Quote:
Originally Posted by Northendzone
Let’s be honest here - if you could work in Chicago or calgary which one would you choose? I’d have to think for a financial/tax perspective Chicago is better for the player.
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This is probably way late, but I often hear that it's much better for tax reasons for players to sign in the US, so I actually did a little research...
Based on current US federal and Illinois tax rates, he would pay $2,182,000 in taxes, And have a take-home pay of $2,817,000.
In Canada, and specifically Alberta, after converting his $5 million annual salary to Canadian dollars ($6,610,000), he would pay $3,142,000 Canadian In taxes, and have a take-home pay of $3,468,000 Canadian or $2,623,000 US.
So, obviously there is some difference between him signing in the US versus Canada for tax reasons, but it's not as big as I believe many people think, particularly when you take into account the increased buying power his take home salary would have during that year when converted to Canadian dollars.
