Friedman: CRA going after former athletes for Canadian teams could impact their ability to draw free agents

[MMC]

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[Canadienna]

Tax related salary caps need to be a thing.

I don't think multi millionaires should be able to get out of paying their share of taxes, but I also think it's a legitimate issue for maintaining fairness across the league.

 

[HockeyVirus]

I am all about rich people being made to pay taxes but

- CRA has a program where you can defer taxes until retirement without a limit

- Player uses it as written

- CRA says "wait a minute maybe there should be a limit".

Then amend the damn law. Dumb lawsuit that will cost the tax payers and cause damage in other ways like Friedman says.

Suspect the CRA would never go after Rogers or Bell for using loopholes beyond reason to pay little tax

 

[Hoverhand]

Thank you National Post for trying to convince people who make ~50k a year that the CRA going after millionaires is a bad thing.

 

[ohcomeonref]

Thank you National Post for trying to convince people who make ~50k a year that the CRA going after millionaires is a bad thing.

B-but, *I* could be a millionaire one day!

 

[Mirka the Turka]

These ridiculous tax rates are why players avoid Canada

 

[The Hanging Jowl]

These ridiculous tax rates are why players avoid Canada

Wouldn't surprise me. Top marginal tax rate in Ontario (where he worked) is 53.53% and someone like Bautista would have almost all of his income at that highest bracket. Then while he was living in Toronto, there's a 13% sales tax on top of that but given that's on *after tax* dollars, it's equivalent to about 19% on his pre-tax salary. Then add in property taxes, sin taxes, etc. taxes and you're easily looking at giving the government 80% of your earnings if you make the kind of money Bautista makes. It's ludicrous.

I am all about rich people being made to pay taxes but

- CRA has a program where you can defer taxes until retirement without a limit

- Player uses it as written

- CRA says "wait a minute maybe there should be a limit".

Then amend the damn law. Dumb lawsuit that will cost the tax payers and cause damage in other ways like Friedman says.

Suspect the CRA would never go after Rogers or Bell for using loopholes beyond reason to pay little tax

Define "Rich people". But for context, top earners in Canada already pay far more than their share.

"The top 10 percent pay 47.1 percent of income taxes and earn 33.1 percent of total income."

https://www.fraserinstitute.org/sites/default/files/measuring-the-distribution-of-taxes-in-canada.pdf

 

[HockeyVirus]

Wouldn't surprise me. Top marginal tax rate in Ontario (where he worked) is 53.53% and someone like Bautista would have almost all of his income at that highest bracket. Then while he was living in Toronto, there's a 13% sales tax on top of that but given that's on *after tax* dollars, it's equivalent to about 19% on his pre-tax salary. Then add in property taxes, sin taxes, etc. taxes and you're easily looking at giving the government 80% of your earnings if you make the kind of money Bautista makes. It's ludicrous.



Define "Rich people". But for context, top earners in Canada already pay far more than their share.

"The top 10 percent pay 47.1 percent of income taxes and earn 33.1 percent of total income."

https://www.fraserinstitute.org/sites/default/files/measuring-the-distribution-of-taxes-in-canada.pdf

Well, I am in the top 10 percent so I mean people above me like the top 3% who are making millions a year. Mostly corporations making billions should be asked to pay their share

 

[53or8]

Thought the batista thing was essentially a tax dodge in the way he's differing taxes into a retirement account which is what cra said you can't do.

 

[madmike77]

Many of the Canadian teams already have trouble attracting FAs. Not sure this will make a lot of difference for Calgary, Edmonton, Winnipeg and Ottawa.

 

[Turin]

The CRA is the devil. - Canadian

 

[TheDoldrums]

Thank you National Post for trying to convince people who make ~50k a year that the CRA going after millionaires is a bad thing.

they gave away billions in misappropriated subsidies during the pandemic and aren't making any efforts to reclaim those, I'm supposed to cheer them for going after star athletes for a drop in the bucket?

 

[Mirka the Turka]

Thank you National Post for trying to convince people who make ~50k a year that the CRA going after millionaires is a bad thing.

The reason people make 50k a year is because of governments twzkng

Wouldn't surprise me. Top marginal tax rate in Ontario (where he worked) is 53.53% and someone like Bautista would have almost all of his income at that highest bracket. Then while he was living in Toronto, there's a 13% sales tax on top of that but given that's on *after tax* dollars, it's equivalent to about 19% on his pre-tax salary. Then add in property taxes, sin taxes, etc. taxes and you're easily looking at giving the government 80% of your earnings if you make the kind of money Bautista makes. It's ludicrous.



Define "Rich people". But for context, top earners in Canada already pay far more than their share.

"The top 10 percent pay 47.1 percent of income taxes and earn 33.1 percent of total income."

https://www.fraserinstitute.org/sites/default/files/measuring-the-distribution-of-taxes-in-canada.pdf

I am very sorry for you. Moved to Texas years ago and there’s not even a state tax which is great

However I still pay a lot in taxes because of federal and property tax but I cannot understand how business can even operate effectively at those obscene rates in Canada or how the average person can afford anything because high taxes equals high prices on all goods.

