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633M for the Montreal Canadiens

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Old
07-10-2009, 01:27 AM
  #1
Mathletic
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Gillett won't pay taxes in Canada

http://lapresseaffaires.cyberpresse....-au-canada.php

sold for 633 mill and won't pay his taxes in Canada


Last edited by Mathletic: 07-10-2009 at 11:49 AM.
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Old
07-10-2009, 01:32 AM
  #2
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final sale $633 000 000

wow

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07-10-2009, 01:36 AM
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CPrice
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Does anyone know how much he bought the team for?

Can't read french buy by the looks of it he turned a profit of 383 million.

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07-10-2009, 01:38 AM
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Quote:
Originally Posted by cyberpresse
En 2001, George Gillett avait payé 150 millions pour mettre la main sur les 80,1% du Canadien, en plus de 100 millions pour le Centre Bell, soit un total de 250 millions. Le prix payé par les Molson, estimé à 633 millions, équivaudrait donc à un gain en capital de 383 millions pour la famille Gillett.
Holy craaaaap

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07-10-2009, 01:39 AM
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Originally Posted by CPrice View Post
Does anyone know how much he bought the team for?
250 mill for 80% of team + BC

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Old
07-10-2009, 02:18 AM
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Redux91
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buys the team for 250 mill, sells for 633 mill during a supposed economic crisis

i must meet his financial advisor :/

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Old
07-10-2009, 07:05 AM
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NHLcrazy
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So I sell my house for a 50K$ profit and i get rapped by taxes and whatnot's and he sells his team for 633,000,000$ for a 375,000,000$ profit and pays zero taxes, niet, nada?

Ya that's fair, I love my government so much logic.

Good for him though.

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Old
07-10-2009, 07:37 AM
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RC51
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all this means what to me? NOTHING. Gillett made money? so what. It's not my money that bought the Habs, it's not my money that bought the Habs again. No Taxes? yea well is this the first time I hear that someone got away with something? open the paper on any day in HISTORY and right there on the first page someone did something to get rich. If you spend your entire life chasing the almighty dollar only to leave it all behind in the end the jokes on you. We are here for 100 year or less. Don't be looking at what the other guy has. Find out what's important to you and start doing it. The universe is 13.5 billion years old, 100 years is only important to us, because it's sure not important to the universe. SO Gillett made money, so what!

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Old
07-10-2009, 07:47 AM
  #9
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The Montreal Canadiens transaction taxes will be payed in the state/country of residence of the seller, i.e. Gillet. This article states that Gillet calls Wyoming has his state of residence, he will then have to pay Wyoming(0%) and federal (15%) capital gain taxes.

http://lapresseaffaires.cyberpresse....-au-canada.php

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07-10-2009, 08:09 AM
  #10
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Quote:
Originally Posted by Dom View Post
The Montreal Canadiens transaction taxes will be payed in the state/country of residence of the seller, i.e. Gillet. This article states that Gillet calls Wyoming has his state of residence, he will then have to pay Wyoming(0%) and federal (15%) capital gain taxes.

http://lapresseaffaires.cyberpresse....-au-canada.php
Wow... 0% state tax.

Stuff like this is the reason why he's rich in the first place...finding ways to avoid paying fees/taxes/whatever.

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Old
07-10-2009, 08:24 AM
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This is why i don't understand why Montreal taxes scares off UFA's.

My friend works 3 weeks on in Alberta, then they fly him home to NL for his 10 days off. Because NL is his province of residence, he has to pay NL taxes on his income and not Alberta(which is bad because Alberta's rate is so much less). So he basically spends most of his year in Alberta but pays taxes in NL.

So lets say we have a habs player who's official residence is in Alberta. Wouldn't he have to pay his income taxes at the AB rate and not the Quebec rate?

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07-10-2009, 08:49 AM
  #12
mikeg
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my understanding is that you're not taxed... you're ***** by all the fees though. i'm sure gillette is paying quite a bit in fees.

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Old
07-10-2009, 09:19 AM
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couris
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633M American dollars!!?


Last edited by couris: 07-10-2009 at 09:27 AM.
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Old
07-10-2009, 09:37 AM
  #14
Daice
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Ppl should make rallys about this kind of bs, not paying 60 million dollards in taxes instead of making one for players...(or could do both ...)

rediculous

in this country you make 100k plus, the couvernemnt steals you half of it, You make any kind of profit with the stock market, it takes you 25% of your profit, flat fee, buy somethinng 250mil, no taxes....

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07-10-2009, 09:41 AM
  #15
Bobby Clark
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The guy paid huge taxes during his whole tenure as owner of the Canadiens and the Bell Centre so i don't see why people are pissed.

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07-10-2009, 09:45 AM
  #16
Daice
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Quote:
Originally Posted by PatTraverse View Post
The guy paid huge taxes during his whole tenure as owner of the Canadiens and the Bell Centre so i don't see why people are pissed.
because if you forget to pay 5 dollards in taxes, the gouvernment comes after you , takes your home, and f up your whole life and credibility,

but 63 mil in taxes is ok.

thats why

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07-10-2009, 09:49 AM
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Bobby Clark
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Quote:
Originally Posted by Daice View Post
because if you forget to pay 5 dollards in taxes, the gouvernment comes after you , takes your home, and f up your whole life and credibility,

but 63 mil in taxes is ok.

thats why
He did nothing illegal...It's called a shrewd business move.

