Tag Archives: Denis Shapovalov

Canadian Tennis History Almost Made Today

Denis Shapovalov had an opportunity to become the first Canadian male tennis player to win a Masters 1000 (most senior level professional tournament equivalent to a Grand Slam) Series event today matched up against the number one player in the world, Djokovic. BTW, we still call all these athletes that leave Canada due to high taxation levels here Canadian in spite of their departure to tax havens. They like to keep the warmth of our country in their heart while paying tax abroad. Few really call this fact into question with respect to any semblance of National allegiance. The athletes certainly aren’t to blame but it is interesting how we still like to dress them with the Maple Leaf and discount the lay of the land.  

What if Canadian star athletes decided to stay in Canada? Certainly, governments would benefit from a return of capital on any funding awarded to athletes in lieu of their elite athletic status during years of development. This is not to say that particular athletes don’t give back to Canada upon capturing success in ways other than a direct return of such government sponsored funding. Then there’s the direct taxation for domestic prize pools associated with Canadian events such as the Rogers Cup. Residents are expected to report their world wide income whereas non-residents to do not. In spite of tax credits awarded to residents for foreign tax paid, the high tax rates in Canada would most likely supersede tax credits.  Non-residents are expected to pay Canadian tax for earnings on Canadian soil.