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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.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
