Idea re taxes and salary cap

[txpd]

it IS available. If they market the team and make it successful. There is NO cap on these opportunities. It’s not big Market teams fault those fans don’t care.

Same applies to taxes and so forth.

 

[nbwingsfan]

no? We aren’t. It’s not about fair..... the cap was that.

It’s about a poorly constructed method of artificial constraint on some. That gives others a huge advantage

And are there not other advantages some teams have as well? Do players often choose New York or Toronto just because of the city they are? Do players often avoid Edmonton/Winnipeg because of the cities they are?

 

[DJJones]

I want any housing appreciation or endorsements to count against Toronto's cap situation.

 

[Legion34]

And are there not other advantages some teams have as well? Do players often choose New York or Toronto just because of the city they are? Do players often avoid Edmonton/Winnipeg because of the cities they are?

there are. But those aren’t artificially capped.

 

[Legion34]

Same applies to taxes and so forth.

???? Not at all

 

[SirQuacksALot]

V-bucks are 13.99 in CAD but 9.99 in USD. NHLPA should push for Fortnite cost adjustment subsidies for all these GenZ kids.

 

[Golden_Jet]

No?


the fact that they choose not to does not mean it isn’t allowed. Teams can do it. They CAN spend the same. High tax teams CANNOT offer tax advantages.

Lmao, a 95% signing bonus is not a tax advantage.

 

[Legion34]

Lmao, a 95% signing bonus is not a tax advantage.

? Huh? Tax advantages?

simple. Toronto offers a 10 million sb.
Tampa offers a 10 million Sb


Which is more money?

 

[Golden_Jet]

1.)


3.) you can google RCA and see what it stands for. Hint.... it’s RETIREMENT. Just like an RRSP. You get taxed 20% at the time. Lock it up with no investments. Then you have to take it out as needed. You get taxed AGAIN based on your income bracket......
.

Lol, that’s how retirement savings work, I withdraw money from my investment I get taxed.

 

[Golden_Jet]

? Huh? Tax advantages?

simple. Toronto offers a 10 million sb.
Tampa offers a 10 million Sb


Which is more money?

Leafs have over 45 million in signing bonuses, TB has 17 million, which is more money, and if you continue to think a 95% signing bonus is NOT an advantage, shows what you know about taxes. Let alone retirement investments.

 

[BruinsBtn]

1.) you will take the opinion of a major public agent...... but not an NHL GM/president/league official? Why?

2.) you don’t have to take my word for it. You can find Louis gross agency interview on 31 thoughts. You can find multiple articles on the athletic from actual accountants who have NHL clients


3.) you can google RCA and see what it stands for. Hint.... it’s RETIREMENT. Just like an RRSP. You get taxed 20% at the time. Lock it up with no investments. Then you have to take it out as needed. You get taxed AGAIN based on your income bracket......

If a player has endorsement/businesses etc they get taxed on the RCA at that bracket. It’s an RRSP.

I have posted links for people who act like adults. Take 5 min to google. And either come back and apologize or Feel free to embarrass yourself further.

1) Do I even need to answer this? Agents deal with players' money, the GM just signs the cheque. Does your boss see your tax return? No. Also Burke's comments in that interview about mortgage interest deductions are laughably stupid.

2,3) You can google RCA's and see the reality yourself, but since you're not posting any links. Let's just assume you don't know what you're talking about: https://ca.rbcwealthmanagement.com/documents/17271/17295/Reitrement+Compensation+Arrangements+(RCAs) for+NHL.pdf/2588c228-c37c-4cfa-8307-4c39321769b9

How pro athletes and other high earners stick-handle high Canadian income taxes

But you're smarter than Alan Walsh. Go ahead and keep peddling your conspiracy garbage.

Whining about the cap and taxes is an utter joke. But an even bigger one is thinking that guys making $20m a year are paying the top marginal rate. Were you born yesterday?

 

[HotDish]

No matter how you slice the cake, teams will be angry.

hard cap: states with lower taxes get a better deal

soft cap: teams with rich ownership and stronger hockey markets get a better deal

no cap: same with soft cap.

honestly the hard cap is probably the most fair and that’s coming from someone that cheers for a team that would benefit from a soft cap.

 

[Legion34]

Lol, that’s how retirement savings work, I withdraw money from my investment I get taxed.

????? yes. Of course.

if you get 10 million in your account and you withdraw from that.... you don’t. This isn’t hard.

option A. Get 10 million cash In hand. You get to invest. Grow it. By 35 you have whatever in the bank. You can spend what you want. Live where you want

option b. You have 8 million cash in hand due to tax differences To make up the difference you have to

1.) lock up your money in an RCA where you can’t access it/control it invest in real estate.

2.) when you go to take out your money. You get taxed AGAIN.


to minimize losses have to legally move to tax free state.

3.) you can’t have investments/endorsements any job that makes income because that makes money your bracket goes up.

Reallly not the same. At all

 

[BruinsBtn]

1.) you will take the opinion of a major public agent...... but not an NHL GM/president/league official? Why?

2.) you don’t have to take my word for it. You can find Louis gross agency interview on 31 thoughts. You can find multiple articles on the athletic from actual accountants who have NHL clients


3.) you can google RCA and see what it stands for. Hint.... it’s RETIREMENT. Just like an RRSP. You get taxed 20% at the time. Lock it up with no investments. Then you have to take it out as needed. You get taxed AGAIN based on your income bracket......

If a player has endorsement/businesses etc they get taxed on the RCA at that bracket. It’s an RRSP.

I have posted links for people who act like adults. Take 5 min to google. And either come back and apologize or Feel free to embarrass yourself further.

