Matthew Tkachuk Trade?

[kovalchuk17]

taxes are typically less in the US and if youre american its just way simpler filing your taxes in your home country also.

unless the team is a cup contender, i dont expect american players to stay in canada when 25 of the teams are located in the US. this hasnt even taken into account the lack of interest in Edmonton, Calgary, Winnipeg and (probably) Ottawa.

[SeaDawg]

I can assure you that COVID is the main reason of the departure of Petry from Montreal/Canada (

-A member of his family is not vaccinated and can't come freely in Canada (to help his wife with the children) because of border restrictions.
-His wife has "tweeted" in the past about the crazy covid measure and lockdown that we had in Quebec and affected children and schools

I don't know about Gaudreau and Tkachuk, but I think it's fair to say that those restrictions won't "help" to attract American players in Canada (the goal is not to start a debate about Covid here)

I stand corrected re: Petry. Thanks for the info.

[CMSpiced]

taxes are typically less in the US and if youre american its just way simpler filing your taxes in your home country also.

unless the team is a cup contender, i dont expect american players to stay in canada when 25 of the teams are located in the US. this hasnt even taken into account the lack of interest in Edmonton, Calgary, Winnipeg and (probably) Ottawa.

The Canadian taxes talking point is not necessarily true. If you are a non-resident of Canada, with proper tax planning on long-term contracts, you can get your taxes payable similar to a tax free state. Not an expert in this area, but that is my understanding.

Taxes in the US are a little complicated, as you are required to file state taxes in every state you play. Obviously players would have professionals do that for them. I would assume, from a tax perspective, states would treat the salary based upon games played, and not evenly throughout the year, I dont know that though.

[blayze]

The Canadian taxes talking point is not necessarily true. If you are a non-resident of Canada, with proper tax planning on long-term contracts, you can get your taxes payable similar to a tax free state. Not an expert in this area, but that is my understanding.

Taxes in the US are a little complicated, as you are required to file state taxes in every state you play. Obviously players would have professionals do that for them. I would assume, from a tax perspective, states would treat the salary based upon games played, and not evenly throughout the year, I dont know that though.

I doubt that's true.

Yzerman himself (when he was GM of TB) said FL's tax-free status was a huge advantage in attracting and retaining talent

[kovalchuk17]

all of the above work to get your take-home pay closer to your home country take-home pay is just a hassle. these guys are athletes, simpler is better. theyll likely be paying someone to sort this out for them aka making slightly less money while also paying someone to help you keep more of your money.

it is much easier just moving to florida/texas/nevada and having your family and friends visit you with much less hassle and get paid more (even if only 100k per year more)

[CMSpiced]

I doubt that's true.

Yzerman himself (when he was GM of TB) said FL's tax-free status was a huge advantage in attracting and retaining talent

Was that from a Canadian team perspective to Florida? Or Detroit to Florida?

Also, was it referencing Non-Canadians/non-residences vs Canadians, as these all have different tax treatments.

[CMSpiced]

all of the above work to get your take-home pay closer to your home country take-home pay is just a hassle. these guys are athletes, simpler is better. theyll likely be paying someone to sort this out for them aka making slightly less money while also paying someone to help you keep more of your money.

it is much easier just moving to florida/texas/nevada and having your family and friends visit you with much less hassle and get paid more (even if only 100k per year more)

I don't disagree with the overall point, but I would assume that the agents would be well versed in structuring all this out and making it painless on the athletes. I believe there was an Allen Walsh segment previously.

[Invictus]

https://www.eisneramper.com/jock-tax...-tx-blog-0322/

[ACC90]

I doubt that's true.

Yzerman himself (when he was GM of TB) said FL's tax-free status was a huge advantage in attracting and retaining talent

I think you are both right, Signing Bonus is probably taxed in the residency states (like Florida) because it's a lumpsum amount during summer.
That can explained why Kucherov's contract is 44.5m in bonus and 31.5m in salary. (bonuses also help to be paid even if there is a lockout or a season cancellation)

[2014olympicgold]

One agent said the easiest way around Canadian taxes is just throwing a ton at your RRSP for these athletes (or their equivalent at that pay scale). Yes they're still taxed, but they can take a lot of the money and put it into a retirement savings account and let it just sit there. Others have stated it depends where you are for the majority of the yr as your home residency. Matthews in Arizona for 3months of the yr isn't enough for that to be his home residency but due to how you're paid, his bonus would be taxed via Arizona rules. Then his salary for games played in Toronto is taxed in Toronto, then each game in the states after that.

