Sports & Entertainment

Superbowl LIII Players Face Large Taxes on Winnings

Last week we blogged about the so-called “Jock Tax” which is levied on earnings made by professional athletes depending on which state they play in. As a result of this frequently applied levy, the big earnings made by players of both the Patriots and the Rams in this month’s Superbowl LIII are now subject to tax at various levels. Superbowl Bonuses For playing in this year’s Superbowl, every New England Patriots player will receive… Read More

Sports & Entertainment

Tax Considerations for Professional Athletes in the U.S.

Professional sports are a multi-billion-dollar industry, propelled by major leagues including the NFL, NBA, MLB, MLS, among others, and made popular by players earning millions of dollars a year. It is also an area of tax complexity for athletes for a wide range of reasons. What are the biggest areas of concern for players in the U.S.? The Tax Cuts and Jobs Act We’ve previously blogged about the Trump administration’s Tax Cuts and… Read More

Corporate Tax Planning

CRA Continuing Investigations into Canadians Linked to Panama Papers and Paradise Papers

We have previously blogged about the Canada Revenue Agency’s (CRA’s) increased crackdowns on the use of offshore tax shelters. Previously, the CRA was focused primarily on Canadian taxpayers who had been implicated in the Panama Papers leak, including search warrants executed as a result of the leak as well as the first Canadian investigated as a result of the now infamous leak of financial information. Now, Canadian news sources are reporting that the… Read More

Sports & Entertainment

Soccer Star Ronaldo Pleads Guilty to Tax Fraud in Spain

CBC News is reporting that Cristiano Ronaldo, who for many years played for football powerhouse Real Madrid, has received a 2-year suspended sentence and €19 million ($28.7 million CAD) fine after pleading guilty to tax fraud in Spain. One of the World’s Best Soccer Players Ronaldo is a five-time Champions League winner and five-time winner of Europe’s Ballon d’Or, a prestigious soccer award given annually to the world’s best player. Read More

Personal Tax Planning

Federal Department of Finance Seeks New Ways to Tax Dormant Bank Accounts

CBC News is reporting this week that the federal Department of Finance wants to tax money that is currently sitting in dormant bank accounts and pension plans and to eliminate any interest that is currently paid on it. The proposal is intended to modestly increase federal revenues. The “Unclaimed Balances” Regime This news comes in the wake of a two-year consultation and review period of Canada’s “unclaimed balances” regime. The system has not… Read More