Financial Management for Young Professional Athletes
Navigating budgeting can be quite daunting, particularly for young professional athletes. In this post, we'll delve back into the unique challenges athletes face and attempt to simplify an effective strategy to streamline their financial journey, which I’ve discussed in prior articles, How Much Should an NHL Player Save, and How Much of Their Salary do [...] NHL Draft To-Do List
NHL Draft To-Do List With the 2023 NHL Entry Draft less than a month away, potential draftees should consider three important "To-Do" items. These tasks may vary depending on the round in which you’re selected, and they are worth addressing sooner rather than later. As of May 1st, 2023, 21 out of the 32 players [...] Which Account Should You Invest In First?
You’ve made it – you’re playing professional hockey and earning a paycheck. If you’ve read my previous articles, and are doing some financial planning, you may have some excess cash to save and invest. The question then becomes – where can you invest this money? Which account should you invest in first? The options, as [...] NHL Signing Bonuses
In part 2 of this blog series, I will be diving into Signing Bonuses. If you haven’t read Part 1 – NHL Performance Bonuses – I would do that first. Signing Bonuses Performance bonuses are only awarded if a player achieves some agreed-upon benchmark. Signing bonuses are part of the players’ salary and count [...] NHL Performance Bonuses
With Nathan Mackinnon signing the third largest contract in NHL history, and with 85% of it being paid as signing bonus, there has been a lot of chatter around the league regarding bonuses, and I figured now would be a good time to address them. More specifically, what are they, who is entitled to them, […]
How much money should an NHL Player save?
In a previous article – How much of their salary do NHL players keep? – I outlined a rule of thumb for players to assume they’ll only have 40% of their stated salary as cash they can use. For example, if they have a salary of $3 million, they should budget for $1.2 million. The [...] NHL Disability Claims
Career-Ending Disability Claims In a previous article - Insurance Coverage in the NHL – I outlined the coverage provided for players through the current CBA. If a player is to end their career due to a disability, they are entitled to a one-time benefit as long as their injury meets the following parameters: “Disability [...] Where Should I Invest?
Today I will be discussing an option that business owners have when they have some cash inside the corporation that they do not need to fund their business. The question is “I have some money. Where should I invest? Inside my corporation, or should I invest it personally inside an RRSP?” Two Options Imagine [...] Should NHL Players Open a Corporation?
Tax Season: Part 5 discusses when should NHL players open a corporation. If you haven't had a chance to watch Parts 1 to 4, check out the videos below. Tax Season: Part 4 Tax Season: Part 3 Tax Season: Part 2 Tax Season: Part 1 Opening a corporation is an opportunity available to players [...] RCA Trust
Tax Season: Part 4 discusses RCA Trusts. An RCA Trust is an option for players playing in Canada to help mitigate some of the higher taxes they will have to pay. RCA stands for retirement compensation agreement. Let's discuss an overview of: how the trust works how you use it the biggest benefit of the [...] Tax Season: Part 3
In the Tax Season: Part 3, we take a look at one of the tax planning opportunities available to players. If you haven't had a chance to watch the first two videos, check out the videos below. Tax Season: Part 2 Tax Season: Part 1 The residency decision In this example, we will [...] Tax Season: Part 2
Tax Preparation In Tax Season - Part 2, I dive deeper into what exactly tax preparation is and what you should look for. Whether you're a do-it-yourself tax filer or hiring someone to do it for you, it can help you understand what questions you should ask and what questions they should be asking you. [...] Tax Season: Part 1
Tax season is here Your season is in full swing. It's a new year and playoffs will be here before you know it. For most North American professional hockey players, tax deadlines and playoffs are around the same time. The timing is not ideal. Instead of waiting until just before the deadline, I encourage you [...] Insurance Coverage in the NHL
Insurance Coverage in the NHL A few weeks ago, I wrote an article explaining some of the special risk insurance options available to professional hockey players. Following that article, I received some questions regarding players' insurance coverage. Specifically about the coverage through the group-sponsored plan outlined in the CBA. If you’ve read my pension article, [...] Special Risk Insurance
Better to have Insurance is one of those things that fall in the category of “better to have and not need, then need and not have.” There are numerous types of insurance available such as life, disability, critical illness, home, vehicle, etc. Whether or not you need any of these depends on your personal situation, [...] The Advice You Should Be Getting
The advice you should be getting It's not enough to just receive basic investment and financial advice. Professional hockey players can benefit from a more holistic approach. An approach where the financial advisor facilitates all of the financial options that are available. Let's use an example. You are on the power play, and it runs [...] The Number One Reason
The Number One Reason Investing will forever see its ups and downs, but over the long term markets have continued to grow. Having a professional in your corner during the tough times (March 2020) will help assess the situation at hand and steer you towards the correct decision. A decision in this case that was [...] Why NHL Players Should Own Real Estate
Real Estate as an Investment I recently caught up with Steve Szilagyi, former strength & conditioning coach who is now the Director of Ice Hockey with the Next Move Network. They’ve created a network of Real Estate Professionals that cater to the sports and entertainment industry across North America, including facilitating transactions for professional athletes. [...] You’ve Recently Been Drafted, Now What?
