Canadian athletes that reach the podium at any future Olympic Games will be financially compensated up to $20,000 per medal, officials said Monday.
The new Athlete Excellence Fund was announced in Ottawa by the Canadian Olympic Committee (COC).
Canadian athletes will receive $20,000 per gold medal won at any Olympic Games, said the COC.
Silver winners will be compensated $15,000 per medal and bronze winners will earn $10,000.
"We've had a program of subsidizing athletes in the past but we've never recognized the medal wins with specific dollars," COC president Michael Chambers told CTV Newsnet on Monday.
He said countries like the U.S., Australia, England, France and Spain already give their athletes money if they win at the Olympics.
Adam van Koeverden, two-time Olympic medallist in sprint kayak, said the financial burden on Olympic athletes and their families can be heavy.