What kind of tax consequences will a Canadian resident athlete, like McKenna, who is scheduled to earn income from his name, image, and likeness (NIL) through advertising or other campaigns, face in both the United States and Canada?

The Canada Revenue Agency (CRA) is implementing significant changes to the Voluntary Disclosures Program (VDP) effective October 1, 2025. The VDP is designed to encourage taxpayers to come forward and correct past errors or omissions in their tax filings, offering relief from penalties and, in some cases, interest. The new rules aim to make the program more accessible, transparent, and fair, while maintaining the integrity of the tax system.

The House and Senate passed the reconciliation bill, “One, Big, Beautiful Bill” (“the Bill”), on July 3, 2025, which was signed by President Donald Trump on July 4, 2025. The Bill incorporates the tax cuts promised by U.S. President Donald Trump during his campaign.

The U.S. House of Representatives recently passed H.R. 1, the “One Big Beautiful Bill Act”. How the Proposed Changes Might Impact Canadians