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Published | Category : Income tax - businesses

Amateur Athlete Trusts – Extension of the Eight-Year Period

Under certain conditions, an amateur athlete trust can be created for an amateur athlete who is a member of a registered Canadian amateur athletic association and is eligible to compete in international sporting events as a Canadian national team member. Professional athletes do not qualify.

When an athlete has not participated in an international sporting event as a member of a Canadian national team for eight years, amounts held by the amateur athlete trust at the end of the eight-year period are deemed to have been distributed to the athlete at that time. If the eight-year period ended in 2019, it is extended to nine years so that it will end in 2020, and the deemed distribution of amounts held by the trust will occur at the end of the 2020 taxation year rather than at the end of the 2019 taxation year.

For more information, refer to Information Bulletin 2020-2 published by the Ministère des Finances.

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