How Professional Athletes are Taxed in Canada with Kim Moody (Ep. 32)
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- Опубліковано 8 гру 2024
- Why is taxation such a game-changer in professional sports?
In this episode, John and Alex Soutsos welcome back fan-favourite guest Kim Moody, a CPA and founder of leading tax law and accounting firm, Moodys Private Client, to discuss taxes in the professional sports landscape. They explore the playful side of what is often seen as a dreary subject: taxes. Why? Because understanding taxes, especially for high earners like professional athletes, can heavily impact financial freedom and lifestyle options. Kim brings depth and clarity to the complicated intersection of sports and taxes. From discussing residency and the taxation of professional athletes across borders, to understanding the strategic movement of players during the off-season, this episode offers plenty of ground-breaking information.
John, Alex, and Kim discuss:
(02:54) How professional sports teams are taxed based on the locations of their games
(03:53) The concept of residency and its impact on taxation for both Canadian and American professional athletes
(07:52) The infamous "jock tax" and how it added a layer of complexity for sports professionals
(24:08) Strategies for athletes to mitigate taxes and the viability of retirement compensation arrangements (RCAs)
(27:36) The high-profile tax case involving John Tavares and the intricacies of the signing bonus tax rules
And more
Tune in to gain expert insights into the world of taxes and sports, and learn how these financial strategies extend beyond the rink.
Resources:
The Truth Behind Taxation Myths With Kim Moody (Ep. 20): prescribingpro...
Navigating the Complexities of the Canadian Economy With Kim Moody (Ep. 21): prescribingpro...
Retirement Compensation Arrangements (RCA): www.canada.ca/...
Article 15 of the Canada-U.S. Tax Treaty: www.canada.ca/...
Connect with Med-Wealth Financial Services:
Med-Wealth Financial Services: johnsoutsos.com/
LinkedIn: John Soutsos: / johnsoutsos
LinkedIn: Alex Soutsos: / alexandersoutsos
LinkedIn: Med-Wealth Financial Services: / med-wealth
Twitter: Med-Wealth Financial Services: / med_wealth
info@med-wealth.ca
905-568-2000
1- 888-568-1170
Connect with Kim Moody:
Kim GC Moody Website: kimgcmoody.com/
LinkedIn: Kim Moody: / kimgcmoody
X (formerly Twitter): @KimGCMoody: x.com/kimgcmoo...
kgcm@kimgcmoody.com
About Our Guest:
Kim is a CPA and the Founder and Director of one of Canada’s premier tax law and accounting firms encompassed under the common brand of Moodys Private Client. For decades, he has helped clarify and simplify the complexities of the tax system for his clients, and continues to provide this clarity today. Kim has taken on nearly every prominent role in the tax profession and wants to share what he’s learned with the world. He is an Amazon best-selling author and a regular contributor to the Financial Post newspaper.