How should I keep track of my gambling activity throughout the year in case I need to discuss it with a tax professional?

Picture this: you've had a solid run at a regulated Ontario online casino over the past twelve months — some winning sessions, some losing ones. Tax season arrives and your accountant asks, "Do you have records of your gambling activity?" You stare at them blankly. That moment is entirely avoidable, and the preparation is simpler than most people assume.

The Canadian Tax Context — Why Records Still Matter

Lottery winnings of any amount are generally not reported or taxed in Canada for the average recreational player. That said, the picture is not entirely black and white. Lottery and certain other winnings are non-taxable in Canada — however, if the taxpayer is in the business of gambling, the proceeds and losses must be considered for income tax purposes. The CRA's own guidance, Income Tax Folio S3-F9-C1, covers the tax treatment of various receipts including gambling winnings, which do not readily fall within the more usual categories of income. The practical upshot: if you play occasionally and recreationally, your winnings are almost certainly not taxable. But if your gambling starts to look systematic, frequent, and profit-driven — in other words, more like a business — a tax professional needs to assess your situation. Good records are what make that assessment possible.

Even purely recreational players benefit from documentation. If large sums flow in and out of your bank account and you ever face a CRA inquiry about the source of funds, for all winnings and losses, the CRA can request documents that support the winnings and losses for all significant amounts. Without records, you're relying on memory alone.

What Ontario's Regulated Platform Already Gives You

One genuine advantage of playing on AGCO-registered, iGaming Ontario-operated sites is that the recordkeeping infrastructure is built in. Under the AGCO's Registrar's Standards, all player account transactions must be recorded and logged in an accurate and complete manner, and at a minimum, the gaming system must give the player access to deposit and withdrawal history, current balance, log-in and log-out times, gaming event and transaction history, method and source of funds, total monies wagered for a session or period of time, total monies won or lost for a session or period of time, and account balance at the start and end of each session.

That is a meaningful foundation. Log into your account periodically — monthly is a reasonable habit — and download or screenshot your transaction history and session summaries. Don't assume you can always retrieve historical data on demand; operator data retention policies vary, and if you ever close an account or an operator exits the market, that history may become harder to access.

Building Your Own Running Record

Platform data is a starting point, not a complete picture. Here's what a well-organized personal log looks like:

• Deposits and withdrawals by operator. A simple spreadsheet with the date, amount, and platform name for every deposit and withdrawal covers the money-in/money-out story clearly.
• Net session results. Where your platform provides session-level win/loss data, record it. If it doesn't break things down that way, use your opening and closing balance for each sitting.
• Bank statement cross-references. Your bank records every transfer to and from a gambling site. Keep those statements. They corroborate your own log and are the kind of third-party evidence that carries weight.
• Platform and game type. Note which operator and, broadly, what type of game (slots, live tables, sports betting). If the "business of gambling" question ever arises, the nature of your activity matters.
• Annual summary. At year-end, total your deposits, total your withdrawals, and calculate the net. That single figure — net loss or net gain across all platforms — is the number a tax professional will want to start with.

A Few Practical Notes

Keep records for at least six years. That aligns with the general window the CRA uses for reassessments, and it costs nothing to hold a spreadsheet and some PDFs.

If you play on multiple regulated Ontario platforms, treat each one as a separate column or tab in your log. iGaming Ontario has worked with the Government of Ontario and the AGCO to establish an online gaming market that helps protect consumers gambling through private gaming companies. Every one of those registered operators is required to maintain your transaction data — but you shouldn't rely on them as your sole archive.

The tax question of whether your gambling is recreational or business-like is genuinely complex and fact-specific. A qualified Canadian tax professional is the right person to make that call based on your actual activity pattern. Your job is simply to hand them clean, complete records when the time comes.

If at any point tracking your gambling activity makes you uncomfortable about the amounts involved, that's worth paying attention to. ConnexOntario (1-866-531-2600) offers free, confidential support around gambling and other health concerns, any time.