Part of me feels for them, part of me doesn't. I mean yes, it sucks to have your money sucked away from the exchange rate, but most working people have to move to, or close to their place of work, full time, all year for as long as they have their job. You aren't exactly taking a cut if you don't leave the country.
Just think what the game would be like without imports. Home is home is home. Not everyone wants to live in Canada especially if family is entrenched in the US. How would you take a 20+ % pay cut? It was only the other way around (Canadian $$ hitting 1.10 US) for a relatively short time.
I'm spending a month in the US and I know how hard this is hitting me personally. Booked it last year when exchange was no where near as bad. Cannot imagine making a living at $60k Canadian and sending money to family. It would now be about $48k US. I know they work for 6 months but their career is short.
I do feel for them.
Just think what the exchange is costing Canadian based hockey teams. Revenue in Canadian $$, player salaries in $US.
US is one of the countries that Canada has a tax treaty with.
Canada has tax conventions or agreements -- commonly known as tax treaties -- with many countries. The main purposes of tax treaties are to avoid double taxation and to prevent tax evasion. Tax treaties:
define which taxes are covered and who is a resident and eligible to the benefits
often reduce the amounts of tax to be withheld from interest, dividends, and royalties paid by a resident of one country to residents of the other country
limit tax of one country on business income of a resident of the other country to that income from a permanent establishment in the first country
define circumstances in which income of individuals resident in one country will be taxed in the other country, including salary, self-employment, pension, and other income,
may provide for exemption of certain types of organizations or individuals, and
provide procedural frameworks for enforcement and dispute resolution.
The US players working in Canada, pay into our system including all taxes, CPP etc like all other workers.
The NHL is taking a hit with the low dollar - the Canadian teams because they have to pay salaries in $US
The US teams are seeing their share of the $5 BILLION Sportsnet TV deal shrinking because the deal was in $C.
Yeah, home is home, so what about people who have to move to full time, full year positions in another country? No tears are shed for them. Also, all of that money is leaving our economy and going down south. We might get income tax on it, but every player pays taxes. The real economic driver is that money is being spent and exchanged in Canada.
As far as their career being short, I have even less sympathy. Every single NCAA and CIS program has academic standards that need to be met (at least in theory) for you to continue playing football. Even at the high school level, every coach I know advises players to not make Football their only career choice. Competition is incredibly high to make it to the big leagues, injuries happen, bad cuts happen and depending on where you land, even a couple seasons in the NFL doesn't set you up for life. Both the NFL and CFL have mandatory training players need to go through that advises on how to manage money and to ask "What are you going to do after your time with the game is over?" You need to have a fallback position, and given that they have an entire off season to work and keep skills current.
Don't get me wrong, I'm glad many US players come up here as it certainly improves the skill level of our league, but too many players come up to the CFL and treat this league like it's a speedbump to the NFL, which it's not.
If the NHL is losing money, I can't say I mind. They made their own beds with the southern expansion off the backs of profitable Canadian and North-East teams. The only downsides here is Rogers gets away with paying less money in a sense since it's not worth as much, and that it discourages the league from expanding Canadian TV revenue, via more Canadian teams. See Quebec City and Hamilton
That's a pretty harsh way to look at things. I've worked in Canada most of my career but did work in the US for a short while. I can understand exactly how most players feel. Even the Nationals who decide to sign with another team because its closer to home. The Cats have a few of these today.
As long as they are paying taxes here, the small number of players who take some of their earnings back to the US does nothing to effect our economy. More people cross the border to shop in Buffalo on a daily basis than any money going with the players back home. I would think that Black Friday alone and the bus loads if Canadians shopping in NY and Pennsylvania has a much larger economic impact than a couple of hundred CFL America players.
Have some empathy for these guys. Man, I'd hate to work for you if that's your perspective on life :roll:
I was responding to a post that could be read to say that players are subject to double taxation. Just clearing up that specific point. Also, if they are not in Canada long enough to be considered "resident" for tax purposes I believe the payroll deductions are either returned or somehow credited to the IRS.
