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Olympic Medal Cash Awards are Taxable

Canadians who win medals in the Rio Summer Olympics will be awarded cash prizes by the Canadian Olympic Committee of $20,000 for a gold medal, $15,000 for silver and $10,000 for bronze. Generally all income earned by a Canadian resident is taxable and CRA has to be paid. These medal payments are not an exception and will have to be reported on the athlete’s 2016 tax returns when they are filed by April 30, 2017.

Disclaimer:

"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."

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