A look at rules for Canadians hoping to cash in on the Powerball

(by Alison Bailey and Simon Druker)  If you are gunning to become the world’s next billionaire, you could try heading south!

Canadians are crossing the border in droves to pick up tickets for the record-breaking Powerball jackpot.

If you’re convinced your champagne wishes and caviar dreams could come true, there are a few things you should know before the big draw.

Jana Jones is the director of legal services for Washington’s Lottery. She says if you do end up on the news with that giant cheque, your fortune won’t quite add up to the $1.5 billion advertised.

“We take 25 per cent income tax out for United States citizens. We withhold 30 per cent income tax for foreign nationals.”

“If a person from Canada is interested in purchasing a Washington State lottery ticket — and I know right now there is a lot of interest in Powerball — they have to purchase from one of our licensed lottery retailers, or you can get tickets directly from the lottery,” she tells us.

Jones notes tickets are not sold online, pointing out there are sites that may be operating illegally.

But she says if someone does buy a ticket online and it checks out on the system as legitimate, that person will still get the prize.

If you win, you get a choice between annual payments over 29 years or one smaller lump sum.

If you took the lump sum, you would end up with between $850 million and $900 million Canadian.

The draw happens tomorrow evening at 7 p.m. PST.