Idea re taxes and salary cap

[Legion34]

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.

different world. Those are Americans who can easily make claims of being American by playing in America every single road game.

7 Canadian teams and travel means it’s tough for people to argue economic ties are stronger to the states when you play 55-65 games a year in Canada.

especially when you are Canadian. Born in Canada. Lived in Canada. Pay taxes in Canada. Even if you love
In Florida offseason.

Americans who live in America in the offseason and play half games in America are not paying Ontario taxes

 

[Legion34]

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.

no? There is NO requirement to have everything equal. There is NO requirement to have a salary cap. There is no requirement to have an endorsement cap or media cap or weather cap

there IS a requirement when you artificially impose
A cap for “fairness” to make it fair

the NHL chose to make a salary cap. They have to make it fair.

 

[NOTENOUGHJTCGOALS]

The RCA con artists keep tricking all these undereducated Canadian athletes into putting money into RCA.

The Canadian teams should get more cap space since RCAs are a scam.

 

[BruinsBtn]

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.

It's also hilarious that you didn't even respond to the guy who destroyed every one of your points in detail.

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

I'm not even going to read this garbage. I just want you to back up the part where you said RCA investments aren't allowed to be invested.

 

[SirQuacksALot]

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

The Leafs are free to relocate.

 

[Legion34]

I'm not even going to read this garbage. I just want you to back up the part where you said RCA investments aren't allowed to be invested.

So I guess you don’t have real life experience?

Ask yourself a simple question.

do you really think the Canadian government which taxes people like crazy doesn’t want millions of dollars from athletes that make millions in Canada ?

what athletes can just put all their. Money in an RCA the last day of the tax year.... withdraw it the first day of the new year and cheat on taxes?

If you have decided that’s pretty dumb.,,; then read on. It’s pretty simple.

RCA and RRSP provide deferred taxes. You get to Not pay tax today. But when you withdraw it is Income and subject to Income TAX.

you have to report to the government when you take that money out and it gets added to your income.

so..

1.) IF you are a millionaire making millions and you want to take it out while you are still playing you get taxed at that rate.

2.) IF you are a millionaire who made millions and retire and have endorsements/investment income. You get taxed at that rate.

3.) IF you are a millionaire who retires and decide to take out that money. You get taxed on it. Once you take out any real money you are getting taxed pretty massively.

RCA/RRSP withdraws are considered income and are subject to income tax.

 

[Legion34]

The Leafs are free to relocate.

then who pays for your team?

 

[SirQuacksALot]

then who pays for your team?

Of the Leafs will silly. With all the money saved by not having to pay taxes, It'll be easy!

 

[Golden_Jet]

So I guess you don’t have real life experience?

Ask yourself a simple question.

do you really think the Canadian government which taxes people like crazy doesn’t want millions of dollars from athletes that make millions in Canada ?

what athletes can just put all their. Money in an RCA the last day of the tax year.... withdraw it the first day of the new year and cheat on taxes?

If you have decided that’s pretty dumb.,,; then read on. It’s pretty simple.

RCA and RRSP provide deferred taxes. You get to Not pay tax today. But when you withdraw it is Income and subject to Income TAX.

you have to report to the government when you take that money out and it gets added to your income.

so..

1.) IF you are a millionaire making millions and you want to take it out while you are still playing you get taxed at that rate.

2.) IF you are a millionaire who made millions and retire and have endorsements/investment income. You get taxed at that rate.

3.) IF you are a millionaire who retires and decide to take out that money. You get taxed on it. Once you take out any real money you are getting taxed pretty massively.

RCA/RRSP withdraws are considered income and are subject to income tax.

Replace the word millionaires in your 3 examples with civilians, and it works the same.

 

[mouser]

different world. Those are Americans who can easily make claims of being American by playing in America every single road game.

7 Canadian teams and travel means it’s tough for people to argue economic ties are stronger to the states when you play 55-65 games a year in Canada.

especially when you are Canadian. Born in Canada. Lived in Canada. Pay taxes in Canada. Even if you love
In Florida offseason.

Americans who live in America in the offseason and play half games in America are not paying Ontario taxes

Don't even have to be American. Canadians can simply become a non-resident of Canada for a year, then withdraw your RCA. It will be taxed at the Canada 25% Non-Resident rate.

Note: you'll want to make sure you have your local tax situation accounted for appropriately in whatever tax jurisdiction you setup residence in. This can vary greatly by location.

 

[Legion34]

The RCA con artists keep tricking all these undereducated Canadian athletes into putting money into RCA.

The Canadian teams should get more cap space since RCAs are a scam.

actually. There are many financial planners that do think RRSP/RCA are a scam. They do have a purpose. But it’s not at all what people here are suggesting. In No way do RRSP/RCA replace tax free cash in hand.

ask yourself

The Canadian government will conspire
With the banks to allow athletes to cheat on their taxes? Does that make sense

 

[Legion34]

Don't even have to be American. Canadians can simply become a non-resident of Canada for a year, then withdraw your RCA. It will be taxed at the Canada 25% Non-Resident rate.

Note: you'll want to make sure you have your local tax situation accounted for appropriately in whatever tax jurisdiction you setup residence in. This can vary greatly by location.

Yes. But you to be a non resident. You have to prove that you are. Your economic ties to Canada can’t be greater than wherever you are. Living in a place is only part of it.

a player who lives in works in and makes money in Canada is incredibly hard pressed not to pay these taxes. Especially if you have kids registered in school/property etc.

the government wants their money. You can’t just decide to take a year abroad cash all your money and come back.

the government isn’t as dumb as people want to believe.

edit. Shane corson and tucker are an example. The government wants its money.