AKA, Matthews plays 41 games in Toronto, those games are taxed via Ontario rules, 8 games in MTL and taxed via Quebec rules and so on. So yes it matters in the essence of you are still taxed a lot because 41 games are in Ontario and their 48-ish% tax, but he plays 8 games in Florida, 1 game in Dallas, 1 game in Vegas, 1 game in Arizona and so on. Which is another reason why a lot of players in Toronto end up going for high signing bonuses as they can use their home State as the Signing Bonus State and get less removed.

For Marner, his charity runs a lot of stuff after July 1st, I wonder if that's his way of getting around an Ontario tax since he lives in Ontario in the summer. Which is another way you can 'hide' your pay, is make it donations to charities and then use it as a write off down the road.

But like others have said, it's way easier for these guys to just live in Tampa, play 41 homes games, 4 games vs the Panthers, and so on and just live their summer in the State they live in during the yr.

[ACC90]

One agent said the easiest way around Canadian taxes is just throwing a ton at your RRSP for these athletes (or their equivalent at that pay scale). Yes they're still taxed, but they can take a lot of the money and put it into a retirement savings account and let it just sit there. Others have stated it depends where you are for the majority of the yr as your home residency. Matthews in Arizona for 3months of the yr isn't enough for that to be his home residency but due to how you're paid, his bonus would be taxed via Arizona rules. Then his salary for games played in Toronto is taxed in Toronto, then each game in the states after that.

AKA, Matthews plays 41 games in Toronto, those games are taxed via Ontario rules, 8 games in MTL and taxed via Quebec rules and so on. So yes it matters in the essence of you are still taxed a lot because 41 games are in Ontario and their 48-ish% tax, but he plays 8 games in Florida, 1 game in Dallas, 1 game in Vegas, 1 game in Arizona and so on. Which is another reason why a lot of players in Toronto end up going for high signing bonuses as they can use their home State as the Signing Bonus State and get less removed.

For Marner, his charity runs a lot of stuff after July 1st, I wonder if that's his way of getting around an Ontario tax since he lives in Ontario in the summer. Which is another way you can 'hide' your pay, is make it donations to charities and then use it as a write off down the road.

But like others have said, it's way easier for these guys to just live in Tampa, play 41 homes games, 4 games vs the Panthers, and so on and just live their summer in the State they live in during the yr.

You can contribute to your RRSP 18% of your salary of last year but there is a maximum limit of 29,210$ (2022) to limit those with high salary. In other words, someone with a salary of 5m$ can't contribute more to his RRSP than someone with 162,277$ (29,210$/18%). But like you said, there could be a lot more strategies than this to deferred the imposition in the following years or maximized it.

[CMSpiced]

You can contribute to your RRSP 18% of your salary of last year but there is a maximum limit of 29,210$ (2022) to limit those with high salary. In other words, someone with a salary of 5m$ can't contribute more to his RRSP than someone with 162,277$ (29,210$/18%). But like you said, there could be a lot more strategies than this to deferred the imposition in the following years or maximized it.

That RRSP consideration is for earned income as an employee of a company, there are other vehicles to use such as a RCA accounts. I linked an article Allen Walsh tweeted out:

https://www.theglobeandmail.com/inve...high-canadian/

Essentially, with proper tax planning, the disadvantages from a Canadian team perspective is not as large as other might think. The biggest consideration is the cost of living aspect, ie, buying a home in Toronto, etc.

[blayze]

One agent said the easiest way around Canadian taxes is just throwing a ton at your RRSP for these athletes (or their equivalent at that pay scale). Yes they're still taxed, but they can take a lot of the money and put it into a retirement savings account and let it just sit there.

Whoever said that is an idiot cause there's a cap on annual RRSP contributions which equate to 0.00001% of a pro NHL'ers salary. Let's not forget that you can't touch that money until you retire or you get taxed.

[2014olympicgold]

Whoever said that is an idiot cause there's a cap on annual RRSP contributions which equate to 0.00001% of a pro NHL'ers salary. Let's not forget that you can't touch that money until you retire or you get taxed.

I said it was an equivalent, like someone said above there's RCA accounts. There's def ways around it was my point, sorry I didn't remember exactly the retirement accounts for the multi-millionaires. But the point is that there are ways around it pretty easily if they have an accountant that knows what they're doing and I'm sure these teams have contacts for that.

[Invictus]

I said it was an equivalent, like someone said above there's RCA accounts. There's def ways around it was my point, sorry I didn't remember exactly the retirement accounts for the multi-millionaires. But the point is that there are ways around it pretty easily if they have an accountant that knows what they're doing and I'm sure these teams have contacts for that.

You mean you don't use those retirement accounts daily to remember them?