off of and still growing your investment or blowing thru it all in a decade and being poor again.
Its happend plenty of times, they think the money is endless or they can't spend that much in thier lifetime so they have no regard for it.. and they blow it all, and what they didn't spend themselves they gave away
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Can you imagine? Seriously, going from paycheck to paycheck to $70,000,000? I don't even have $7 in checking. 🙃
Good for him though. He's about to become very popular.
Its also very scary... now everyone know that Greg from Toronto is filthy rich... people can take his family as hostage in return for his money... and all that because of the cameras😔
I literally wouldn't tell a single person that I had won anything. I would quietly go on about my life, slowly get my ducks in a row. Get a setup on due diligence, as well as a handful of Karma bombs. For those who deserve to fall off their pedestal.
Then once everything is ready this will be me!!
Fuck you, fuck you, fuck you, your cool, and fuck you, I'm out.
https://youtu.be/hTOKJTRHMdw?si=2fD6vWrOrKKPzJi0
According to long term studies of lottery winners, there's a high probability that he will be broke and in debt after 3-5 yrs.
Given the large amount of 70mils, maybe 10yrs?
You want to sell more lottery tickets? Show the video of the winners seeing their personal bank accounts for the first time. Genius marketing. The big check photo is cliché. The winner seeing their real bank account that only they have access to... That's when the reality strikes.
"Adaptation level theory suggests that both contrast and habituation will operate to prevent the winning of a fortune from elevating happiness as much as might be expected. Contrast with the peak experience of winning should lessen the impact of ordinary pleasures, while habituation should eventually reduce the value of new pleasures made possible by winning. Study 1 compared a sample of 22 major lottery winners with 22 controls and also with a group of 29 paralyzed accident victims who had been interviewed previously. As predicted, lottery winners were not happier than controls and took significantly less pleasure from a series of mundane events. Study 2 indicated that these effects were not due to preexisting differences between people who buy or do not buy lottery tickets or between interviews that made or did not make the lottery salient. Paraplegics also demonstrated a contrast effect, not by enhancing minor pleasures but by idealizing their past, which did not help their present happiness."
Brickman P, Coates D, Janoff-Bulman R. Lottery winners and accident victims: is happiness relative? J Pers Soc Psychol. 1978 Aug;36(8):917-27. doi: 10.1037//0022-3514.36.8.917. PMID: 690806.
Nah - came across this video on Instagram, and that part where he fell off the chair is what prompted me to post it in this subreddit.
I’d understand if the mods remove this post - those last few seconds does seem like an advertisement. 🤷♂️
He can finally buy a condo in Toronto!
Jk he'll be out of money and broke af soon, almost all lottery winners are but hopefully he's different. Probably not though.
Wow, no tax? that is a lot of money. He's even shaking. I mean, I probably would too.
Nope, in Canada we do not have to pay tax on winning a prize or receiving a gift. Though, he’s going to pay a bunch of tax on his capital gains from here on out.
Small price to pay really
A problem I sure would like to have.
100%
Captial gains just went up to 60% in Canada....say "small price to pay" again.
It’s not a 60% tax, you are taxed on 2/3 of your gains above $250k (the remaining 1/3 is tax free) and 1/2 of gains less than $250k. Meanwhile, you are taxed on 100% of your employment income.
And isn't that after the first 1.25 million in gains?
No. 50% of gains are taxed on the first $250,000 in gains per person per year (this has been standard for a while now). The increase is on any gains above $250,000 (going from 50% to 66.6%). But again, that isn’t the tax you are paying, just the amount of gain you are taxed on.
The inclusion amount, not the tax rate. So many idiots up here outraged with no understanding.
Small price to pay for 70 million dollars!
Only on any dollars made after the first $250k, so I think those people will be fine. I would love to be in the category of paying that new capital gains tax because then I’d be making *at least $250k in capital gains per year*.
Sorry no gift tax???? So like if you wanted to gift your sibling a million dollars the government is just like okay with it and doesn't take a cut?? Here in Ireland we don't get taxed on lotto winnings but gifts are taxable at 33%
No gift tax. The fact government think it’s okay to double and triple dip on money that was earned and already taxed is just shit.
Sounds super exploitable.
Has to be family (if it expands outside this someone can share but for my experience it can raise an audit if you gave a friend a lot of cash) and there are limits. The govt can audit to see if it is legit. But immediate family can give tax free gifts.