Yes, you are right and I was just pointing out that US workers whether they are football players or any other worker have to pay tax here and pay into CPP etc just like the rest of us. Just like if I worked in the US I would be expected to pay into the social security system.
Some people above are talking about US players that return south in the winter. That could be the same with Canadian CFL players too, there is nothing to stop a Canadian player from spending his off season in Florida just like a lot of other Snowbirds.
If we're worried about the economic impact of the 'after tax, after cost if living' dollars of a handful of US football players leaving this country I would be terrified to think about what would happen if the powers that be in the US worried about protecting their stake with the same level of granularity. How many Canadian businesses large and small would cease to exist if they couldn't source their revenues and profits from the US and keep them in Canada? How many jobs, how many tax dollars, how much of our GDP does that represent?
As much as I'd prefer that all the CFL dollars stayed in our great country, I love having the great people and talented players from the US come play our game and if them taking a very small net portion of their earnings home with them is a consequence it's a consequence I can accept. Heck, maybe someday enough of those same US players will help draw enough attention to our game that we can get a small cash cow of a US TV contract out of it! Who knows, if that happens maybe it entices someone in Halifax to build a great little CFL stadium to house our 10th team.
For us, the the "near collapse" of the CND dollar has been a boom this year. All the projects we quoted in the US market last year are now they are all being ordered with a 20 percent increase in net margins. So it is a reverse of all the contracts we took after the 2008 collapse, the drop in Fuel is also a benefit to our Install and delivery costs.
I still don't see any way as a country that we can deal with a collapse of the Alberta economy should Oil remain at this level for four years (predicted by some) Debt level of young people in Alberta is through the roof, it would be a slaughter, but its not like Ottawa hasn't been warning Canadians to lower their debt level...
Salaries of American football players should be the least of our worry right now, if they don't like the exchange rate, they can move here and give up their American citizenship, it is a choice. For those here for a good time not a long time, oh well...
No doubt the collapse of the oil industry is not good for Alberta, they've already announced up to 18,000 lay offs in the oil patch. For the first time ever, the world price of oil is being decided by the free market system - supply and demand and not by the OPEC oil cartel.
But Ontario should see a boom because of the drop in gas prices and the demand for cars, especially in the US. 90% of the Fords, Chryslers, GMs, Hondas, Toyotas built in Ontario are destined for the US market. It's not just the auto industry but the steel that goes into them cars, the plastics, engines and all of the spin offs.
Economists will tell you that the drop in oil prices is like a tax cut.
The drop in the Canadian dollar is not all good news for Canadian businesses, a lot of Canadian businesses have to import raw materials, parts etc that are paid for in $US. Most of what we buy in the stores these days is from China, Taiwan, Japan etc and they are all paid for in $US.
No doubt U.S. players end up with less in their pockets as the CAD drops.
By the same token, they ended up with more and more in their pockets as the CAD strengthened year after year, in between the 2002 timeframe that Milt Stegall mentioned and about a year ago. I don’t remember hearing a lot about that at the time though. Win some, lose some.
Yes, and it also hurts the Canadian NHL teams who pay their players in $US. Also the US NHL teams will be getting less of a share of the $5 BILLION Sportsnet TV contract because it’s in Canadian Dollars.
Bettman’s $73-million cap was based on revenue of approximately $3.85-billion; if it’s $60-million lower, the cap projection will fall by somewhere in the neighbourhood of $1.2-million. If the dollar falls further, there would be more pain than that.
Even though Canadian teams "make up only" 23% of the NHL, "by most estimates they contribute" about 35% of revenue. In addition, Rogers Communications’ 12-year, [b]$5.2B broadcast deal "is paid in Canadian dollars, so while that contract was worth" $4.9B in U.S. dollars "when it was signed a year ago, it is worth" $4.6B today [/b](N.Y. TIMES, 11/30).