ADP

Naslund is making $6 million a season. His contract runs through this season and the next. In order to make this kind of deal, some serious money (via contracts) needs to go the other way. Naslund is also a franchise type player and will command significant players in return. He is currently 33 years old.

No problem guys. I'm glad the info helped! Tax season is coming up..... Just kidding! Go HABS!!!

I'm a long time reader but first time poster on these boards. I felt, that as an aspiring Chartered Accountant, I had to jump in and explain the situation. In Canada outside of Quebec, all taxes are paid to the Federal government in Ottawa who then distributes the proper percentage to the provinces. The provinces decide for themselves what their rates and brackets are going to be, just as the Federal government does. In Quebec, for political reasons which I will not comment on, a resident fills out two tax returns: One to the Quebec (Provincial) government and one to the Federal government. Canada and Quebec work on a rising bracket system, which is meant to be a fair way of paying taxes (the richer you are, the more you pay). As you earn more money, you are progressively taxed more. Here is an example to better understand. Let’s say someone makes $100,000 in taxable income. Provincial: He or she pays no tax on the first 8,000. $ - From 8,000 to 28,030, the person is charged at a rate of 16% $ 3,205 From 28,030 to 56,070, the person is charged at 20% $ 5,608 All earnings above 56,070 are charged at 24%. $ 10,543 Federal: No tax on the first 8,000. $ - From 8,000 to 36,378, the person is charged at 15.25% $ 4,328 From 36,378 to 45,529, the person is charged at 22%. $ 2,013 From 45,529 to 100,000, the person is charged at 29% $ 15,797 Total Tax on $100,000 $ 41,493 Frankster gave the Federal and Quebec Tax Brackets separately. To make it easier to understand, here is an approximation of combined rate that a Quebec resident has to pay: Federal Bracket Provincial Bracket Marginal Rate > $115,739 48.22% > $71,190 45.71% > $56,070 42.37% > $35,595 38.37% > $28,030 33.36% Up to $28,030 29.36% So our friend making $100,000 in taxable income would be charged a marginal/combined rate of 45.71% for a total of $45,710 in taxes. Suffice to say that taxes are very high in Canada and even higher in the province of Quebec. In Alberta, for example, there is a 10%provincial flat tax, regardless of how much you make. The $100,000 in Alberta would only have to pay $36,000 in taxes. For NHL players who make hundreds of thousands to millions of dollars, the brackets at lower levels mean very little. Thus, one can say that an NHL player in Montreal will be taxed at 48.22% on all his earnings. The system is complicated: There are many tax credits and tax deferrals available. Of issue is also whether an NHL player is considered a resident or not. Non-residents are taxed at a much lower rate. Additionally, Canada has many tax treaties with various countries, so that someone is not taxed twice in his/her home country and in Canada. If you guys want more info, let me know and I will post it. Sorry for the long post. Hope it helps! GO HABS!!!