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Originally Posted by bob-loblaw
I think hockey players can be considered as professional corporations by CRA like doctors, lawyers, etc. are. If true then they can have deductions that we individual taxpayers don't have and fall into different tax rates. They get paid in USD too and with the tax rates in Alberta their actually money ahead playing in Alberta than in the US. I thought I also read somewhere that they don't have normal pay periods like employees do and rather only have four or five per season.
The fact is that they're 22 or younger and will make more than most of us in seven months than us working for 15 years. That being said apartments and condos are hard to come by in Calgary, so yeah, good luck getting one without roomies, ha ha.
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Yes...hockey players are indeed treated as corporations for tax and accounting purposes. Gaudreau would get pay himself from a company that he establishes as Skittles Sports Incorporated for example.
The tax benefits I'm not too sure of as I dont know the US tax system too well. Since Gaudreau is actually a citizen and a resident of New Jersey, he might just pay taxes in Canada and then get credit for it in the US? Atleast, thats what the Canadian tax system does.