Photo credit: The Athletic
Maple Leafs Captain John Tavares Fighting 8M Legal Battle
Toronto Maple Leafs captain John Tavares is in hot water with the CRA after they demanded over $8 million in unpaid taxes from his first signing bonus.
CRA Demands Over $8 Million From John Tavares
The National Post has just revealed that John Tavares is being charged over $8 million in unpaid taxes.
"Tavares argues the bonus should have been taxed at only 15 per cent under a provision of a Canada-U.S. taxation treaty, which sets the lower tax rate for «inducements,» such as signing bonuses, paid to athletes, artists, actors and musicians.
The CRA assessed that he must pay a rate of over 38-per-cent on the bonus, plus interest, but it has not yet filed a response to the appeal. None of the allegations have been proven in court." - Glen McGregor of The National Post
The CRA assessed that he must pay a rate of over 38-per-cent on the bonus, plus interest, but it has not yet filed a response to the appeal. None of the allegations have been proven in court." - Glen McGregor of The National Post
This originates from his original signing bonus with the Toronto Maple Leafs where he got over $15m USD and initially paid 15% tax rather than the 38% tax that the CRA believes Tavares owes.
More details will follow in the coming weeks.
As read on The National Post - Tavares fighting Canada's tax agency over $8M it claims he owes
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