Some advice on what to do if you win the $70M Lotto Max prize
Ontario Lottery & Gaming is again seeing record lottery ticket sales, with an estimated $140 million in prizes up for grabs in tonight’s Lotto Max draw, including a $70 million top prize.
Tony Bitonti, OLG’S director of communications, said Ontario has seen its share of $70 million winners.
“There have been six $70 million winners across Canada -- four of them here in Ontario,” Bitonti said. “And I’ve had the pleasure of meeting all four of them and presenting them with that astronomical cheque.”
Bitonti said reactions to winning such a big prize are probably what you would expect.
“When I first meet them, they are giddy, they are in shock, and then within a few moments when I present them with the cheque, even though it’s a novelty cheque, they know that that money is imminent, it’s going into their bank account within minutes,” he said.
According to the OLG, the odds of winning the $70 million payout with a single play is 1 in 33.2 million. A Noellville, Ont., couple won $70 million in February.
lf you defy the odds and find yourself with one a winning ticket, Pattie Lovett-Reid, chief financial commentator for CTV News, has some advice. Lovett-Reid's first tip is to resist telling anyone, at least not right away.
“Family, friends, charities, they all come knocking, and you may be unprepared in terms of how to respond,” she said. “That doesn’t mean that you don’t respond and you don’t give, because I think you do. I also think you get to spend, but you need to know what to save. So you have to have a plan.”
Lovett-Reid said a big lottery win, or any sudden windfall, should be followed up with a call to a lawyer, accountant or financial adviser. She also suggest three simple rules: spend some, give some, save some.
CTVNews.ca Top Stories
Widow looking for answers after Quebec man dies in Texas Ironman competition
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
World seeing near breakdown of international law amid wars in Gaza and Ukraine, Amnesty says
The world is seeing a near breakdown of international law amid flagrant rule-breaking in Gaza and Ukraine, multiplying armed conflicts, the rise of authoritarianism and huge rights violations in Sudan, Ethiopia and Myanmar, Amnesty International warned Wednesday as it published its annual report.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
U.S. Senate passes bill forcing TikTok's parent company to sell or face ban, sends to Biden for signature
The Senate passed legislation Tuesday that would force TikTok's China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that's expected to face legal challenges.
Wildfire southwest of Peace River spurs evacuation order
People living near a wildfire burning about 15 kilometres southwest of Peace River are being told to evacuate their homes.
U.S. Senate overwhelmingly passes aid for Ukraine, Israel and Taiwan with big bipartisan vote
The U.S. Senate has passed US$95 billion in war aid to Ukraine, Israel and Taiwan, sending the legislation to President Joe Biden after months of delays and contentious debate over how involved the United States should be in foreign wars.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.