You’ve Recently Been Drafted, Now What? If you were recently selected in the 2021 entry-level draft, then you’ve accomplished something that very few hockey players can say they did. You’re one step close to living your dream of playing in the NHL, and that is fantastic! Even more, there’s the potential you could start earning [...] NHL Pension Prior to 2013
NHL Pension (Before 2013) In a recent blog post, The NHL Pension – What You Need to Know, we discussed the current NHL Pension that has been in effect since the 2012 lockout. But what about the players who competed before 2013? Let’s take a look. Old vs. New The most significant difference is that [...] Conversation with Dale Weise
Financial Advice from a Current Pro In a recent conversation with Dale Weise, we discussed some of his experiences with investments and financial advisors throughout his career. Unfortunately for Dale, his experiences fall under the “less than ideal” category. However, he’s gained valuable insight from these experiences that have helped him get to a great [...] Drafted by the Seattle Kraken
Drafted by the Seattle Kraken: How Your Financial Situation Could Change The NHL has expanded to 32 teams by including the Seattle Kraken and will host an expansion draft in July. The rules are the same as they were when Vegas entered the league a few years ago, as per nhl.com. As with the annual [...] Should You Invest Your ELC?
Investing Your Entry Level Contract A question that often comes up from parents and players is at what point should they begin investing. Does it make sense to wait until you’re actually playing in the league, or should you start as soon as you receive your first bonus? Although there isn’t a set-in-stone answer as [...] Junior Hockey Magazine: Interview with Gino Reda
I was recently featured on the Junior Hockey Magazine Podcast hosted by Gino Reda. Their segment “Where Are They Now” focuses on former CHL players who have transitioned into their lives after hockey. We discussed my experience in the WHL, the importance of education, attending the University of Manitoba, and how I’ve transitioned into my [...] The NHL Pension
The NHL Pension – What you need to know If you play in the NHL, you'll be enrolled in the league's pension plan, as outlined in the Collective Bargaining Agreement (CBA). Unless you've had several cups of coffee and enjoy reading legal jargon, the CBA can be a pretty tough read. So, here's a simplified [...] How much of their salary do NHL players keep?
How much of their salary do NHL players keep? In my article – how do pro athletes go broke – I highlighted that a leading cause of some high-income earning athletes experiencing financial trouble occurs because they don’t have a firm understanding of how much money they actually make. Just because TSN reports that an [...] Taxes – A Few Things To Consider
As the saying goes – there are only two certainties in life: death & taxes. Playing professional hockey provides numerous perks in life, however avoiding taxes is not one of them. Undoubtedly, your tax bill as a pro hockey player will be your largest expense and can create a massive discrepancy between what your contract [...] How Does Escrow Work?
How Does Escrow Work? Escrow is a word you’d like never to hear again if you’re an NHL player, and I don’t blame you. However, it can substantially affect your income, so it is important to understand how it works and plan accordingly. Here is a summary of how the NHL escrow system functions: [...] Investment Strategies for NHLers
Investment Strategies for NHL Players You’re playing in the NHL, so naturally you’re making a lot of money at a relatively young age. The average person will work for 25-30 years, and slowly increase their income as they get older. In contrast, an NHL career averages only 5 years, and is highly lucrative in that [...] How Do Pro Athletes Go Broke?
How do pro athletes go broke? “If you’re playing in the NHL, you’ve got a pretty good life” These were the words spoken by Paul Maurice after an NHL player poll slated Winnipeg as “the most dreaded road trip.” As a proud Winnipegger, hearing how our “great” city is actually the worst place to travel [...] 
