Couple Wins $11M; Gives Almost All of It Away

[sabra]

Source: CBS News

Elderly Canadian Couple Wins Lottery; Hands Out 98 Percent of Their Jackpot

(CBS/ AP) A Canadian couple who won $10.9 million in the lottery just gave almost all of it away.

Allen and Violet Large said Thursday they won their fortune in a July 14 Lotto 649 draw and decided to donate 98 percent of it, some $10.6 million, saving the rest for a rainy day.

"We were quite happy with what we had and the way we were going," said Allen Large, a 75-year-old retired welder. "We have no plans. We're not travelers. We're not night-prowlers. We're not bar-hoppers."

After taking care of their family, the Larges donated the bulk of the prize to churches, fire departments, cemeteries and the Red Cross in Lower Truro, as well as hospitals where Violet, who has cancer, has undergone treatment.

They say they haven't bought a thing.

"Nothing," Violet told the Canadian Broadcasting Corporation. "We haven't bought one thing. That's it because this is nothing that we need."

"I'm quite happy with what we got," Allen told the CBC. "Money can't buy happiness."

Read more: http://www.cbsnews.com/stories/2010/11/05/earlyshow/main7025286.shtml?tag=contentMain;contentBody

[xchrom]

1. Very very sweet. Nt

[Botany]

2. Good People

"It made us feel good that we could do something to help other people," Allen says

[DCKit]

8. He says as greedy heads explode all 'round. n/t

[Posteritatis]

19. They cited those guys as part of the reason they gave it away

They didn't feel they needed to worry about whether or not every other call was scamming them out of something, given how much people like to prey on both lottery winners and the elderly.

... So of course now they've had to disconnect their phone line because reporters refuse to leave them alone, demanding to have such a simple thing explained to them.

[groundloop]

3. A BIG K&R. (I'm guessing it also helped that they don't have to worry about health insurance)

[Name removed]

5. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Sentath]

6. ?

not an age thing, a Canadian thing

[usaf-vet]

15. what's missing in this world we live in.

not an age thing. not a Canadian thing

just a simple caring compassionate thing.

[kath]

25. a simple living-in-a-civilized-country thing.

Where the phrase "the general welfare" actually MEANS something. Like EVERY other developed nation, except ours.

[eridani]

46. Actually, not having to keep a lot of it because of potential health care expenses--

--really IS a Canadian thing.

[harmonicon]

7. How is that dumb?! It makes perfect sense.

Can you imagine someone in the US being in a position where if they had cancer they would have no use for all of the money they could get to pay for the treatment?

[Name removed]

10. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Commie Pinko Dirtbag]

21. Please elaborate.

Why was that dumb?

[smiley]

22. +1000

for a very astute comment

[yesphan]

4. My kind of people

They get it and the real human nature shines through.

[dkf]

9. Cemeteries? Hmm I could have found a better use for that.

[trud]

11. cemeteries

A lot of cemeteries are historic and need substantial maintenance.

[Posteritatis]

18. This province is pretty big on preservation of historic sites in general

To the point where it causes quite a bit of tension when it comes to development in some communities, though there's a gradual move towards some sort of balance there.

[Posteritatis]

17. There's several other things listed that they gave money to. (nt)

[dkf]

33. Yeah...that was the only thing that I thought "huh?"

[jpak]

12. These are Canadians folks - socialist giveawayers and do-gooders

:thumbsdown:















:sarcasm:

[BrklynLiberal]

39. yep.

[4lbs]

13. Must be some freaking libruls spreadin' the wealth!111!11!!!!

We can't have none of that, now, you hear!

;)

[hughee99]

14. I hope there's no tax liabilities on canadian lottery winnings?

I'd hate for this nice couple to end up screwed because they gave away almost $11 million and then the taxman came for his cut.

[xxqqqzme]

16. I thought taxes were usually taken out first..

Just what I understand, having never been in such a circumstance myself.

[Posteritatis]

20. Nope, they're fine in that regard.

If you bank the winnings you get taxed on any accrued interest of course, but that's about it.

[4lbs]

24. Hopefully, the $10.9 million was AFTER taxes.

In that case, they actually would have won about $30 million. They took the lump sum, which was $17 million (or about 56% of the amount). Then taxes were taken out, about $6 million. That left them with $10.9 million.

The same thing happens with the lottos/lotteries here in the USA.

If one wins say, $50 million, and takes the lump sum, then they'd actually get about $17 million after everything (including taxes) is computed.

A good rule to follow is to take the original amount won, and find out one-third of that value. That's the expected amount to actually be given if one takes the lump sum and pays all taxes. It comes from taking 56% of the amount for lump-sum (0.56) and multiplying by the amount left over after 40% taxes are taken by all parties involved (0.60). 0.56 x 0.60 = 0.336 or one-third.

$60 million "won" ---> $20 million actually expected in lump-sum after taxes.

If you then invest that money wisely, you can easily get double the original amount over the same 25 year period they would be paying out in annuity.

[Posteritatis]

27. It was untaxed. (nt)

[OnlinePoker]

30. In Canada, we don't pay taxes on gambling winnings (and this includes lotteries)

The governments take over 50% out of the pool pre-draw so the winner keeps whatever they get. Even if we win in Vegas, there are ways to go about recovering at least some of the tax money we pay there once we get home.

[Swede]

31. There are no taxes on winnings in Canada.

[Darth_Kitten]

36. Only tax on the interest.

:)

[Commie Pinko Dirtbag]

23. K&R for the insanely huge awesomeness.

:thumbsup:

[BetsysGhost]

26. un rec'd

because I felt like it.

:P

[NBachers]

28. Well doesn't that make you special. Any other worthwhile information to share?

[BrklynLiberal]

40. LOL..

A good example of this....

[paranoid floyd]

37. Nice

You sign up, post 5 times, and then decide to come up with a dickish post. Wow, you're really contributing a lot to DU.

[Raine]

45. Enjoy your stay here

with your attitude I'm sure it will be very short. :silly:

[nradisic]

29. There is hope for humanity

Very cool...I would have to keep a little more to settle some debts and put kids through college, but I would certainly give a bunch to people who need it more than we do.

[earth mom]

32. I think I love these people! Canadians ROCK!

:yourock:

:loveya:

[Odin2005]

34. Very cool!

[David__77]

35. I would start a progressive organizing endeavor.

We actually need "progressive enterprises" to fund such things.

[BrklynLiberal]

38. My first thought..."Typical Canadians"...as far as the ones I have met..

[Egnever]

41. Why buy the ticket in the first place?

just askin.

[gmoney]

43. +1

Compulsive gamblers?

[madokie]

42. Wouldn't it be nice to be where those two heart are at

Wow

[ProudDad]

44. Wonderful example...

Are we sure this isn't from The Onion...?