Millionaire Life

[MazdaTree]

Anyone around here buy any Millionaire Life tickets yet?
http://www.olgc.ca/lotteries/games/millionaire_life.jsp

I usually don't buy lottery unless the jackpot is really high, but ppl kept telling me about this one so I bought $20 worth.

Imagine 1 Mill/year for the next 25 years :)

Good Luck :)

[Jeff-TheBiz]

or you can take it all in one lump at $17,000,000.

We have a group buy with 20 people @ $20...

only one winner in Canada for the grand prize...

[Broli]

bought my dad a shit load of them for his birthday

i would take the 17 mil, what is a million in 25yrs will be nothing, well not nothing, but not what a million is now!

[PhantomPurple_07]

if you take the million a year, you'll have to pay taxes on it b/c it'll be income. but if you take the pay there are no taxes on the 17 mil. you can do a hell of a lot more with 17 mil and make more money than taking the draw every year.

[SIM SIMMA]

why would you have to pay taxes on the 1 mil a year? is it not considered lottery winning as well (which would be tax free)?

[xg3]

i believe the whole point of 1 mil a year is that it was tax free but of course you only get 1 mil a year.

[3GFX]

Pfffft waste of time. Odds are so poor. I don't do lotto, I'd rather go to a casino.

But to all of you who bought tickets, good luck!

[Wild Weasel]

why would you have to pay taxes on the 1 mil a year? is it not considered lottery winning as well (which would be tax free)?

I'm not sure how this one works, but if it's the same as Cash for Life then he's right. It's treated as an annuity and I believe is taxed as a capital gain.

[wtom]

Bought $20 worth today. Seen the commercials for quite some time but never looked into it until today. I missed the early bird, DOH!

I don't freakin care if they'll tax the mil ... it's still money in my hands in the end!

[PhantomPurple_07]

ya i'm not entirely sure how it works, but i'm assuming its like cash for life and then you have to declare it as income.

[TM3]

That would be stupid to take 1 mill per year then... government will take like half of it, so you will end up with half of 25 million and due to inflation, it's worth even less in the future..

if you take 17 mill and invest most of it, it'll be way more than 25 mill in 25 years..

[PhantomPurple_07]

cha huh...thats what i'm sayin'

plus i'd rather see one big ass check for 17 mil with my name on it instead of a bunch of smaller ones.

but really getting around 500G every year after taxes isn't going to make my cry too much

[Wild Weasel]

cha huh...thats what i'm sayin'

plus i'd rather see one big ass check for 17 mil with my name on it instead of a bunch of smaller ones.

but really getting around 500G every year after taxes isn't going to make my cry too much


You might cry on year 26 when you suddenly can't maintain your lavish lifestyle anymore. :D

You should be able to invest 17 million conservatively and still make your million a year. You'd only need a return of a little less than 6% a year!

With that in mind, I think it'd be stupid to take the annuity! :)

[billyfo]

based on my long ago taxation knowledge, lotteries won in Canada are not consider as income, so no income tax. but the interest/ gain money you put into bank acct, bonds/stocks kind of investment will be taxable.

[Wild Weasel]

based on my long ago taxation knowledge, lotteries won in Canada are not consider as income, so no income tax. but the interest/ gain money you put into bank acct, bonds/stocks kind of investment will be taxable.

That is true. If you take the 17 million and invest it, then the capital gains and interest you make on it will be taxable.

If you take the million a year though, you're essentially doing the same thing. The lottery corporation purchases an annuity for you that pays out the annual million bucks. This is not a lottery winning anymore, so it becomes taxable as a capital gain.

Therefore 17 million is tax free while the annuity may not be.

I got this from the lottery site...



In the event federal and/or provincial income tax is payable on account of the
annual annuity payments, ILC will calculate and remit to the tax authorities the
amount of tax payable based on the highest federal and/or provincial marginal
income tax rates applying to the province of residence of the holder of the
winning ticket at the draw date, so as to provide to the holder of the winning
ticket annual annuity payment of $1,000,000 net of any taxes. ILC may,
however, in its sole discretion, use any other basis which it considers fair to
both ILC and the holder of the winning ticket. No adjustment shall be made for
any future change in the applicable federal and/or provincial income tax rates or
if the holder of the winning ticket moves to a different province or country.