Why don't you google that while you're googling things, then "either come back and apologize or Feel free to embarrass yourself further"

 

[Legion34]

1) Do I even need to answer this? Agents deal with players' money, the GM just signs the cheque. Does your boss see your tax return? No. Also Burke's comments in that interview about mortgage interest deductions are laughably stupid.

2,3) You can google RCA's and see the reality yourself, but since you're not posting any links. Let's just assume you don't know what you're talking about: https://ca.rbcwealthmanagement.com/documents/17271/17295/Reitrement+Compensation+Arrangements+(RCAs) for+NHL.pdf/2588c228-c37c-4cfa-8307-4c39321769b9

How pro athletes and other high earners stick-handle high Canadian income taxes

But you're smarter than Alan Walsh. Go ahead and keep peddling your conspiracy garbage.

Whining about the cap and taxes is an utter joke. But an even bigger one is thinking that guys making $20m a year are paying the top marginal rate. Were you born yesterday?

1.) Burke is saying Americans get to write off additional taxes. Including agent fees. That’s correct

2.) I don’t think you read the realities of the RCA. It’s an RRSP

3.) have you looked at all the other agents GMs players and accountants who have openly talked about the differences?

 

[Legion34]

Why don't you google that while you're googling things, then "either come back and apologize or Feel free to embarrass yourself further"

sorry you think you can pull out your RCA and buy real estate? Invest in a new business

are you Canadian? Do you have RRSP?

 

[Ezekial]

it IS available. If they market the team and make it successful. There is NO cap on these opportunities. It’s not big Market teams fault those fans don’t care.

And it's not the teams in states without state income tax fault that they're in a state with no income tax.

This shit is so stupid.

 

[Legion34]

And it's not the teams in states without state income tax fault that they're in a state with no income tax.

This shit is so stupid.

And it’s not the rich teams fault that poor teams can’t afford it

 

[Golden_Jet]

????? yes. Of course.

2.) when you go to take out your money. You get taxed AGAIN.


l

How is that different than anyone in society withdrawing fund from a retirement package.

 

[Ezekial]

And it’s not the rich teams fault that poor teams can’t afford it

Your argument isn't getting any better. Thousands of variables go into this, you can't make it an even playing field.

 

[mouser]

The RCA thing is a complete joke that completely screws over ability to invest or the value of front loading. Basically you have to lock up all your money. Not invest it and then move to a tax free state to retire. You can’t just do that. RCA are taxed before AND when you take them out. You also can’t make any income when you take them out.

a) 50% of RCA contributions can be invested. The other 50% is held in a Refundable Tax Account. While investing 100% would obviously be more ideal, it's still an improvement over paying 50% in taxes up front with no hope of ever getting that money back.

b) RCA's are generally not taxed beforehand. Contributions are tax deductible. Taxes are withheld, but can be refunded in the future. Investments can grow tax deferred.

c) You don't have to "lock up all your money". RCA's have many similarities to 401k's and IRA's with the notable exception that RCA's allow substantially larger tax deferred contributions. Find an appropriate % of your income to place into the RCA.

d) You don't have to "move to a tax free state" to retire, though moving to a jurisdiction with a lower tax structure then Canada can greatly decrease the effective tax rate when money is withdrawn from the RCA.

e) I'm not aware of a restriction of not having any income when withdrawing money from a RCA? If you have a link source for that I'd appreciate it. My understanding with the RCA also is that there are no age requirement or maximum cap on payment amounts. Which should mean a player could setup legal residence in a lower tax jurisdiction for one year and withdraw the entire RCA balance.

 

[BruinsBtn]

sorry you think you can pull out your RCA and buy real estate? Invest in a new business

are you Canadian? Do you have RRSP?

Look it up, then come back an apologize. Or do you want to double down on the idea that you have to "lock it up with no investments"??????

It's an easily disproven claim among many from you.

 

[nbwingsfan]

there are. But those aren’t artificially capped.

Theyre still an advantage that these teams can now use as a leg up due to the cap.

If you want to start offering a solution to the tax "problem" then you're opening up a smorgasbord of other issues that will have to be addressed.

This tax thing is not nearly the advantage everyone seems to make it out to be.

 

[mouser]

For any that think the potential value of a RCA is overstated for professional athletes--the NBA banned the use of RCA's. Feeling RCA's would give the Toronto Raptors "an unfair advantage" over the other NBA teams.

 

[Legion34]

Look it up, then come back an apologize. Or do you want to double down on the idea that you have to "lock it up with no investments"??????

It's an easily disproven claim among many from you.

simple. Are you Canadian? Do you have RCA or RRSP? Do you do this every single year? I’m guessing not.... it doesn’t work how you think It does.

let’s try again

You pay into the RCA and RRSP. You get a tax deduction at that time. You get to have a banker invest your money. It may grow it may not. You get taxes DEFERRED on that money. You don’t get to choose how it goes. You don’t get to play the market.

the idea for normal people is that in 30 years when they retire.... the investment has HOPEFULLY gone up. And then when you withdraw your money . YOU PAY. Hopefully You pay a lower tax rate.
Because you are retired and your money is less. You get taxed on the money you take out when. You get out.

IF you have an RCA or an RRSP and want to withdraw to invest WHILE you are still making money. You pay taxes at that rate.

if I invested 100g in RRSP this year. And cashed it next year. I would get the exact same taxes. If I waited 30 years.

If marner invests in an RCA and then decided to buy a property or invest in a team with that money. He gets taxed at his current rate.

If he makes 150 grand in endorsements and takes out the money. He gets taxed at the high rate
On his RCA.

It has its benefits. It helps but it in no way beats cash in hand