And Steve, he IS getting a million bucks. I just hope he's smart enough to squirrel it away in Bermuda,or the Bahamas,or Turks/Caicos etc.

Oh, Canada!

I can't beleive the fuss. So what. If he were 55 he couldn't kick the damb thing.
Sounds like a liberanos complaining that everybody should get a chance.

Sour grapes, quite bitcin.

Hony Toad

Sounds like the tale of the man who looked his gift horse in the mouth.

Certainly advertizing the prize as a million dollars rather than 40 yearly installments of $25,000 is dishonest, but it is still 40 yearly installments of $25,000! If he simply puts the money in a reasonably safe investment for the next ten years he will be able to retire at 35. Man, what I would give to retire at 35; does anyone need a left arm by any chance?

It's probably not dishonest, it was probably in the fine print.

Hell, I'll take $25k tax-free for the next 40 years, no problem. At least he can't drop it all at once on something stupid.

Yes, sports are great.

Speaking of which, eight (8) freaking nothing (0) Senators over Leafs! Stuntdrivin' Dany Heatley puts the pedal to the metal with 4 goals, old man Hasek with the shutout, Spetzky with another two points...I feel a Sen-ku coming on...

mighty senators
learn'd in ways of stick and puck
virtuous and true

Better than a kick in the teeth to be sure, but thanks to the magic of inflation, those $25k payments won't be worth jack twenty and thirty years from now.

It's roughly a $6000 kick every quarter year even after taxes that's not bad.

There is an article in the Toronto Sun where the guy who kicked the 50 yarder says he knew all about the way the million would be paid out and says "It's no big deal for me. I knew about it. I've got a pretty happy, simple life already. This is just a crazy bonus for me,"

http://www.torontosun.com/News/TorontoAndGTA/2005/10/29/1283732-sun.html

You see,to beat the leafs is more than just a hockey game.It is like kicking Paul Martin in the caucus and breaking Jack o'Layton's nose as a bonus.When you hear of the crap that comes from the elites in this province(ont) you cringe.The normal people here feel the same way as the west.Politics and sports....Toronto sucks!!!

Go see some clever money guys, I'm sure someone will give you a lump sum up front, in return for an annuity. You can argue about the rates and amounts - it's a stright forward time value of money calc with a little filip for the tax free-ed-ness.

Heck, I'm pretty sure whomever set up the payments will do this.

The obvious thing to do is to buy $25000 worth of Power Corporation shares every year.
Had he done this for the past five years, the $125000 he would have earned would now be worth at least $175000, and he would be earning the undying gratitude of the Liberal Party.

Hmm, $1,000,000 eh? This number is misleading. Since he will receive 40 annual payments of $25,000, my financial calculator tells me, that based on 3% for inflation, the value today of that income stream is $530,633! If 5% were used, then the present value is $420,506 (assuming payments made at beginning of year). The $1M is misleading because the $25,000 payment will immediately begin to be eroded by inflation. The numbers don't lie! I like others assumed he would receive $1,000,000 today which would produce $50,000 in perpetuity if the portfolio only earned 5%. If it earned more then the $50,000 may have the opportunity to grow with inflation.