Latest news with #Canada-U.S.TaxTreaty
Yahoo
16-06-2025
- Business
- Yahoo
A win for Leafs' John Tavares in face-off with Canadian tax court: Report
As John Tavares contemplates how much of a hometown discount is appropriate for the Maple Leafs in his next contract, he might have preserved some extra millions through the courts. The Hockey News reports his lengthy tax appeal fight with the Canada Revenue Agency has been adjourned and quite likely to remain dormant in his favour. In dispute is a $15.25-million US signing bonus as part of his massive, seven-year, $77-million free-agent deal with Toronto back in 2018 that has just expired. The CRA contended the bonus should be treated as salary and taxed at 50%, close to $8 million Canadian. Tavares' representatives counter that it qualifies for a preferential 15% rate under the Canada-U.S. Tax Treaty, a deal covering income earned by non-residents providing services in Canada. Such cases, when adjourned, usually are not pursued by the government. Postmedia's request for comment from Tavares' agent, Pat Brisson, was not immediately returned. Last week, THN reported the tax court ordered the CRA to disclose key internal records and notes related to its reassessment after initially denying to answer questions from the appellant about how the findings in his audit and comparables were used. The CRA had cited privacy concerns about releasing the data. The case is closely being watched by Canada's pro sports teams hoping to lure more stars north to the seven NHL franchises, as well as the Toronto Blue Jays and Raptors. The CRA has been unsuccessful in similar proceedings against the contracts of one-time Jays Josh Donaldson and Russell Martin, but is appealing. Tavares, who wants to stay a Leaf and was nearly at point-a-game production this past season at age 34, is expected to get somewhere between $4 million and $5 million per year on his next contract. lhornby@ X: @sunhornby
Toronto Sun
16-06-2025
- Sport
- Toronto Sun
A win for Leafs' John Tavares in face-off with Canadian tax court: Report
Toronto Maple Leafs' John Tavares (91) celebrates scoring against the Ottawa Senators. The Canadian Press As John Tavares contemplates how much of a hometown discount is appropriate for the Maple Leafs in his next contract, he might have preserved some extra millions through the courts. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The Hockey News reports his lengthy tax appeal fight with the Canada Revenue Agency has been adjourned and quite likely to remain dormant in his favour. In dispute is a $15.25-million US signing bonus as part of his massive, seven-year, $77-million free-agent deal with Toronto back in 2018 that has just expired. The CRA contended the bonus should be treated as salary and taxed at 50%, close to $8 million Canadian. Tavares' representatives counter that it qualifies for a preferential 15% rate under the Canada-U.S. Tax Treaty, a deal covering income earned by non-residents providing services in Canada. Such cases, when adjourned, usually are not pursued by the government. Postmedia's request for comment from Tavares' agent, Pat Brisson, was not immediately returned. This advertisement has not loaded yet, but your article continues below. Last week, THN reported the tax court ordered the CRA to disclose key internal records and notes related to its reassessment after initially denying to answer questions from the appellant about how the findings in his audit and comparables were used. The CRA had cited privacy concerns about releasing the data. The case is closely being watched by Canada's pro sports teams hoping to lure more stars north to the seven NHL franchises, as well as the Toronto Blue Jays and Raptors. The CRA has been unsuccessful in similar proceedings against the contracts of one-time Jays Josh Donaldson and Russell Martin, but is appealing. Tavares, who wants to stay a Leaf and was nearly at point-a-game production this past season at age 34, is expected to get somewhere between $4 million and $5 million per year on his next contract. lhornby@ X: @sunhornby Sunshine Girls World Sunshine Girls Toronto & GTA Canada
Edmonton Journal
16-06-2025
- Business
- Edmonton Journal
A win for Leafs' John Tavares in face-off with Canadian tax court: Report
Article content The CRA contended the bonus should be treated as salary and taxed at 50%, close to $8 million Canadian. Tavares' representatives counter that it qualifies for a preferential 15% rate under the Canada-U.S. Tax Treaty, a deal covering income earned by non-residents providing services in Canada. Such cases, when adjourned, usually are not pursued by the government. Postmedia's request for comment from Tavares' agent, Pat Brisson, was not immediately returned. Last week, THN reported the tax court ordered the CRA to disclose key internal records and notes related to its reassessment after initially denying to answer questions from the appellant about how the findings in his audit and comparables were used. The CRA had cited privacy concerns about releasing the data. The case is closely being watched by Canada's pro sports teams hoping to lure more stars north to the seven NHL franchises, as well as the Toronto Blue Jays and Raptors. The CRA has been unsuccessful in similar proceedings against the contracts of one-time Jays Josh Donaldson and Russell Martin, but is appealing. Tavares, who wants to stay a Leaf and was nearly at point-a-game production this past season at age 34, is expected to get somewhere between $4 million and $5 million per year on his next contract.
