Callaway Profits Beat Q1 Expectations Sponsors Stayed True To Paul George Feigin Preaches Urgency On Bucks Arena Financing NBA Regular-Season Audience Down In '14-15 Under Armour Profit Down In Q1 Pelicans Coach Backtracks On Noise Complaint Silver: Legalizing Betting Could Be Good Business Clippers' Ballmer Profiled In N.Y. Times Raptors GM Ujiri Fined For Expletive Sources: NBA Readying For Cap Increases
Upcoming Conferences and Events
NBA PLAYERS NOT GIVING THANKS FOR NEW CANADIAN TAX LAWS
Published November 26, 1997
U.S. citizens playing for the Raptors and Grizzlies have seen an increase in their income taxes, according to Bill Harris of the TORONTO SUN. Raptors GM Glen Grunwald: "We believe it equates to a 1%-2% increase. It's not insignificant amount when you consider what these guys make." U.S. athletes playing for the Raptors and Grizzlies are taxed by both Canada and the U.S., based on their "source income" in each country. In general, Canadian tax rates "are slightly higher" than the U.S. When the NBA teams began play in '95, "team accountants were advised by Revenue Canada to calculate 'Canadian source income' based on games played," which worked out to about a 51-49 split between Canadian income. But the teams have since been told by Revenue Canada that Canadian income should be calculated by "duty days," or the total number of days players spend in Canada during the season. This "means about 68% of a player's income is being taxed at the Canadian rate, with only 32% at the U.S. rate." Revenue Canada spokesperson Michel Cleroux: "The IRS does it exactly the same way with Canadians playing in the U.S." NBPA Exec Dir Billy Hunter: "This matter could have dramatic consequences on our players' livelihoods" (Bill Harris, TORONTO SUN, 11/26).