[JPAV8S4U]

Oh to dream...... I got a whole whack of them with the GF on the 13th..... We will see how it goes..... SHIT... if we win... i might have to marry her.. wont lose anything when divorced... there's a rarity. Man I have a negative look on marriage huh! Oh well... get it planned now so my lifestyle only goes up.... up up and aways! suckers!

[MajesticBlueNTO]

Pfffft waste of time. Odds are so poor. I don't do lotto, I'd rather go to a casino.

But to all of you who bought tickets, good luck!

the numbers for Millionaire Life are drawn from those that were "played", much like the Princess Margaret lotteries.

Thus, the odds of winning are dependent on how many people play...and each set of numbers are unique...meaning there'll only be 1 grand prize winner (which is why Quick Picks are the only way to play this lottery).

it's not like Super 7 where the odds of winning are 1 in 63 million if they only had 1 line..which is also why you get 3 lines on a Super 7 quick pick, so the odds are now 1 in 21 million :)

[3GFX]

the numbers for Millionaire Life are drawn from those that were "played", much like the Princess Margaret lotteries.

Thus, the odds of winning are dependent on how many people play...and each set of numbers are unique...meaning there'll only be 1 grand prize winner (which is why Quick Picks are the only way to play this lottery).

it's not like Super 7 where the odds of winning are 1 in 63 million if they only had 1 line..which is also why you get 3 lines on a Super 7 quick pick, so the odds are now 1 in 21 million :)


Guessing from this thread alone, you'll still have a fairly small chance ;)

[cyberscorpi0]

Group Buy in my Office underway . . . . .

[EvilEric]

Go to a casino and play blackjack, you have better odds walking away a winner then this "Millionaire Life" Thing.

[Wild Weasel]

Go to a casino and play blackjack, you have better odds walking away a winner then this "Millionaire Life" Thing.

Sure.. but think of the costs. :)

How much risk would it take to win a million bucks at a blackjack table? With the lottery, you've got just about nil chance of winning, but it only costs you a few bucks to potentially win big.

People don't play the lottery expecting to win. They play it so they can dream about winning. It's a small amount to spend to give you a tiny bit of hope that the daily grind will come to an end much sooner than you thought it would. And, of course, in a much more pleasant manner than being hit by a bus or something...

[cyberscorpi0]

^^^ Nice Avatar ^^^
Looks like you updated your photo.

If you play with group of people, the cost will be minimal.

[Wild Weasel]

^^^ Nice Avatar ^^^
Looks like you updated your photo.


Thanks. :) I'll change it to an actual pic once I get my car, but at least now the noobs won't ask me where my 3 is anymore... ;)

[Broli]

wheres ur 3 WW?

[cyberscorpi0]

Thanks. :) I'll change it to an actual pic once I get my car, but at least now the noobs won't ask me where my 3 is anymore... ;)

If you win the Millionaire Life, What's the first MOD you gonna do?

[EvilEric]

If you win the Millionaire Life, What's the first MOD you gonna do?

First MOD would be the "NEW CAR" Mod.

[Wild Weasel]

heh.

If I won any lottery... I'd probably start by twin charging the Sunfire and getting her down into the low 13's. :)

And I'd probably buy my wife a CX7...

[wtom]

Anyone here win anything (http://www.olg.ca/lotteries/games/millionaire_life_winning_numbers.jsp)? :)

[MPS]

not here :bang but i call shares with any 1 that wins :chuckle

[MazdaTree]

not here either :(

My friends coworkers cousin won one of the early bird $100,000.

[Chuckie]

seriously eh.. cool
i didn't win.

[Zubbie]

I didn't won anything either... dammit i wanted to retire at 21.

[Nextmod]

there goes $40 for me lol
good thing I used my Esso points to get it

so it was okay =P

[JPAV8S4U]

I havent checked yet.... the dream is still alive! Freedom 27 HERE I COME!!

[Whos ur dadd]

Damn. Now I gotta hang 'round here for a bit more instead of the Upper Canada Porsche Club where I belong.

[Jeff-TheBiz]

$400 in tickets and we won $60!

So we did they ole roll it over and throw it to Super 7.

oh well.....

Still can dream.