Pandora papers leak exposes offshore accounts including Elvis Stojko

[overedge]

While he lived there. There is a process where you can move from Canada and cut off any tax obligations. And CRA makes sure they take their $$$$$ before you leave. You have no idea if he did that or not.

And I am certain CRA will be taking a look at these breaking news so no need for any of us to fret over it.

No one has said that he didn't pay any taxes at all on that money. The debate is over whether he avoided more taxes by moving his money offshore.

And the ethical issue of Skate Canada signing off on that money being moved is still an issue.

 

[Louis]

No one has said that he didn't pay any taxes at all on that money. The debate is over whether he avoided more taxes by moving his money offshore.

I am 100 percent sure he did avoid more taxes. And what's the problem with that? He wasn't living in Canada. Canada, thankfully, does not tax its citizens on worldwide income if they are living outside of Canada.

Why should people pay taxes to a country where they don't live? Most of the world, with the exceptions of the U.S. and Eritrea, has taken the view that residency and not citizenship should determine taxation.

 

[marbri]

No one has said that he didn't pay any taxes at all on that money. The debate is over whether he avoided more taxes by moving his money offshore.

And the ethical issue of Skate Canada signing off on that money being moved is still an issue.

Well it's an impossible debate because we aren't privy to Elvis's financial statements. He wasn't a resident of Canada when this was done and that matters.

I know you see a lot of ethical issues with Skate Canada in general so I don't know what to do with that. I can only assume any money they signed off on was Elvis's money. And if he done with skating, staying in Mexico and wanted his money what should they have done?

 

[Judy]

Well it's an impossible debate because we aren't privy to Elvis's financial statements. He wasn't a resident of Canada when this was done and that matters.

I know you see a lot of ethical issues with Skate Canada in general so I don't know what to do with that. I can only assume any money they signed off on was Elvis's money. And if he done with skating, staying in Mexico and wanted his money what should they have done?

How would that have worked with Elvis or any other skater with Skate Canada? This would be the money they were awarded for Grand Prix events? Was that even happening back then?

 

[marbri]

How would that have worked with Elvis or any other skater with Skate Canada? This would be the money they were awarded for Grand Prix events? Was that even happening back then?

I don't know. Another poster mentioned the possibility that these were trusts from the days when skaters had to maintain "amateur status" to compete so any money they made from I guess shows/endorsements/whatever would be put in a trust with Skate Canada. I would guess if that were the case the money would be released to them when they were no longer skating competitively is my guess?

I haven't really looked that deeply into it

 

[Judy]

I don't know. Another poster mentioned the possibility that these were trusts from the days when skaters had to maintain "amateur status" to compete so any money they made from I guess shows/endorsements/whatever would be put in a trust with Skate Canada. I would guess if that were the case the money would be released to them when they were no longer skating competitively is my guess?

I haven't really looked that deeply into it

My neighbour's mom worked for Skate Canada as their accountant. Unfortunately she passed away last January. She would have been such a great source.

 

[marbri]

My neighbour's mom worked for Skate Canada as their accountant. Unfortunately she passed away last January. She would have been such a great source.

She probably wouldn't have been able to give you any details anyway. Just like your sister won't know the specifics regarding Elvis's taxes. Or if she did she wouldn't be allowed to tell you

 

[Winnipeg]

As long as people are following the law, it is fair game. If the laws are unfair from a tax or other perspective, then act to get the law changed.

 

[MacMadame]

My neighbour's mom worked for Skate Canada as their accountant.

An accountant who did the books or an accountant who certified the results at comps? (And why are those called accountants anyway??)

 

[Judy]

She probably wouldn't have been able to give you any details anyway. Just like your sister won't know the specifics regarding Elvis's taxes. Or if she did she wouldn't be allowed to tell you

Oh I wouldn't be asking about Elvis. My question to my sister would be off shore accounts. I worked for the bank too so understand client privacy.

The question to skate Canada would only be the question of the trust funds in general for skaters.

 

[Parsley Sage]

This news is an echo of the old draconian “amateur athlete” system. I have a guess that the transfer with Skate Canada involvement is his old style skater trust that they held.

Yes. There was a story on the CBC News Network today that mentioned it was money from his amateur athlete trust account that was transfered to the offshore account.

 

[mackiecat]

So when Elvis skated, all earnings had to go in the trust. He could then submit allowable skating expenses and be reimburse. Once he retired, the trust would have been signed over to him.
If you move out of Canada, in order to not have to pay worldwide taxes in Canada, you need to several all economic ties. He would have had to move the funds out of Canada.
Here is the CRA document that explains it.

Income Tax Folio S5-F1-C1, Determining an Individual’s Residence Status - Canada.ca

This Folio Chapter provides tax professionals and individuals with a technical overview of the Canada Revenue Agency’s views on the determination of an individual’s residence status for federal income tax purposes.

www.canada.ca

 

[Vagabond]

As long as people are following the law, it is fair game. If the laws are unfair from a tax or other perspective, then act to get the law changed.

