How much money does it cost a player being traded to Toronto?

[Bluehorseshoe]

Reyes and everyone in that trade went from Florida with no state tax, to a sky high Canadian tax. Dickey is also going to take a major hit if it goes through. Why would any player accept a trade to Canada???

[onacloud]

Sports agent Scott Boras told CNBC.com that he asked a tax attorney on his staff to run some numbers of possible tax scenarios. Assume a player who's a resident of Florida and plays in Florida, with a salary of $10 million and average deductions. Even without state taxes being a factor, this player's taxes will rise from $3.45 million in 2012 to $4.09 million in 2013, based on the changes we already know.

If the same player were traded to the Toronto Blue Jays, as several recently were, his tax bite would be $4.27 million. And worst of all possible fates, if he was traded to California, his taxes next year would rise to $4.4 million, according to the calculations provided by Boras' attorney.

http://www.accountingweb.com/article/mlb-free-agents-scramble-minimize-tax-hit/220389

[Emily_Haines]

Any extra tax they pay will be well worth the new found freedom they will now have.

[rm18]

No tax on gambling winnings, good place to rig games

[MUHerd37]

Aren't the taxes based on where each game is played?

[OMGRandyJackson]

No tax on gambling winnings, good place to rig games

ONLY if gambling is not your only source of income. If it is, than you are required to pay tax but Canada has never gone after anyone

[allabout the $$$]

Any extra tax they pay will be well worth the new found freedom they will now have.

youre a fukkin douche

[lunchbawks]

[Bluehorseshoe]

Found this..

Jose Reyes’s income-tax bill could surge by $8 million during the next six years if his trade to the Blue Jays goes through, according to EisnerAmper LLP, a NewYork-based accounting firm.

Reyes, who was signed by the Marlins to a guaranteed $106 million, six-year contract last December, has a contract that requires payments of $10 million in 2013, $16 million in 2014, $22 million in each of the next three years and $4 million in 2018, EisnerAmper said.

[jwei]

Assuming he's in Canada for over 183 days, he likely will be a deemed resident for tax purposes and liable for both Canada and the US taxation (thats if he's in Canada for more than 183 days and chooses to keep a house in the states). There are tax credits though which help out with the dual taxation so worst case scenario he won't be getting double taxed without relief

[King Mayan]

People cry too much about taxes...

I live in California and I get taxed for every fart my ass produces.. Do you see me crying???