Allegations of fraud re-emerge for John Tavares: millions at stake
John Tavares seems to be at the center of a CRA dispute, where it is estimated he owes the government millions upon millions in unpaid taxes.
The CRA claims that Tavares received a surplus income of $17.8 million higher than what was initially reported, which means he owes back $6.8 million.
Add on interest fees for the amount of time that has gone by, and that is an additional $1.2 million. That brings what Tavares owes the Government of Canada to a whopping $8 million.
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 $17.8 million in question is regarding the signing bonus of US$15.25 million during the first year of his seven-year contract, and experts claim this bonus was the deciding factor that let Tavares sign with the Leafs. Now, it appears that signing bonus has backfired on Tavares.
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 is proving to be a big problem for Canadian pro sports teams in terms of attracting big name players to come play in the country of Canada. The amount of taxes that athletes have to pay in Canada is higher than anywhere else in North America, if not in the world. That's not the news Canadian sports fans want to be hearing right now.
Credit Global News:
John Tavares is fighting an $8M CRA tax bill. Ottawa tells court he must pay
| POLL | ||
JUILLET 23 | 540 ANSWERS Allegations of fraud re-emerge for John Tavares: millions at stake Should Tavares have to pay the $8 million or is the CRA exaggerating? | ||
| Pay it back | 225 | 41.7 % |
| Don't pay | 315 | 58.3 % |
| List of polls | ||
