Legislation News

According to a news release by the Department of Finance on December 29, 2008 amateur athletes who are members of a registered Canadian amateur athletic association and eligible to compete in international sporting events will qualify for an expanded income deferral opportunity starting in 2008. Income from endorsements, prizes and other remuneration related to athletic endeavours will be deferred in the same manner as income contributed was to the account, and then taxed on the earlier of the date of distribution to the athlete or eight years after the last year in which the athlete was eligible to compete as a Canadian national team member. To qualify for the deferral in the 2008 tax year, the qualifying income amounts may be placed in a qualifying account by March 2, 2009.