There are people that teach you how to evade paying taxes but no one bothers to get the information so they just whine about it.

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Old
07-10-2009, 09:52 AM
  #18
RE-HABS
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Originally Posted by emb24 View Post
final sale $633 000 000

wow
If that is the selling price you have to be happy that the new owners are obviously committed to spending the max and willing to spend big bucks on players....they are here to have a winner and to make money at the same time...the Molson Bros are the best thing to happen to the Habs in a long time!!!

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Old
07-10-2009, 09:54 AM
  #19
Daice
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Quote:
Originally Posted by PatTraverse View Post
He did nothing illegal...It's called a shrewd business move.

There are people that teach you how to evade paying taxes but no one bothers to get the information so they just whine about it.
I know it is legal, I know how they did it, but is it ethical THAT is the question, not if it is legal or not

fyi he should pay taxes in the US, but it is not certain he will, he can evade that too, I dont think he will, but he can.

but the taxes in us < taxes in Canada

anyway i wont stard debating over this, he was a good owner, declared bankrupcy 2 times in his life, and made it all back he is smart heh


Last edited by Daice: 07-10-2009 at 10:00 AM.
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Old
07-10-2009, 10:21 AM
  #20
otto bond
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Originally Posted by NHLcrazy View Post
So I sell my house for a 50K$ profit and i get rapped by taxes and whatnot's and he sells his team for 633,000,000$ for a 375,000,000$ profit and pays zero taxes, niet, nada?

Ya that's fair, I love my government so much logic.

Good for him though.
And I voted for an other party!!!!Actuly, what's funny his that today still, the rich get richer and the middle guy gets poorer.....Things will never change.

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Old
07-10-2009, 10:22 AM
  #21
WestIslander
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It doesn`t matter how much he sold it for and profited because if he had held onto the team, he would of made 10 times more over the years.

GEG alone made a profit of $50,000,000.00 a year with concerts and shows alone and the Habs made more so if you ask me, he and his kids would of made more money in the long run.

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Old
07-10-2009, 10:23 AM
  #22
timbitca
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Quote:
Originally Posted by TheCH View Post
This is why i don't understand why Montreal taxes scares off UFA's.

My friend works 3 weeks on in Alberta, then they fly him home to NL for his 10 days off. Because NL is his province of residence, he has to pay NL taxes on his income and not Alberta(which is bad because Alberta's rate is so much less). So he basically spends most of his year in Alberta but pays taxes in NL.

So lets say we have a habs player who's official residence is in Alberta. Wouldn't he have to pay his income taxes at the AB rate and not the Quebec rate?
Thing is that while he's in Alberta he probably lives in a camp or something, doesn't have a permanent adress there. Hockey players on the other hand, are in their city of adoption for a good say 7-9 months of the year, which turns into a permanent adress. If he would be getting a house or apartment in Alberta though, he'd be paying taxes there, even if he would be flying back to NL for his turnaround(I'm betting his company would put a halt to that though if he did do that). Besides, paying NL taxes is likely much much lower than having a residence in Fort MakeCrazy.

Oh, and has for Gillette... sure he made a huge profit on the team, which is great for him(buy low, sell high... nothing wrong with that) but just how much of a small fraction of that money will actually land in his bank account? He didn't personally make that much of a profit by a long shot, I'm willing to bet the majority of that is going to be used to pay off creditors.

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Old
07-10-2009, 12:08 PM
  #23
JackieChan
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Quote:
Originally Posted by WestIslander View Post
It doesn`t matter how much he sold it for and profited because if he had held onto the team, he would of made 10 times more over the years.

GEG alone made a profit of $50,000,000.00 a year with concerts and shows alone and the Habs made more so if you ask me, he and his kids would of made more money in the long run.
383 000 000 earned now and put away for 10 years at a 8% interest rate gives 826 858 700$.

I doubt he would have made more than that by holding on to the Habs

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Old
07-10-2009, 12:14 PM
  #24
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Quote:
Originally Posted by WestIslander View Post
It doesn`t matter how much he sold it for and profited because if he had held onto the team, he would of made 10 times more over the years.

GEG alone made a profit of $50,000,000.00 a year with concerts and shows alone and the Habs made more so if you ask me, he and his kids would of made more money in the long run.

not necessarily (sp?) true. The 50 mils. profit might not be net profot but gross profit. That could change alot of things. Also, if he takes whatever profit he makes from selling the team and reinvests it somewhere more profitable then the HABS then he may make more profit in the long run.

I don't think your using faulty logic, but I think you should try to go deeper before making such a conclusion.

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Old
07-10-2009, 12:52 PM
  #25
jacklours
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Originally Posted by JackieChan View Post
383 000 000 earned now and put away for 10 years at a 8% interest rate gives 826 858 700$.

I doubt he would have made more than that by holding on to the Habs

Thx for proving my point before I actually explained it.

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