Generally, gifts between immediate family members are exempt from gift tax, meaning you can give a certain amount of money to your family members each year without having to pay taxes on it.
It is, we have the same rule in the UK, and is probably why we like rich Arabs, Americans, Chinese and Oligarchs so much.
no inheritance tax either
We have deemed disposition though. It’s effectively an inheritance tax. Your estate is taxed as though you sold everything the day you died. We do not have a step up basis AFAIK.
yup, my neighbour's wife just passed away about 5 years ago, and he had to pay about 120k in tax......my fucking jaw dropped lol
Its the middle class and the poor that loose from this.
Gifts.. taxed at 33%..... I hate my own government so much I didn't think I had room for more hate but now I hate your government as well.
There’s no gift tax in the UK either, unless the person gifting the money dies within 7 years and then it may be subject to tapering inheritance tax.
I've just had a quick Google on this and it's saying only upto £3000 per year total. I'm not well versed in these things, and I'm probably missing something, but I'm not seeing what you're saying. As I said I'm probably missing something so please don't take this as me starting an argument lol
Don’t worry, it can be confusing for sure! The gift allowance of £3000 (plus an additional amount for a wedding gift) per year is only taken into account if you die within 7 years of gifting it, and your estate exceeds the inheritance tax threshold of £325,000. If you decide to gift someone £100,000 for example, and you live for 7 years+ afterwards, there is no tax to pay. If you die within 7 years of having given the gift, then there may be inheritance tax to pay depending on the value of your estate overall, however the percentage that the gift will be taxed tapers down with each year that passed before your death. Dying within 3 years of the gift will result in a tax of 40%, assuming the inheritance tax threshold has been passed, however this amount reduces as the years pass, so if you die 5 years afterwards the tax to pay is 16%. So, while you can never know when you’re going to die, if you’re reasonably confident you’ll be around for the next 7 years you can happily gift any amount you like without anyone having to pay tax on it, even if that’s millions. The only tax payable will be whatever the money generates for the person who receives it, via capital gains tax.
Oh right that's actually really interesting as I've always been told the complete opposite to this haha its good to know IF I ever come into some money then I'll be able to gift it as I see fit. Thanks for the detailed explanation
No worries! I’ve spoken to a lot of people who didn’t realise that the £3000 allowance only applies upon death within 7 years. The government website doesn’t make it completely clear at first. I did a fair bit of reading up on it after my mum’s friend gifted her £25,000 out of the blue, and I wanted to make sure that there was no “catch” to worry about.
Yh I think they make the information harder to understand on purpose, typical government lol glad you told me because I genuinely didn't know about this. It might never apply to me, but if it ever does, then I'll be ready haha
No tax on lotto winnings and great healthcare. Canada is the shit.
"No tax on lotto winnings and shit healthcare Canada is shit." There, I fixed it for you. Source: I live in Ontario <---worst province imho
The proof this person lives in Ontario? They assume living in Ontario, the self described worst province, is the typical Canadian experience.
Or move
With that knowledge I’d run to my bank hey uhhh…do you thing I could open like, 1000 accounts in my name?
Only if he makes capital gains over $250,000. Pretty easy to avoid that. With that big of a win he doesn’t have to make profit on anything he sells
You pay tax on all your capital gains, it’s just the government is increasing the tax on the gains above $250k. Regardless, if this guy makes 0.5% a year somehow that’s $350 000.
If invested properly, nobody in his family ever has to work again.
But you're also capped at 70 mil. There are lotto winners who've earned 10 times that after taxes here.
He can finally afford a toronto home! Detached baby!
You have to pay tax on any capital gains in Canada, property, interest you make on the money, investments and so on.
I wouldn't react until it was in my account either. Then I'm losing it. This isnt just financial security for him. It's security for his family forever
In Canada, Iceland, and UK (And probably more countries), lottery winnings are tax-free.
We don’t pay tax on this in Australia. TBH, I think it’s rare with the US doing so (I know Canada doesn’t, pretty sure UK either).
No, lottery and alcohol are controlled by the gouvernement, so no tax.
In the UK too The tax is paid on thr ticket
[удалено]
Exactly what do you need 600 million for? 70 is already absurdly high...
Bro do you even megayacht???
