Canadian Olympic athletes winnings taxed.

[bazokajoe]

I read in the paper today that Canadian Olympic athletes who win medals get a financial reward from the federal government. The article was written to make it sound like they shouldn't be taxed just because they are in the Olympics. I have no problem with them being taxed.
It's a financial reward which isn't any different than someone receiving a bonus at work.

 

[Blue-Spheroid]

Maybe it should be considered a prize that they won and then it would not be taxable.

Considering that the federal government pays a significant percentage of the Athlete's expenses and then pays for the financial reward, it seems silly to pay it out and the claw it back. How much do we (the taxpayers) pay for all the salaries required to shuffle that money around?

 

[cancowboy2001]

At least it is not as grasping as the USA - winners have to pay tax on the value of their medals.

 

[spaman]

I read in the paper today that Canadian Olympic athletes who win medals get a financial reward from the federal government. The article was written to make it sound like they shouldn't be taxed just because they are in the Olympics. I have no problem with them being taxed.
It's a financial reward which isn't any different than someone receiving a bonus at work.

you are incorrect. The Canadian government spends bout 200 million a year on supporting elite athletes. Not even close to cover the best coaches, training, and medial support available. Athletes have to find alternative sources, unlike our American cousins

 

[Butler1000]

The athletes also can place money in a trust that differs tax payments. It would allow them to draw on it later when it would be more advantageous.

Honestly it's not a huge about payed so I don't think the tax rate would be onerous. Also it isn't prize money IMO. It's earnings just like a pro.

 

[bazokajoe]

you are incorrect. The Canadian government spends bout 200 million a year on supporting elite athletes. Not even close to cover the best coaches, training, and medial support available. Athletes have to find alternative sources, unlike our American cousins

Sorry but I am correct.Read the article and learn something.

http://www.theglobeandmail.com/repo...ic-medalists-should-be-taxed/article31461142/

 

[Keebler Elf]

Where in that article does it say Canada spends anywhere near as much money on our athletes vs. what the US spends? I don't see that...

 

[bazokajoe]

Please read my original post,then the article.It has nothing to do with what is spent on athletes,it's has to do that they get taxed on the financial reward they get from the federal government for getting a metal.
Not sure why it's so hard to understand?

 

[skinnyguy]

I have no problem with them being taxed. How much government money gets wasted on development programs for these people?

Other related pet peeve ... news reports stating that somebody "won" silver or bronze medals. No, they didn't win anything, otherwise they would have a gold medal, they were 1st or 2nd loser. Should state that they were awarded silver or bronze or other similar wording.

 

[bazokajoe]

I have no problem with them being taxed. How much government money gets wasted on development programs for these people?

Other related pet peeve ... news reports stating that somebody "won" silver or bronze medals. No, they didn't win anything, otherwise they would have a gold medal, they were 1st or 2nd loser. Should state that they were awarded silver or bronze or other similar wording.

I like the way you think.

 

[IRIS]

I read in the paper today that Canadian Olympic athletes who win medals get a financial reward from the federal government. The article was written to make it sound like they shouldn't be taxed just because they are in the Olympics. I have no problem with them being taxed.
It's a financial reward which isn't any different than someone receiving a bonus at work.

They brought glory for our country and every time, when they got medals, the all world saw the canadian flag and heard our national anthem. I don't think a rich country as Canada need their bucks to balance the budget. And what a fuck is 20K for a gold??
A poor country like Hungary, pay around 160K for their gold medalist and 2500$ perpetuity every month, until they die (all is tax-free). They absolutely deserve it. It shows: They respected, and they proud of their heroes. Canada?? Not too much.
Olimpics medalists deserve better treatment, than any average John Doe. They make us proud, they make us stronger. Many of them is amateur and not a professional athlets so tax them after the reward is a biggest shame Mr. Trudeau.

 

[bazokajoe]

They brought glory for our country and every time, when they got medals, the all world saw the canadian flag and heard our national anthem. I don't think a rich country as Canada need their bucks to balance the budget. And what a fuck is 20K for a gold??
A poor country like Hungary, pay around 160K for their gold medalist and 2500$ perpetuity every month, until they die (all is tax-free). They absolutely deserve it. It shows: They respected, and they proud of their heroes. Canada?? Not too much.
Olimpics medalists deserve better treatment, than any average John Doe. They make us proud, they make us stronger. Many of them is amateur and not a professional athlets so tax them after the reward is a biggest shame Mr. Trudeau.

