Salary Cap: Taxes $$$

[Guy Larose]

The Montreal Canadiens players are ranked 1st in the NHL in the taxes. Zero surprises.

In the past, a lot of superstars that didn't wanted to sign to Montreal because of the taxes...

In the present, a lot of superstars are interested to sign to Montreal even if there's taxes!


View attachment 960421

"In the present, a lot of superstars are interested to sign to Montreal even if there's taxes".... They've told you that did they? I love when people pull stuff out of their...

 

[badfish]

What's going on with Tavares and revenue Canada? I hear he owes them money on something he tried that didn't work?

From what I read online it was a discussion on signing bonuses, how the signing bonus was paid while he was still in New York, but the CRA is saying he should be paying more taxes for the bonus because it was for services rendered in Ontario.

 

[tooji]

people talking about taxes don’t understand the insane buying power of US dollar in Canada. Canada is cheap as f*** compared to a lot of places in the US. People don’t wanna play here because it’s high pressure and the winters suck

 

[sampollock]

It will never change

 

[JianYang]

I don't think the calculus is as simple as presented in this graph. I'm sure they are using RCAs and other tax deferral schemes to reduce their taxation impact.

Plus, they don't seem to be differentiating between a resident and non resident for tax purposes.

 

[Habs]

The Montreal Canadiens players are ranked 1st in the NHL in the taxes. Zero surprises.

In the past, a lot of superstars that didn't wanted to sign to Montreal because of the taxes...

In the present, a lot of superstars are interested to sign to Montreal even if there's taxes!


View attachment 960421

what superstars are interested in signing here?

 

[HabsCowboysOwn]

what superstars are interested in signing here?

None until proven otherwise. I'll believe it when I see it.

 

[Habs Halifax]

From what I read online it was a discussion on signing bonuses, how the signing bonus was paid while he was still in New York, but the CRA is saying he should be paying more taxes for the bonus because it was for services rendered in Ontario.

Thanks! I thought it had something to do with the signing bonuses but wasn't exactly sure why.

 

[Essenege]

Tavares is being sued I'm sure he has the best fiscalists. Bottom line it's a headache and numbers don't lie;

Leafs and Canucks 100pts players get 12M & Panthers, Stars get theirs under 10M

League must fix this and let the Habs spend 10% more.

It’s so frustrating to see Florida spend that kind of money when realistically, they couldn’t without Canadian revenues.

Salary cap is so unfair to Canadian team. Surely there’s a formula out there that do a good 80% if the job in capturing the difference.

( 41 games * home tax rate + 41 games * away tax rate ) * Salary cap before adjustment

Compare this formula between team with an average. Let the cap adjust +\- 3-4M

Bill Daly said they know it’s a problem but they do nothing because there is no simple answer. But there is certainly a simple answer that is closer to reality then doing nothing.

 

[sampollock]

you may or not believe me
but I visited with Lyle Odelin years back.
he said habs would have Molson shares in the contracts to attract guys
not sure they can do that anymore

 

[ahmedou]

what superstars are interested in signing here?

 

[_vivelequebec_]

The Montreal Canadiens players are ranked 1st in the NHL in the taxes. Zero surprises.

In the past, a lot of superstars that didn't wanted to sign to Montreal because of the taxes...

In the present, a lot of superstars are interested to sign to Montreal even if there's taxes!


View attachment 960421

Pardon my ignorance, but why would the NY Rangers players pay 4% more taxes than the NY Islanders players?

 

[windycity]

QC govt needs to step in and fix this

Yes bc those poor millionaires need a tax break

Pardon my ignorance, but why would the NY Rangers players pay 4% more taxes than the NY Islanders players?

local Manhattan taxes is my guess. NYC has its own income tax IIRC

 

[OnTheRun]

Pardon my ignorance, but why would the NY Rangers players pay 4% more taxes than the NY Islanders players?

It's NYC taxes that doesn't apply to Long Island.
"NYC income tax is calculated using progressive rates that can reach up to 3.876% for high-income earners. These taxes are separate from state income taxes and must be paid directly to NYC."

How Do NYC Income Taxes Differ from New York State Taxes?

Discover the key differences between NYC and NYS income taxes, including who pays them, tax rates, and how they’re applied.

www.nycaccountingconsulting.com