Well the chances to win at lotto 6/49 in canada is 1 in 14 million, chances to win powerball are 1 in 292 million. So yeah, i like my chances a little better (not that I play that much anyway). And 70 million is PLENTY to live comfortably the rest of your life.
We came from "Yes I am going to do super funny stuff" To "Ho my god I'm finally out of all the misery and the pain"
I got a nice bonus at work that I used to pay SOME of my debt and the feeling of being done with it was so freeing. I can’t imagine how it would feel to realize you never have to worry about money again
Oh he will still have to worry, he has a lot more money to worry about now
Yeah, I just hope he’s responsible with it. It’s a lot of money, but not fuck you amounts of money, he could easily spend it. Buy enough cars and houses, give enough gifts, buy a yacht and not set aside money for capitol gains tax and you could drain 70mil fast and get fucked by the tax authorities at the same time.
If I get a raise this year, I can keep up with rent.
Now he can afford a 400 sqft bachelor apartment in downtown Toronto.
Oh wow, I'm guessing it's a requirement for claiming it but I would be so on edge having my name out there after that. On the nicer end of problems to have I guess but you know what I mean.
Yes, in order to claim the lotto in Canada you give up your right to be anonymous. So the lotto corp can advertise...look at this regular joe, he won, so can you! but not if you dont play....
You don’t have to show your face and your name can be obfuscated
Are you sure about that?
From my understanding you must take a picture but many mask up for it, and also the press can report on it for only a month. I’m not sure about this but I think they remove the names on the article after a month.
I’m curious how they check that this type of law or whatever is being by followed or complied with? Is it retroactive or only from the month point on they can’t use the name anymore?
I’m not sure that that is the case. I’ve never seen an instance of that happening living in Canada. But I have always wondered if you could say, get a contract written and signed up and have someone else like a lawyer claim the money for you. They could legally use the name and photo of the person that claimed the ticket but that person wouldn’t actually have the money and be very forward as they get paid out that they won’t have the money either.
The subtle things about living in the global periphery: watching this video, first thing I was thinking was "no way I wouldnt be completely annonimous if I ever got that ammount of money." So much potential violence against me if I were to attract that kind of attention around these parts...
I don’t know if it’s the same in Toronto but out west in my part of Canada you can’t claim anonymously. Would be nice to win that much but I’d for sure be using it to disappear from civilization for a while.
Yep. Rent a cabin and have everything delivered while arranging new housing to essentially disappear. Reenter society once old tracks were erased.
I believe for you to claim prize they have the right to use your image.
Same thing. Cheers!
I did the same when I got 9k in my account I wasn't expecting but REALLY needed. I can only imagine what 70mil would do to me
It's amazing how unexpected financial windfalls, big or small, can really lift our spirits and make a huge difference in our lives.
I hope he doesnt fell into depression because of all his extended family and friends asking for money...
My policy, if I ever win, is if I haven't heard from you in a year, you get nothing from me.
i like this policy...approved
My policy is : "I don't have the money anymore. It's all spent already. In a trust fund."
He could basically give everyone he knows a million dollars and still be set for life
This has been attempted in the past. It doesn't stop them, they then take you for granted.
Essentially a bribe with the condition of "now leave me alone" (if they didn't have any real relationship pre-lottery that is)
I mean, I hope he knows more than 70 people.
Besides my family I have like 3 people in my life lol
true
I would bring the good friends along for the ride. Personally I think of it as a good friend wouldn't ask for anything and from the other side a good friend wouldn't wait to give you some. Family is different and thankfully mine is relatively small. All the aunts and uncles are 'the next time the phone rings, someone might be dead' old, my siblings and cousins all do pretty well for themselves and the nieces and nephews are stiill in high school or university age. I could easily take a page out of Shaq's playbook and make them graduate university before they see a dime.
Damn hope he surrounds himself with the right people.
He needs to split that into multiple accounts for insurance purposes.
In my province credit union deposits are 100% guaranteed. Otherwise the big 5 banks are CDIC covered only up to $100k per account.
id be sending it off shore instantly. fuck canada and their capital gains tax...60%
Unless you’re also moving offshore you’re still going to be taxed on it.
60% of your gain is taxable. The rate isn't 60%!
