Winning a gold medal at the Olympics is one of the greatest honours in all of sports. But Canada’s athletes get a little more than just glory and a place in the history books when they post a first-place finish.
For Canadian Olympic team members, winning gold at the Games is not just the highlight of their careers but also comes with a significant financial reward.
With Canada being one of multiple countries to offer their athletes an extra winning incentive, let’s see what kind of dough our champions receive when they beat out the competition.
According to the Canadian Olympic Committee, the Athlete Excellence Fund (AEF) — a support and reward program that provides Canadian athletes with performance awards — Canadians who secure the top spot on an Olympic podium automatically earn a $20,000 bonus.
Meanwhile, second- and third-place finishes also come with compensation, as the fund provides $15,000 for a silver medal and $10,000 for a bronze at the Olympics.
Whether they’re in a team sport or an individual event, the payout is the same. And it does not just apply to the Olympics. In non-Olympic years, the AEF, established in 2006, gives $5,000 to athletes who finish in the top five at their sport’s World Championships.
But it hasn’t always been that way. The journey of financial support for athletes in Canada began back in 1997 with the introduction of the COC’s Athlete Fund. Initially, this program offered a fraction of what it does today. When it transitioned into the Performance Recognition Support Program (PRSP) in 2003, athletes were awarded $5,000 for finishing in the top five at World Championships or Olympic Games.
Finally, some cash also flows in for those who don’t medal. In non-Olympic years, all athletes get financial support from the COC for living, training, and competition based on their best past performance.
Along with fundraisers, team and individual sponsorship deals help pay for training and competition travel.
So, the next time you see one of our athletes giving it their all while the pressure’s on, know there’s more at stake than a piece of hardware.
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The 2024 Olympic Games kick off on July 26 and conclude on August 11.
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