How would you get Jordan to change its laws to prohibit its King from sheltering his wealth overseas?

ETA: In the larger scheme of things, celebrities like Elvis Stojko and Emma Watson are incidental these stories. Attention should be focused on those who could enforce existing law or enact new law but choose to shelter their assets abroad.

 

[Brenda_Bottems]

Not even Elvis is safe from the social media cancel culture mob. A sad state of affairs.

-BB

 

[Lemonade20]

Not even Elvis is safe from the social media cancel culture mob. A sad state of affairs.

-BB

Completely agree, people are far too quick to judge Elvis.

 

[overedge]

Completely agree, people are far too quick to judge Elvis.

I don't think people are any quicker to judge him than they are to judge any other skater. But he hasn't helped his popularity by saying things like men's skating should be about "masculinity, strength and power" and that masculine men can't identify with "effeminate skating".

 

[jenny12]

I don't think people are any quicker to judge him than they are to judge any other skater. But he hasn't helped his popularity by saying things like men's skating should be about "masculinity, strength and power" and that masculine men can't identify with "effeminate skating".

While I'm critical of what Elvis Stojko did, he'll be just fine. There are way bigger names here and it's not like anyone will face any consequences anyway.The Pandora Papers just confirmed what we already know. The rich hide their assets so they don't have to contribute to the countries they live in and have profited from. Basically what will happen is people will go "tsk..tsk" for a few days but no one will actually do anything to fundamentally change these economic systems that allow the rich to get away with this.

Also, the reason there's not a lot of Americans on this list because there's so many tax loopholes in this country that they don't need these hideaways as much.

 

[Vagabond]

Also, the reason there's not a lot of Americans on this list because there's so many tax loopholes in this country that they don't need these hideaways as much.

Two other reasons are that the Pandora Papers came from sources outside the United States and that some states within the United States are themselves tax havens.

What the 'Pandora Papers' show about how the powerful hide money from public view

The global investigation sheds new light on how the world's wealthy use a network of lawyers and financial institutions to obscure their finances from authorities, their creditors and the public.

www.npr.org

One of the more surprising findings of the Pandora Papers is the explosive growth of offshore banking inside the United States.

Specifically, South Dakota and Nevada are among the U.S. states that have "adopted financial secrecy laws that rival those of offshore jurisdictions," the journalists found.

The documents show that foreign leaders and their family members have used U.S.-based trusts to deposit personal wealth.

 

[Japanfan]

I don't think people are any quicker to judge him than they are to judge any other skater. But he hasn't helped his popularity by saying things like men's skating should be about "masculinity, strength and power" and that masculine men can't identify with "effeminate skating".

I don't recall him saying anything about "effeminate skating", but he may well have done so.

I think Elvis ultimately limited himself with his notion of 'masculine' skating, both in terms of programs and actual skating technique. I did love his powerful skating 94-98, and he was one gritty competitor - will never him forget him limping to the podium in 98 to collect his Olympic silver medal. I don't remember anything he did as remarkable after that, although he did subsequently win a World silver (2001?). His comeback in 2002, with his '94 program, was just sad, IMO.

 

[Vagabond]

I don't recall him saying anything about "effeminate skating", but he may well have done so.

I think Elvis ultimately limited himself with his notion of 'masculine' skating, both in terms of programs and actual skating technique. I did love his powerful skating 94-98, and he was one gritty competitor - will never him forget him limping to the podium in 98 to collect his Olympic silver medal. I don't remember anything he did as remarkable after that, although he did subsequently win a World silver (2001?). His comeback in 2002, with his '94 program, was just sad, IMO.

Not in so many words.

https://www.fsuniverse.net/forum/threads/stojko-still-determining-who-is-masculine-and-who-is-not.70663/

(The link embedded in the post doesn't any more.)

"Guy should skate like men, with strength and power. You can skate soft at times and have a connection to the music, but if you have too soft a way of skating, I don't appreciate it. If it's all just lyrical, I fall asleep."

The two-time (1994 and 1998) Olympic silver medalist added the fallout from his comments doesn't bother him.

"Hey, I don't take myself too seriously," he said. "I grew up as a figure skater, in Canada, where everyone else was a hockey player."

Besides Plushenko, there are other male skaters Stojko enjoys watching. Brian Joubert heads the list.

"Joubert's skating is very masculine," he said. "He's rough and hard-edged, sometimes it's not finished, but he attacks his programs and I love that. I want to be sitting on the edge of my seat; this isn't a ballet recital."

Two other Europeans, Samuel Contesti and Tomas Verner, also get thumbs up from Stojko. Another, two-time world champion Stéphane Lambiel, is on the cusp.

"Sometimes his skating is a little soft, sometimes he really attacks things," he said. "His spins are awesome, and he's a great showman."