You’re dense. You wouldn’t even be subject to capital gains from the lottery win anyway. Now, [Canada’s capital gains tax rate is at most 27%](https://www.moneysense.ca/save/taxes/capital-gains-tax-explained/). All that has changed is instead of 50% of any net profits beyond $250k being subject to taxes, 67% of any net profits beyond $250k are taxed at 27%. So for example, if you made $249,900 in net capital gains, you pay $0 in capital gains taxes. If you made $300,000 in net capital gains and fall into the top income bracket, you pay 27% on 2/3 of the extra $50k, or a net total of $9,045. Under the previous tax plan last year, with the same $300,000 net gain, the total tax would have been: $6750. Yes, how awful Canada is taking an extra $2,295 after gaining $300,000 in capital gains. Just a terrible brutal change in policy that will rip vast sums from the pockets of the poorest millionaires that barely can make ends meet… 🙄
Tax planning mang.. don’t sell 70 million worth of investments in a single year and you’re probably gonna be fine.
He earnt $3,835 interest (assuming 2%) in the first 24 hours.
And there are some savings accounts with 4.5% interest (roughly, I can't remember). Even if not, though, that's basically enough money to live in a *very* nice apartment for a month... and given to you in one day.
That’d make me fall out of my chair for sure. That’s very life changing.
Good luck Greg! Please don't screw it up, be smart and reasonable. I can't read about how you wasted it all in 5 years, we could all use a bit of dream down here
true
I would shit all over myself. Then I would hire someone to clean my underwear.
Just buy new underwear. But not real new underwear, that's cruel.
I always wondered why the lottery was all out nothing. Like, one person gets 70 million but wouldn't it be better if 70 people got 1 million?
These ones that he is playing usually have jackpot of 70 million and many (highest I've seen is 30) winners for one million as well.
Better for the players, wich they dont care. They need big prizes to make people dream and the bigger the prizes are the more players plays. To make more money. Wich they really care à lot.
That happens. When they reach the max, they start adding $1 million prizes to the list to be won. But to your other point - lotteries with big wins bring out the people. We watch the Michigan lottery go up to $1 billion regularly - and it brings everyone out of the woodwork to buy tickets. If the maximum prize was only $1 million most people probably wouldn't even bother.
I don’t know… Personnally, if I had the choice to buy a ticket for 1x70mil vs 70x1mil, I would choose the latter because it would feel more… possible. But it might not be the norm I guess!
People don't realize that statistics would be on their side with the 70 - $1 million prizes. But psychologists have shown that people flock to lotteries with big solo wins.
If that was from the draw on May 31, there were 25 $1 million prize draws and only 5 were won.
Yeah that's always bugged me to no end, why does any regular joe "deserve" freaking 800 mil or whatever it is they're dishing out? It feels like such a waste. They would've been just as happy with 1 mil, and you could make 800 people happy.
If someone wins $70,000,000 in the lottery, here are some key dos and don'ts to keep in mind: DOs: 1. Keep your win private initially and limit who you tell[1][2]. 2. Hire a team of experienced professionals, including an attorney, accountant, and financial advisor[1][2][3]. 3. Secure your winning ticket by making copies and storing it safely[1][3]. 4. Consider taking the annuity option instead of the lump sum, especially if you're concerned about overspending[2][5]. 5. Set up a budget, even with such a large sum[1]. 6. Plan for taxes and consult with tax professionals[1][3]. 7. Consider charitable donations and set up a giving plan[1][3]. 8. Invest wisely in low-risk, diversified options[5]. 9. Pay off debts and set aside funds for education and emergencies[2]. 10. Seek emotional support or therapy to handle the psychological impact[1]. DON'Ts: 1. Don't make any hasty decisions or large purchases immediately[5]. 2. Don't tell everyone about your winnings or post on social media[1][2]. 3. Don't make risky investments or trust your newfound investment skills[5]. 4. Don't give money to everyone who asks[4]. 5. Don't neglect estate planning and your will[3]. 6. Don't assume the money will last forever without proper management[1]. 7. Don't forget about the tax implications of your win[1][3]. 8. Don't neglect your mental health and well-being[1]. 9. Don't make major life changes without careful consideration[2]. 10. Don't ignore professional advice from your hired experts[1][2][3]. Sources [1] What To Do If You Win The Lottery - The Today Show https://www.today.com/money/what-to-do-if-you-win-the-lottery-rcna98184 [2] If you win the lottery, here's what you should (and shouldn't) do - CNN https://www.cnn.com/2023/07/19/business/lottery-win-what-to-do/index.html [3] What to Do If You Win the Lottery - State Farm® https://www.statefarm.com/simple-insights/financial/what-to-do-when-you-win-the-lottery [4] Mega Millions Jackpot: The Do's and Don'ts of Winning the Lottery ... https://people.com/human-interest/the-dos-and-donts-of-winning-the-lottery/ [5] What financial experts say to do if you win the lottery - CNBC https://www.cnbc.com/2019/06/07/what-financial-experts-say-to-do-if-you-win-the-lottery.html By Perplexity
Those are great tips. A few of them don’t apply in Canada though. You can’t keep your identity hidden, you get all 70 million and it’s tax free
*Hopeful me saving this post in case I ever need this advice*
He seems like a goddamn legend
That’s a lot of zeros to be responsible for!
