Just won big on the Lotto 649? Got lucky on the much larger US Powerball jackpot? (which can now be played from within Canada!) Or maybe you’re waiting to cash in a big prize on a charity lottery. Before you do, we have some useful advice for lottery winners in Canada.
No matter where the money is coming from, lottery winners in Canada have many considerations before and after they cash that colossal cheque. It might not be the first thing you’re thinking about, but there are important financial, legal, and personal matters to consider before you start dreaming of mansions and yachts.
Before Winning the Lottery in Canada
Be sure to do the following to protect your ticket:
- Keep your ticket stored in a safe place no one else knows about
- Take your ticket to a reputable lottery retailer to check it and be sure you keep a close eye on the cashier helping you
- Contact Jackpot Lawyer immediately after a win to make sure your ticket is protected, but your options stay open
After Winning the Lottery in Canada
Get in Touch with Jackpot Lawyer to Stay Anonymous
The sooner you get in touch with Jackpot Lawyer after winning the lottery in Canada, the better. We’ll be able to offer you advise you on the very first steps to take toward anonymity. A free and completely confidential consultation allows you to explore your options with no obligation. Jackpot Lawyer is happy to offer advice to lottery winners in Canada regardless of the circumstances of their win, whether they’ve signed their ticket or not, or whether they’ve decided if they’d like to remain anonymous or accept their winnings publicly.
Cool Off & Make a Plan
According to this article in The Star, you should give yourself a cooling off period after a big jackpot win. Most lottery winners spend their winnings much faster than expected. All the excitement following a win leads to unwise, spontaneous spending. Larry Moser of BMO’s Investor Line also cautions about the pitfalls of publicity in the article in The Star, stating that:
“‘All sorts of people are going to come out of the woodwork. I’ve even heard of people getting blackmailed,” says Moser. ‘You need to be prepared for how you’ll handle various situations.’”
If you haven’t contacted Jackpot Lawyer to help you stay anonymous when claiming your prize, you’ll need a game plan for unwanted solicitations. Unfortunately, this often includes friends and family. You’ll want to decide how to set boundaries so your winnings don’t affect your personal relationships negatively.
For more information and advice for lottery winners in Canada, stay tuned to the Jackpot Lawyer blog.
Author: Danielle Mohr
Danielle is a professional copywriter and editor who provides services to Jackpot Lawyer on a contract basis. She has a broad range of experience in business marketing and is highly motivated to help businesses generate leads, increase sales, and promote growth.
Danielle has worked on websites, corporate blogs, and manuals for professionals, trades, government-funded organizations, and international corporations. Her work is driven by a strong passion for continued learning and she enjoys the challenge that comes with forging connections in the digital realm.
Danielle is the owner of Fine Point Writing & Editing based in Edmonton, Alberta.