Feigenbaum Law

Sports & Entertainment

Banknotes in different international currencies representing a currency exchange scam

Litigation

CRA Investigating Possible Currency Exchange Scam

A recent investigative report by the Toronto Star alleges that two former Toronto Maple Leaf players, Darcy Tucker and Shayne Corson, were involved in a foreign currency trading scheme that was designed to defraud the Canada Revenue Agency (CRA). The story looks at how the scheme worked, and why the CRA says it was a scam. What is the Foreign Exchange Market? The foreign exchange market (the “Forex”) is a legitimate… Read More

An arial shot of Notre Dame's football stadium

Sports & Entertainment

U.S. College Sports Uncertain as School Year Begins

We wrote a few weeks ago about the return to play in most professional sports. As of the publication of this blog, the NBA and NHL were deep into their playoffs, while baseball was not far behind. The NFL is set to kick off on Sunday. And while professional sports might be back in many ways outside of having fans present at the games, the US college sports scene is still very much up… Read More

Movie camera on a film set

Cross-Border Tax Issues

COVID-19 Precautions in Place as Entertainment Productions Resume

In a recent blog, we talked about how professional sports were doing with a return to play in light of COVID-19. While the lack of professional sports has been a huge topic of conversation, other entertainment-related industries have also been eagerly awaiting a resumption of normal activities. Canada’s movie and television industry employs thousands of people, and as the industry gets ready to ramp up production of movies and television shows, it’s important to… Read More

A basketball and hoop representing the start of the 2020 NBA season during COVID-19

Sports & Entertainment

An Update on Major League Sports & COVID-19

For sports fans, the last few weekends may have seemed like they would never arrive. But for the most part, major league sports have returned. Major League Baseball, NHL hockey, NBA basketball, the PGA tour, and events like UFC mixed martial arts are all back in action. But what about the athletes involved? What is each league doing to protect the health of its athletes, and how has the resumption of major league sports gone… Read More

A row of MLB baseballs lined up representing a look ahead to the return of professional sports in light of COVID-19

Sports & Entertainment

Looking Ahead to the Re-opening of Major League Sports After COVID-19

The economic and day-to-day impact of COVID-19 has impacted everyone across Canada and the world. While everyone is affected differently, the loss of sports and entertainment as shared cultural events is something everyone has in common. At Feigenbaum Law, we represent agents, coaches, and business managers in the Canadian and US sports & entertainment industries, and everyone has been left wondering when they can expect a re-opening of the industry, and what that… Read More

Close up of the NFL logo on turf

Sports & Entertainment

Tax Implications of Kaepernick’s Settlement with the NFL

More than 16 months after filing a formal grievance alleging that NFL owners and teams had colluded to keep him off the field, former San Francisco 49ers quarterback, Colin Kaepernick, has reached a formal (and confidential) settlement with the league. After the lengthy legal back and forth, Kaepernick has likely walked away with tens of millions of dollars. However, from a tax law perspective, how much of this settlement will he be able to take… Read More

Side view of a hockey players.

Sports & Entertainment

Tax Considerations for Professional Athletes in Canada

A few weeks ago we blogged about tax considerations for professional athletes playing in the U.S., this week we discuss tax considerations for professional athletes who play in Canada. Non-Resident Athletes Playing for Canadian Teams Under s.2(3) of Canada’s Income Tax Act,  non-resident individuals can be taxed by the Canada Revenue Agency if that individual has: Been employed in Canada; Carried on a business in Canada; or Disposed of a taxable… Read More

View of football field from above

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

Close up of men's hockey skates

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

Overhead view of soccer field with player standing in front of the penalty box.

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