New fraud allegations surface for John Tavares: Millions in question
Photo credit: National Post
John Tavares is currently entangled in a dispute with the Canada Revenue Agency (CRA), which estimates that he owes millions in unpaid taxes.
The CRA asserts that Tavares reported $17.8 million more in surplus income than initially disclosed, resulting in a $6.8 million tax liability. Adding accrued interest of $1.2 million, Tavares's total debt to the Canadian government reaches $8 million.
The CRA says John Tavares owns more than $8M in tax and interest.
The Leafs captain disagrees.
The issue is how a commonly used provision in the U.S.-Canada tax treaty is interpreted�and the outcome could have serious implications for Canadian teams.
The Leafs captain disagrees.
The issue is how a commonly used provision in the U.S.-Canada tax treaty is interpreted�and the outcome could have serious implications for Canadian teams.
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The $17.8 million discrepancy involves the $15.25 million signing bonus from the first year of his seven-year contract with the Leafs. This bonus, which was a major factor in Tavares's decision to join Toronto, is now at the heart of the issue.
The CRA has put a target on ways pro athletes navigate higher taxes north of the border.
My story on why John Tavares' $8M tax bill and tax court cases involving several former Blue Jays could have serious implications for Canadian teams and players
My story on why John Tavares' $8M tax bill and tax court cases involving several former Blue Jays could have serious implications for Canadian teams and players
This situation highlights a growing concern for Canadian professional sports teams trying to attract high-profile players. The high tax rates in Canada compared to other North American regions could be a deterrent for potential stars. This is not the type of news Canadian sports fans want to hear.
Source: Hockey Patrol
Allegations of fraud re-emerge for John Tavares: millions at stake
Allegations of fraud re-emerge for John Tavares: millions at stake
| POLL | ||
23 JUILLET | 105 ANSWERS New fraud allegations surface for John Tavares: Millions in question Is the $8 Million Tax Bill justified for Tavares, or Is the CRA overstating the figures? | ||
| Yes | 53 | 50.5 % |
| No | 52 | 49.5 % |
| List of polls | ||
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