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8:51 am
October 21, 2011
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FamilyMoneyValues
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I'm ramping up to do a giveaway on FMV and came across this blog article – written by a lawyer it says – on the legalities. It mentions that if prizes are over a certain amount, some states require extra steps. It says that to run a giveaway in Canada, you can't have it be pure luck – there has to be a skill element. If you are doing a giveaway, you might want to take a look.
http://www.savingforsomeday.co…..way-legal/
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8:59 am
October 21, 2011
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Derek@LifeAndMyFinances
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Yep, that was good to read, and honestly made me a little scared to do another giveaway…. but, it sounded like all of my contests have been legal so far.
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10:38 am
October 21, 2011
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MoneyIsTheRoot
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Interesting read, thanks! I think Ive kept it legal so far. I also cant imagine somebody is going to sue, or legalities will be pursued over a $25 giveaway, but maybe im wrong.6
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10:52 am
October 21, 2011
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My Personal Finance Journey
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Very interesting stuff! that's interesting that they picked $600 as the threshold that must be reported to the IRS!
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12:27 pm
October 21, 2011
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Tony Chou @ Investorz' Blog
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I heard about this too. But like MITR said, nobody's gonna sue you over a trivial amount of money. In Canada, it's considered gambling if there's no element of skill involved.
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3:02 pm
October 25, 2011
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Miss T @ Prairie Eco-Thrifter
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Thanks for the heads up Marie. I will keep this in mind when I run a giveaway next year. And yes it's true, in Canada you have to do skill testing questions.
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3:44 pm
October 25, 2011
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Suba @ Wealth Informatics
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We cannot assume that no one will sue because the amount is less (who would have expected anyone to sue over the coffee temperature). We have to take as much care as possible to avoid getting on the wrong side. I actually did an entire "official rules" document when I had my first year giveaway. But that was only the start, I should have mentioned every single sponsor of the giveaway. So it was not a "complete" rule document. Before my next giveaway I will have the updated rules. It is always better to cover all the bases.
Here are the general rules https://docs.google.com/open?id=0B7QSh-JI75YbYTFhMGY3NDUtMGQ2ZC00YzhjLWJhYjctZjkzNjlhOGE1MGVk
There were also contest specific rules I added to the contest.
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5:12 pm
October 25, 2011
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Khaleef @ KNS Financial
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Thanks for posting this. I plan to do a couple of giveaways over the next few months, and I had no idea we had to cover this many bases!
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9:19 am
October 26, 2011
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Jeff @ Sustainable Life Blog
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THis is an interesting post, and I've only a few giveaways and havent run into any problems – thgouh I'm considering doing one for next year and this was a great help.
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9:26 am
October 26, 2011
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Henry @ TotallyMoney
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Thanks for this. really helpful stuff.
I would imagine most people will be safe, but it is great stuff to know
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12:13 am
December 18, 2011
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Super Frugalette
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I won an iPad last year — $499. I was so excited that I didn't have to claim it.
From what I have noticed on sweeping sites is that "sweepers" are aware of this rule and use it to determine if they want to pay the tax on a prize. For most people, winning a vacation would incur taxes and some people do not have the means to pay the taxes, and do not enter for such prizes.
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9:53 am
December 19, 2011
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Cents To Save
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| Member | posts 435 |
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Very helpful information. Thanks for sharing!
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