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Spongewingredpants

Ericsson and Alfredsson not 100%

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Canadian income tax rates for Individuals - current and previous years Federal tax rates for 2014

  • 15% on the first $43,953 of taxable income, +
  • 22% on the next $43,954 of taxable income (on the portion of taxable income over $43,953 up to $87,907), +
  • 26% on the next $48,363 of taxable income (on the portion of taxable income over $87,907 up to $136,270), +
  • 29% of taxable income over $136,270.

Provincial/territorial tax rates (combined chart)

11.16% on the next $69,758, +

12.16% on the next $70,000, +

13.16 % on the amount over $220,000

Plus, don't forget EI and CPP, I assume they pay that as well.

Wow that's a lot of taxes thats why you need a bunch of tax lawyers if you are that rich. If Alfie's back doesn't hold up anymore he should not risk injuring it further and just hang them up nothing against him, my favorite Senator of alltime.

Will be interesting to see if Jurco is ready to take the next step this season (I doubt it).

I think I did show them, and I think I can show them even more,"

don't like that quote at all screams cocky :(

Edited by frankgrimes

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Wow that's a lot of taxes thats why you need a bunch of tax lawyers if you are that rich. If Alfie's back doesn't hold up anymore he should not risk injuring it further and just hang them up nothing against him, my favorite Senator of alltime.

Will be interesting to see if Jurco is ready to take the next step this season (I doubt it).

don't like that quote at all screams cocky :(

Screams confident to me.

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Man, if Alfie's back is tweaked before the pre-season begins how can he possibly be considered for a contract?

I don't think that's even in consideration right now. I think the team will wait and see how all of this plays out for Alfie and if things are going well he might get signed. But really that should not be important now the important thing is Alfie getting healthy and being able to enjoy a pain free life.

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Canadian income tax rates for Individuals - current and previous years Federal tax rates for 2014

  • 15% on the first $43,953 of taxable income, +
  • 22% on the next $43,954 of taxable income (on the portion of taxable income over $43,953 up to $87,907), +
  • 26% on the next $48,363 of taxable income (on the portion of taxable income over $87,907 up to $136,270), +
  • 29% of taxable income over $136,270.

Provincial/territorial tax rates (combined chart)

11.16% on the next $69,758, +

12.16% on the next $70,000, +

13.16 % on the amount over $220,000

Plus, don't forget EI and CPP, I assume they pay that as well.

It's not that simple to calculate, Most professional athletes keep a residence either in their home country or the United States which allows them to pay their taxes a little differently than the average person.

Because not all of their money is earned within Canada they can only be taxed based on the income they make while playing at home or in another Canadian city. The rest of their tax would be payed to the government of the city/state/country their "official" residence is in.

It all depends on what state you live in. Michigan's tax rate combined with the federal tax rate actually costs Alfredsson more than he would be paying in Ontario.

On his 5.5 million contract he just finished he would have paid approximately 2.49 million in taxes. (45.3%) vs the maximum (42%) in Canada.

Of course you also have to assume that professional athletes making that kind of money likely have a pretty good accountant and/or financial planner who helps them pay the lowest tax rate possible.

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It's not that simple to calculate, Most professional athletes keep a residence either in their home country or the United States which allows them to pay their taxes a little differently than the average person.

Because not all of their money is earned within Canada they can only be taxed based on the income they make while playing at home or in another Canadian city. The rest of their tax would be payed to the government of the city/state/country their "official" residence is in.

It all depends on what state you live in. Michigan's tax rate combined with the federal tax rate actually costs Alfredsson more than he would be paying in Ontario.

On his 5.5 million contract he just finished he would have paid approximately 2.49 million in taxes. (45.3%) vs the maximum (42%) in Canada.

Of course you also have to assume that professional athletes making that kind of money likely have a pretty good accountant and/or financial planner who helps them pay the lowest tax rate possible.

Even more to my point that they are taxed alot. Nice post, I learned some new info!

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It's not that simple to calculate, Most professional athletes keep a residence either in their home country or the United States which allows them to pay their taxes a little differently than the average person.

Because not all of their money is earned within Canada they can only be taxed based on the income they make while playing at home or in another Canadian city. The rest of their tax would be payed to the government of the city/state/country their "official" residence is in.

It all depends on what state you live in. Michigan's tax rate combined with the federal tax rate actually costs Alfredsson more than he would be paying in Ontario.

On his 5.5 million contract he just finished he would have paid approximately 2.49 million in taxes. (45.3%) vs the maximum (42%) in Canada.

Of course you also have to assume that professional athletes making that kind of money likely have a pretty good accountant and/or financial planner who helps them pay the lowest tax rate possible.

Great reply thanks and something I thought, athletes are hiring so much experts it's better to pay them instead of having to pay ridiculous amount of taxes. Personally I would use some money to create a small company with some other players so I can write off lots of stuff and then have my lawyers, accountants take care of the other stuff. But in order to do that a player has to be a somewhat established one.

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On the plus side of the Alfie news, if he's not signed then Jurco is on the roster and the team can shelf this absurd "Helm's a winger" idea. Thank god.

Unless ties still go to the veteran...in which case Abby's pulling the piano again. Ugh.

Edited by kipwinger

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On the plus side of the Alfie news, if he's not signed then Jurco is on the roster and the team can shelf this absurd "Helm's a winger" idea. Thank god.

Unless ties still go to the veteran...in which case Abby's pulling the piano again. Ugh.

Hmm, I'd like to think that Jurco's got it nailed, as long as he has a strong camp. I'm just worried about Cleary. As long as Jurco has a strong camp though, I can't see why they'd keep him off the roster if he's played well enough.

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Hmm, I'd like to think that Jurco's got it nailed, as long as he has a strong camp. I'm just worried about Cleary. As long as Jurco has a strong camp though, I can't see why they'd keep him off the roster if he's played well enough.

I doubt they brought cleary back for the contract just to sit I sadly see him taken a spot over jurco and I hate that thought

Edited by sjr2012

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