 

[Backlund]

These ridiculous tax rates are why players avoid Canada

Then they're stupid and need to hire better accountants.

 

[Tufted Titmouse]

Wouldn't surprise me. Top marginal tax rate in Ontario (where he worked) is 53.53% and someone like Bautista would have almost all of his income at that highest bracket. Then while he was living in Toronto, there's a 13% sales tax on top of that but given that's on *after tax* dollars, it's equivalent to about 19% on his pre-tax salary. Then add in property taxes, sin taxes, etc. taxes and you're easily looking at giving the government 80% of your earnings if you make the kind of money Bautista makes. It's ludicrous.



Define "Rich people". But for context, top earners in Canada already pay far more than their share.

"The top 10 percent pay 47.1 percent of income taxes and earn 33.1 percent of total income."

https://www.fraserinstitute.org/sites/default/files/measuring-the-distribution-of-taxes-in-canada.pdf

Is it ludicrous?

The man owns several homes and a yacht.

 

[The Hanging Jowl]

The reason people make 50k a year is because of governments twzkng


I am very sorry for you. Moved to Texas years ago and there’s not even a state tax which is great

However I still pay a lot in taxes because of federal and property tax but I cannot understand how business can even operate effectively at those obscene rates in Canada or how the average person can afford anything because high taxes equals high prices on all goods.

Business tax is actually reasonable. Large corporations pay between 15-25%, small business pays 9%.

Is it ludicrous?

The man owns several homes and a yacht.

Yes, it's ludicrous. It's his money. They take 80% of it and redistribute it.

 

[BraveCanadian]

These ridiculous tax rates are why players avoid Canada

I also hate schools, roads, hospitals and public education!

 

[Tufted Titmouse]

Yes, it's ludicrous. It's his money. They take 80% of it and redistribute it.

I don't see a problem with that to be honest. Tax the rich!

 

[K1984]

Then they're stupid and need to hire better accountants.

I heard Allan Walsh himself explain this on a podcast, and in normal Allan Walsh fashion there is much more to it than he tries to convey in a tweet to look smart.

I'm fairly certain that to achieve this you have to live outside of Canada for a defined time after retirement. So yes, this could work for many players that aren't Canadian, but can't for anyone that wants to step foot in the country after they retire.

 

[Breakers]

Still the only way currently canadian teams are trying to alleviate this is Front Loaded SB's and minimal salaries

take the SB tax rate on off-season residence through "Tax credits". They take the difference between the two

otherwise on straight salaries, you get destroyed.

The former Newport agent outlines this Saying a good chunk of american teams dont want to do bonus structure like canadian teams.

 

[WarriorofTime]

I hope most people realize Taxes aren't so simple as Income x Rate = Taxes at a flat rate and just call it a day, and depend on a whole circumstance of factors.

"Post-Tax" Salary Cap makes no sense, trying to give some sort of "tax credit" for teams in high-tax markets is non-sensible.

 

[Some Other Flame]

Link is paywalled so I'm just gonna assume Bautista is a tax cheat

 

[Gustave]

The reason people make 50k a year is because of governments twzkng


I am very sorry for you. Moved to Texas years ago and there’s not even a state tax which is great

However I still pay a lot in taxes because of federal and property tax but I cannot understand how business can even operate effectively at those obscene rates in Canada or how the average person can afford anything because high taxes equals high prices on all goods.

Well… see it as a trade off. We get services for the said paid taxes. Namely; health and dental for one, plenty others as well. It’s not like it’s a take everything and nothing goes back as services.

There are different view points on that matter, but it’s not « just taking part of a pay check just for shits and giggles ».

 

[MikeyMike01]

Wouldn't surprise me. Top marginal tax rate in Ontario (where he worked) is 53.53% and someone like Bautista would have almost all of his income at that highest bracket. Then while he was living in Toronto, there's a 13% sales tax on top of that but given that's on *after tax* dollars, it's equivalent to about 19% on his pre-tax salary. Then add in property taxes, sin taxes, etc. taxes and you're easily looking at giving the government 80% of your earnings if you make the kind of money Bautista makes. It's ludicrous.



Define "Rich people". But for context, top earners in Canada already pay far more than their share.

"The top 10 percent pay 47.1 percent of income taxes and earn 33.1 percent of total income."

https://www.fraserinstitute.org/sites/default/files/measuring-the-distribution-of-taxes-in-canada.pdf

“Fair share” is code for “other people who are not me should pay more”.

 

[ohcomeonref]

they gave away billions in misappropriated subsidies during the pandemic and aren't making any efforts to reclaim those, I'm supposed to cheer them for going after star athletes for a drop in the bucket?

Why even bring this up? The two things are not connected. The government should be going after those who misappropriated funds AND people who aren't paying their taxes. It's not an either/or scenario.

Just FYI: these millionaire athletes don't care about you, not sure why you're so intent on defending them.