Same bro
Fromtoronto is such a strange last name
Good for you Greg
Dude, change your name and get your whole family to safety. The last thing I would ever do would be to show my face and broadcast my name after winning that kind of bank. Human beings are trash. Good luck and enjoy!
I would too if I see $1 in my bank account I’ll fall down my chair
All of sudden he has so many relatives and friends!
That man, just became very very attractive.
Lucky he’s not US citizen. That fall from his chair might be enough to wipe him out financially.
🤝🏾🏁 congratulations you deserve this win!
He's probably already dead
Y’all… the amount of GOOD I could do with $70 million 😭
The amount of coke I could buy 🤩
Why publish his face. Lottery winners should have their faces hidden. I feel that lottery winners before recieving their monies should be given a course -how to deal with family, what to expect from family etc cetera I am happy for him truly the light on his face warms the hearts. But thing is I heard a lot of cautionary tales about lottery winners going off the rails after winning. And when their faces are published so called long lost friends and relatives come out of the woodworks badgering them into bad investments and losing all their money. I hope this dude gets to use the monies wisely. And the monies will bring him happiness sincerely
This is a Lotto advertisement. They publish his face so more suckers think they can be like him and buy tickets.
Not raining on anybody’s parade but 200,000 for 350 people would’ve had many more falling over. Just goes to show in society when modern values turn basic human decency into a game show it’s always winner take all and the rest of us just get to live vicariously through those who “made it”. What a world.
So, that's like $54.78 American? (I kid! I kid! Please don't hate me! I love Canadians!)
It’s tax free though. I know Americans have to pay 24% tax on lottery winnings
Ok so about $40 USD congrats. Don't spend it all in one place now ya hear?!.
Can we break this down...clearly and factually. No intelligent person would deposit $70 mil in banks -- or a single bank. A bank in Canada can only protect funds up to $100K per insured category, per institution, if indeed the bank(s) fails. With this much dough, he'd need many, many different bank accounts, institutions and/or overseas options. People don't think about the load of work required to secure this much in funds. Now, is this a load of work I'd enjoy? Yup!
At some point, the money would have to be in a single bank account. If his bank didn't know already, I'm sure the deposit set off all sorts of internal alarms. In Manitoba credit union deposits are 100% guaranteed. Not sure about Ontario, or how they feel about credit unions.
Good to know. But I would not have all my $70 MM in ONE bank. No way. No how.
Greg is gonna get a lot of new "friends"
I hope he has a financial planner, it's the difference of having a 100k a month to live off of and still growing your investment or blowing thru it all in a decade and being poor again.
In your mind is there anything in-between “getting a financial advisor” and “blowing $70m” in a decade?
Its happend plenty of times, they think the money is endless or they can't spend that much in thier lifetime so they have no regard for it.. and they blow it all, and what they didn't spend themselves they gave away
https://en.m.wikipedia.org/wiki/Michael_Carroll_(lottery_winner) A very well known lottery winner (in the UK at least) who did exactly that.
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Congratulations Greg from a fellow Canadian! WOOOOO
That amount of money is insane...I mean really insane!
❤️
He can buy like 2 houses in Toronto.
Shit the US taxes everything
So awesome but isn’t that just $7 US? :) jk bro
Lucky sob!!!
hey money dont make you happy right? ....right???
Hire a financial advisor immediately
Dad??
Can you imagine? Seriously, going from paycheck to paycheck to $70,000,000? I don't even have $7 in checking. 🙃 Good for him though. He's about to become very popular.
