When Canada’s Olympic athletes returned home from Rio this week with a 22-medal haul, they were met at the airport by cheering family and friends as well as autograph-seeking fans. But some of them may also soon be greeted by the taxman looking for a piece of their Olympic winnings.
In addition to the hardware the winning athletes brought home from the games, each Canadian medal winner will also receive a cash award courtesy of the Canadian Olympic Committee’s Athlete Excellence Fund. Canada’s four gold medal winners will each receive $20,000, the three silver medalists will take home $15,000 per medal and each of Canada’s 15 bronze medal winners will receive $10,000. Read More…
That is news to me. I did not know that. I always figured they treated such winnings like lotteries whereby here for us Canadians lottery winnings are tax free and you don’t need to report it.
Something feels wrong patriotically when we are demanding our athletes pay up. 🙁
Lets keep it real though paying taxes on small prizes like $20,000 isn’t that much. And there is no withholding tax — they just pay what they owe at the end of the year.
My son participated in the games (rowing). He was telling me all about this years ago. What i find a surprise is that others think there is one.
I’m more surprised that Canada gives prizes to medal winners. When did this start?
@jenny, i agree with you 100%. Most Canadians are not physically gifted and we must pay our taxes. These people who were allowed to fly free to the olympics on tax payer money were doing a job and so they too should be required to pay the taxman too.
Seems logical to me. Let’s not forget that most of these athletes will get endorsements and have a bright financial future because of this big stage. Why souldn’t they owe taxes for the honour of representing us to the world.
In other words, don’t become an athelete.
Do countries pay for other events outside the olympics? There is the Diamond League going on right now.
Wow i was reading that other countries pay more than Canada. Like Singapore (?) paid a cool $900K. Wow. No wonder these athletes are so competitive 🙂
Makes sense. It’s their profession and therefore should be taxed.
And once again the CRA sinks their greedy teeth in our hard earned tax dollars.