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08-07-2012, 03:56 PM
Join Date: Sep 2009
Originally Posted by
On top of that, the US Olympic Committee pays $25K for a gold. The Canadian OC pays $20K. So only $5K but then USA Swimming pays them $75K for the gold, so now you're looking at $100K versus $20K.
1. not sure if Swim Canada pays any extra but I don't believe so.
2. I believe there are significant tax differences in terms of receiving those payments - fully taxable in Canada but differential status south of the border.
So on economics alone she made the right choice. That's a significant chunk of change at that point in life.
Just heard on NPR the other day that the awards are fully taxable down here and that medal winners are frequently surprised when they jump several tax brackets. Story also mentioned that UK athletes get an exemption for their awards and that some politician here (Galifianakis?) is trying to introduce legislation for a similar exemption.
Last edited by videofarmer: 08-08-2012 at
. Reason: Left out the word "surprise". Is this dangerous?
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