That's funny considering I bet you don't pay taxes on all your income.You aren't being very nice to the country that took you in.
Explain to me the monetary payback that these Olympic athletes provide by being on the podium with the national anthem playing? No reason for them to be exempt from taxes or being spoon feed for the rest of their life.Do we have to give an allowance to professional hockey,basketball,highly sponsored track and field athletes that participate and win medals for the rest of their lives to? I can just see the headlines now "Sydney Crosby makes $7,000,000/yr and still receives a $2500 monthly allowance from the Canadian government for winning a gold"

 

[Kazuma_Kiryu]

I read in the paper today that Canadian Olympic athletes who win medals get a financial reward from the federal government. The article was written to make it sound like they shouldn't be taxed just because they are in the Olympics. I have no problem with them being taxed.
It's a financial reward which isn't any different than someone receiving a bonus at work.

http://www.marketwatch.com/story/ol...-youre-from-one-of-these-countries-2016-08-10

Check that link out...

 

[frankcastle]

That's funny considering I bet you don't pay taxes on all your income.You aren't being very nice to the country that took you in.
Explain to me the monetary payback that these Olympic athletes provide by being on the podium with the national anthem playing? No reason for them to be exempt from taxes or being spoon feed for the rest of their life.Do we have to give an allowance to professional hockey,basketball,highly sponsored track and field athletes that participate and win medals for the rest of their lives to? I can just see the headlines now "Sydney Crosby makes $7,000,000/yr and still receives a $2500 monthly allowance from the Canadian government for winning a gold"

Am i right in assuming you never pay for good or service with just cash for a discount? That you never make investments under a different persons name who has a lower income? You always declare goods at the border? You have never accepted cash for work and not reported it?

 

[frankcastle]

What is the shelf life of an athlete?

To become Olympic caliber there's a chance you sacrificed earning potential by having a weak plan for after sports.

 

[bazokajoe]

Am i right in assuming you never pay for good or service with just cash for a discount? That you never make investments under a different persons name who has a lower income? You always declare goods at the border? You have never accepted cash for work and not reported it?

Nope,can't say I do. Not sure how I would make an investment under someone else's name/That's fraud using another identity. I am guessing you do since you brought it up.As far as duty at the border...mmm nope.Limit is $800 so when I go over I keep it under 800.Why be flagged on future trips... for what?....and extra t-shirt?And I am not self employed so I work for a company that doesn't pay under the table.
Anything else?

 

[frankcastle]

Nope,can't say I do. Not sure how I would make an investment under someone else's name/That's fraud using another identity. I am guessing you do since you brought it up.As far as duty at the border...mmm nope.Limit is $800 so when I go over I keep it under 800.Why be flagged on future trips... for what?....and extra t-shirt?And I am not self employed so I work for a company that doesn't pay under the table.
Anything else?

No I'm good. I call bullshit that you never pay cash for things like renovations. But I guess that's the beauty of being anonymous isn't it. You get to take personal pot shots at the girls behind your keyboard.

Nice soft targets I mean it's not like they are going to fight back because then others might think she is an uppity bitch.

 

[Kazuma_Kiryu]

What is the shelf life of an athlete?

8-12 years tops at Olympic level. There are some special cases for 16-20 years. They're still somewhat competitive, but usually well past their prime and peak performance levels often drop compared to earlier in their careers.

 

[frankcastle]

8-12 years tops at Olympic level. There are some special cases for 16-20 years. They're still somewhat competitive, but usually well past their prime and peak performance levels often drop compared to earlier in their careers.

Right so the question becomes what is number of years training leading up to the 8 to 12 years worth?

I mean likely this person has made some serious sacrifices.

So what if the person doesn't pay taxes on the reward. Not only is the amount small compared to the work put in but presumably with the medal the person may score an endorsement that will be taxed. Or maybe they can then turn around and use that cachet to help them become a coach/trainer and thus earn money based on their celebrity. My point is that any money lost from the reward could come back much larger anyways.

 

[JackBurton]

Maybe the athletes should reevaluate their end goals? Just because someone trains for years to go to the olympics doesn't mean they should get a free ride. Of course they should be taxed on their winnings, they are just playing a game. Seriously, it's just a game that means nothing in the end. It doesn't benefit Canada in any way except for bragging rights for about a week. 200 million of our tax dollars going towards the Olympic atheletes is a disgusting waste. Remember, most of the athletes won't win anything, it's just a chance for them to go party in another country. It's still just a game. The only people who should not be taxed are the soldiers who serve in an active theatre of conflict.