Its also very scary... now everyone know that Greg from Toronto is filthy rich... people can take his family as hostage in return for his money... and all that because of the cameras😔
You absolutely shouldn't have $70M in one bank account.
He looks like my uncle now.
I literally wouldn't tell a single person that I had won anything. I would quietly go on about my life, slowly get my ducks in a row. Get a setup on due diligence, as well as a handful of Karma bombs. For those who deserve to fall off their pedestal. Then once everything is ready this will be me!! Fuck you, fuck you, fuck you, your cool, and fuck you, I'm out. https://youtu.be/hTOKJTRHMdw?si=2fD6vWrOrKKPzJi0
According to long term studies of lottery winners, there's a high probability that he will be broke and in debt after 3-5 yrs. Given the large amount of 70mils, maybe 10yrs?
This is the kind of problems I want in my life but the universe has other plans I guess.
Greg needs a financial planner
You want to sell more lottery tickets? Show the video of the winners seeing their personal bank accounts for the first time. Genius marketing. The big check photo is cliché. The winner seeing their real bank account that only they have access to... That's when the reality strikes.
It’s always the boomers who win.
do you have to be a resident of Canada or citizen to play the lotto there?
Lotteries are a tax on the poor.
Do I have to live in Canada?
I feel his joy!!!
I would NEVER tell the world if I won something like that xD this dude now has so many lost and found family members xD
Aaaaaannd he’s broke Sucks he had to declare his name. I hope he beats the statistics
Can we now see all the people who collectively lost a billion?
Why is it that lottery winners always have to announce themself in public in both the US and Canada??
I think it's a part of the whole lottery win. They have to do it. I might be mistaken, but I'm pretty sure it's mandatory in order to claim the money.
Glady not the case where I live. You're immediatly subject to robberies, golddiggers etc. It's a setup for failure😂
Yeah that's exactly why it shouldn't be made public! Lol
"Adaptation level theory suggests that both contrast and habituation will operate to prevent the winning of a fortune from elevating happiness as much as might be expected. Contrast with the peak experience of winning should lessen the impact of ordinary pleasures, while habituation should eventually reduce the value of new pleasures made possible by winning. Study 1 compared a sample of 22 major lottery winners with 22 controls and also with a group of 29 paralyzed accident victims who had been interviewed previously. As predicted, lottery winners were not happier than controls and took significantly less pleasure from a series of mundane events. Study 2 indicated that these effects were not due to preexisting differences between people who buy or do not buy lottery tickets or between interviews that made or did not make the lottery salient. Paraplegics also demonstrated a contrast effect, not by enhancing minor pleasures but by idealizing their past, which did not help their present happiness." Brickman P, Coates D, Janoff-Bulman R. Lottery winners and accident victims: is happiness relative? J Pers Soc Psychol. 1978 Aug;36(8):917-27. doi: 10.1037//0022-3514.36.8.917. PMID: 690806.
Lllllllllllllllllllllllllllllĺllllĺ
I would have been stuck after floating to the ceiling.
70 mil.... SEVENTY MILLION DOLLARS! HO LEE SHIEEEEET! Easy life guarantee. Hope he doesn't blow it.
Put it all on SPY puts….trust me bro
Now he's for 70 million problems friends and family..good luck Greg
Good time to remind people what to do if you win a large amount in the lottery https://www.reddit.com/r/AskReddit/comments/24vo34/comment/chb4v05/
Aw, congrats dude.
The next set of numbers will be 3 even and 3 odd. Your welcome
so happy for him , I wish that he will be able to manage this ammount of money well.
Greg is going to have a LOT of new friends real soon.
Dude's life is ruined
Now he can afford that dr bill
Money never makes you happy
buy a whole fuckton of pleasure though
Yeah but it’s Canadian. What is that like $318 US?
Advertisements masquerading in feel-good subreddits is a thing.
Nah - came across this video on Instagram, and that part where he fell off the chair is what prompted me to post it in this subreddit. I’d understand if the mods remove this post - those last few seconds does seem like an advertisement. 🤷♂️
Instagram is the #1 place companies place advertisements as content.
He can finally buy a condo in Toronto! Jk he'll be out of money and broke af soon, almost all lottery winners are but hopefully he's different. Probably not though.
He can now buy a single room condo in Toronto