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Ryminister_92

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Forum: Armchair-GMJan. 23 at 4:26 p.m.
<div class="quote"><div class="quote_t">Quoting: <b>palhal</b></div><div>I'm saying Canadian players can put much of their income in a trust, grow that trust, and only take money out after they retire.
I know of one 12 year NHLer from Toronto who says he never touched one cent of his NHL career during his NHL career. Lived off NHL and other endorsements and appearances....and this was while being married with three kids.
Don't know of any Canadian city that has city income tax.</div></div>

You're right; I was thinking municipal taxes, but those are predominately property taxes so aren't relevant to the conversation.

I'm basing the following on articles from RBC and Deloitte.

In the case of a trust, that income wouldn't be taxed per say, but any withdrawals from it would be. Further to the point, a player would have to invest their own money into the trust; meaning that they would be taxed prior to receiving their income, as noted by ChiHawk.

However, there is a major myth floating around that all Canadian markets are inevitably taxed higher than all American markets and it is a wild discrepancy. This isn't true, according to an article published by the CTF (Canadian Taxpayers Federation) in 2014 which demonstrates that Spezza, when traded from Ottawa to Dallas, only paid $394,732 less in taxes. Montreal is high in taxes, but Edmonton and Calgary are not. In fact, according to that same article, Benoit Pouliot saved $575,752 in tax payments by playing for the Oilers rather than the Rangers. Keep in mind this is a pretty old article (and by a rather dubious group that appears to be advocating for the abolition of taxes), but it did take a significant look at the impact of taxes on the hard cap system.

And I am not a financial expert, just a nerd.
Forum: Armchair-GMJan. 20 at 10:48 p.m.
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