VIDEO · 20 AUGUST 2013

I'm A Professional Athlete, How Am I Taxed?

Crowe Soberman LLP

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Concentrate on your game: Jeff and Adam say residency status can affect athletes' signing bonuses and the taxes they owe. Learn how to create a winning financial strategy.

CanadaTax

Jeffrey Steinberg

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Transcript

Question:
Why is there a question about my residence? Is that not just about where I live?

Answer
No, it's not that simple. Like most athletes today, you'll be competing across North America and maybe around the world. Figuring out an athlete's residency might seem simple but it's not, and we need to look at each case individually. This is important, because your country of residence is what governs your global tax liability, and if it's not planned properly there can be significant tax consequences to you. And you need to address this shortly after you sign a contract with a new team – not in April when it could be too late for proper planning and teams are busy with playoffs and new seasons. Besides, your residency can also affect plans for your signing bonus.

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