If they decide it’s not right they go after you

 

[Legion34]

Replace the word millionaires in your 3 examples with civilians, and it works the same.

yes. But civilians are taking out smaller sums and live off less. So they get taxed less

marner taking out millions to invest would be taxed massively.

me taking out 1000 a month to supplement pension wouldn’t

 

[Voight]

 

[Legion34]

Of the Leafs will silly. With all the money saved by not having to pay taxes, It'll be easy!

hmmm that’s crazy enough it just might work!

 

[SotasicA]

What if the teams that were in high tax states/provinces were allowed dispensation for a certain number of contracts to add a certain amount to their cap? Say three contracts, they could add 250k each to cover additional taxes (which they would then pay the player presumably)?

How Much Do NHL Players Really Make? Part 2: Taxes

But every player pays a different amount of taxes. Somebody might have enough deductibles they barely need to pay any.

Another player plans their taxes poorly and pays more. Are you sure you want to get in to that?
I say teams pay what they pay, players deal with it. Taxes are a personal issue. Not a concern of the team, and certainly not of the league.

 

[BruinsBtn]

So I guess you don’t have real life experience?

Ask yourself a simple question.

do you really think the Canadian government which taxes people like crazy doesn’t want millions of dollars from athletes that make millions in Canada ?

what athletes can just put all their. Money in an RCA the last day of the tax year.... withdraw it the first day of the new year and cheat on taxes?

If you have decided that’s pretty dumb.,,; then read on. It’s pretty simple.

RCA and RRSP provide deferred taxes. You get to Not pay tax today. But when you withdraw it is Income and subject to Income TAX.

you have to report to the government when you take that money out and it gets added to your income.

so..

1.) IF you are a millionaire making millions and you want to take it out while you are still playing you get taxed at that rate.

2.) IF you are a millionaire who made millions and retire and have endorsements/investment income. You get taxed at that rate.

3.) IF you are a millionaire who retires and decide to take out that money. You get taxed on it. Once you take out any real money you are getting taxed pretty massively.

RCA/RRSP withdraws are considered income and are subject to income tax.

I'm sorry, too long. Can you point to the part where you show that you can't make investments in an RCA? Or the part where you admit you were dead wrong about that?

 

[Legion34]

I'm sorry, too long. Can you point to the part where you show that you can't make investments in an RCA? Or the part where you admit you were dead wrong about that?

??? The part where I explained that an RCA is considered income and is taxed when you withdraw it?

that part?
Which part is hard? The length of the words themselves? Or the what 20 lines??

I’m guessing you didn’t read the links you posted.


No wonder you have completely misunderstood the the massive tax advantages of no tax states. That are In no way diminished by RCAs

edit:

You must also not like to listen too long. The agent that made the chart Burke used has as many clients as Walsh lol

 

[BruinsBtn]

??? The part where I explained that an RCA is considered income and is taxed when you withdraw it?

that part?
Which part is hard? The length of the words themselves? Or the what 20 lines??

I’m guessing you didn’t read the links you posted.


No wonder you have completely misunderstood the the massive tax advantages of no tax states. That are In no way diminished by RCAs

edit:

You must also not like to listen too long. The agent that made the chart Burke used has as many clients as Walsh lol

Where's the part where you can't invest the money? They part where it's 'locked in and you can't invest it'? Man, you sure have a lot of pride. Embarrassing lack of humility.

 

[Legion34]

Where's the part where you can't invest the money? They part where it's 'locked in and you can't invest it'? Man, you sure have a lot of pride. Embarrassing lack of humility.

It’s all explained fully. You didn’t read it, that’s probably why you don’t see it.....

or did you read it and realize you are wrong after acting like a child? Which is it?

 

[nbwingsfan]

no? There is NO requirement to have everything equal. There is NO requirement to have a salary cap. There is no requirement to have an endorsement cap or media cap or weather cap

there IS a requirement when you artificially impose
A cap for “fairness” to make it fair

the NHL chose to make a salary cap. They have to make it fair.

They have made it fair. Everyone has the exact same cap.

Salary cap is by FAR the fairest way to keep an even playing field, unless you think Montreal should be able to spend $100M a year while Arizona can only spend $50M?

Every team has its benefits and handicaps from it for the most part.

 

[Fatass]

They have made it fair. Everyone has the exact same cap.

Salary cap is by FAR the fairest way to keep an even playing field, unless you think Montreal should be able to spend $100M a year while Arizona can only spend $50M?

Every team has its benefits and handicaps from it for the most part.

Totally agree. Winning Cups has to do with drafting, developing, and cap management.

 

[BruinsBtn]

It’s all explained fully. You didn’t read it, that’s probably why you don’t see it.....

or did you read it and realize you are wrong after acting like a child? Which is it?

lol, stop moving the goalposts. Admit you were wrong and can invest money in an RCA. You got caught in a lie and got called out and tried to drown your lie in an endless word salad.

You made a simple statement than money in an RCA can't be invested. You were wrong. What's so hard about admitting it?

 

[Golden_Jet]

yes. But civilians are taking out smaller sums and live off less. So they get taxed less

marner taking out millions to invest would be taxed massively.

me taking out 1000 a month to supplement pension wouldn’t

Ya I feel bad for Marner, only having 13 million left, after paying 15% tax on his signing bonus,
Not much left for investing , with that 13 million. (Outside of a deferred program even though you can still invest in those).

 

[Legion34]

lol, stop moving the goalposts. Admit you were wrong and can invest money in an RCA. You got caught in a lie and got called out and tried to drown your lie in an endless word salad.

You made a simple statement than money in an RCA can't be invested. You were wrong. What's so hard about admitting it?

Lol it’s explained fully Feel free to read it and get back to me.