Sleep on, Elvis. Sleep on.

 

[overedge]

This is where Elvis made those comments. Very easy to find with Google.

Can figure skating go butch?

Ex-champ Elvis Stojko leads a push to move skating away from "feminine skaters" with "soft" hands

www.salon.com

Figure Skating Gets Macho Makeover

Skate Canada, figuring skating's governing body in Canada, hopes to expand the sport's audience ahead of the 2010 Winter Olympics. Their solution: to project an image of "masculinity" that will draw in the "hockey crowd." By showcasing the strength and athleticism that goes in skating, the...

abcnews.go.com

 

[Judy]

I remember the remarks. Wasn't Plushenko critical as well?

Then the following season the return of the quads started.

 

[Japanfan]

This is where Elvis made those comments. Very easy to find with Google.

Can figure skating go butch?

Ex-champ Elvis Stojko leads a push to move skating away from "feminine skaters" with "soft" hands

www.salon.com

Figure Skating Gets Macho Makeover

Skate Canada, figuring skating's governing body in Canada, hopes to expand the sport's audience ahead of the 2010 Winter Olympics. Their solution: to project an image of "masculinity" that will draw in the "hockey crowd." By showcasing the strength and athleticism that goes in skating, the...

abcnews.go.com

Thanks for the links. I find his comments a bit offensive, TBH.

There is a huge range between 'effeminate' and 'masculine', and those terms need to be defined, in any case. I've actually never thought of a male skater as 'effeminate', nor a lady skater as 'masculine'. I think of skating styles in terms such as 'lyrical' or 'athletic' or 'floating across the ice', but don't really think in those terms much actually.

However, I do wish a few more skaters would do martial arts programs - there may be more of them than I know in recent years, but I haven't seen many. And I wish ladies would skate to music than men typically skate to, like "1492" or "Gladiator". I was thrilled when Gabby Daleman announced she would skate to 'Gladiator', but then she ditched the program. It wouldn't be such a stretch for a lady, as were a few female gladiators. https://www.worldhistory.org/article/35/female-gladiators-in-ancient-rome/

 

[marbri]

Elvis has said some questionable things that turned me off of him.

But that has nothing to do with his taxes.

 

[Reuven]

Elvis has said some questionable things that turned me off of him.

But that has nothing to do with his taxes.

Yeah, Elvis coming out as a homophobic putz pretty much did it. Couldn’t care less about his taxes.

 

[Reuven]

If you ever happen to fly in Grand Cayman island, you'll notice a block of post office boxes right off of the main airport drive. They don't belong to Caymanians - every one is an outside "business" or other company/trust/group incorporating or working in some manner in the island to avoid taxes. And it's usually legal to the best of my knowledge.

Then, there are buildings where thousands of companies are headquartered

Walker House is just one of a number of addresses in downtown George Town used by corporations, including Coca-Cola, Oracle, and Intel, to minimize taxes or cut out the red tape in international transactions. The vast majority of these companies are legally prohibited from doing business in the Caymans themselves. The most famous of these addresses, located just down the road at 335 South Church St., is Ugland House, a five-story office building that is home — physically — to law firm Maples and Calder, and — on paper — nearly 19,000 companies.

 

[Yazmeen]

Then, there are buildings where thousands of companies are headquartered

Yep, I've walked by Ugland House at least a dozen times.

 

[Judy]

Thanks for the links. I find his comments a bit offensive, TBH.

There is a huge range between 'effeminate' and 'masculine', and those terms need to be defined, in any case. I've actually never thought of a male skater as 'effeminate', nor a lady skater as 'masculine'. I think of skating styles in terms such as 'lyrical' or 'athletic' or 'floating across the ice', but don't really think in those terms much actually.

However, I do wish a few more skaters would do martial arts programs - there may be more of them than I know in recent years, but I haven't seen many. And I wish ladies would skate to music than men typically skate to, like "1492" or "Gladiator". I was thrilled when Gabby Daleman announced she would skate to 'Gladiator', but then she ditched the program. It wouldn't be such a stretch for a lady, as were a few female gladiators. https://www.worldhistory.org/article/35/female-gladiators-in-ancient-rome/

I had completely forgotten about the comments but I now remember that I was upset too. The comments I had read were more limited though.

I was always a Kurt Browning fan vs the Elvis fan base. The rest of my family loved Elvis lol.

Artistry is SO beautiful in skating. The sport has definitely evolved and changed a lot. It was a very different time for skating for sure.

It was 11 years ago ... I am not into holding grudges. Is he against gay people? I would hope not. Was he stirring the pot? Maybe.

 

[Lemonade20]

Wow, you're hard on Elvis. His choice of words may not have been the best, but I'm glad he brought something different to the table.

 

[overedge]

Wow, you're hard on Elvis. His choice of words may not have been the best, but I'm glad he brought something different to the table.

He could have brought something different to the table without saying homophobic things about skaters who didn't have the same style.