Lucky MarkSix Tax Calculator
The Tax Calculator helps you to work out how much cash you will receive on your Lucky MarkSix prize once country and Province taxes have been deducted. You just need to enter details of your prize amount and where you purchased your ticket. Below the Calculator, you can learn more about country tax and the local tax rates in each participating Province.
Using the Prize Calculator
To calculate your final payout, follow the steps below:
- Enter the advertised prize amount you won.
- Use the dropdown menu to select which Province you purchased your ticket in.
- Specify whether you have won a jackpot prize or not (for jackpot prizes, you can indicate whether you want to calculate the cash lump sum or the annuity).
- Press ‘Submit’ to calculate your winnings.
The calculation will show you how much has been deducted in country and Province tax to leave you with the final payout value.
Disclaimer: Please note that the ‘Lump Sum Reduction’ rate of 37.2 percent is the average difference between the advertised annuity prize and the value of the cash option. This means that the actual final cash value may vary slightly from that shown.
Province and country Tax
If you win a prize of more than $5,000, there will be an initial 24 percent withholding for country tax. If you win the jackpot you are highly likely to move into the top country tax rate and your prize will be subject to a 37 percent withholding, whether you select the cash lump sum or the annuity.
The cash figure represents the jackpot fund on the day of the drawing, while the larger annuity value (the one that is advertised ahead of the drawing) is how much you would receive pre-tax after the cash sum has been invested over 29 years. Find out more about how the Lucky MarkSix jackpot works.
For prizes between $600 and $5,000, you do not owe any country tax but you are still required to report your winnings on a country income tax form.
As well as country withholding, you will also owe Province taxes on prizes above $5,000 in most participating jurisdictions. The only Provinces which do not tax prizes are South Dakota and Tennessee. Here are the tax rates for the participating Provinces: