Claim: Arcade Fire has received monetary prizes.

The Polaris Music Prize is a music award annually given to the best full-length Canadian album based on artistic merit , regardless of genre , sales , or record label . The award was established in 2006 with a $ 20,000 cash prize ; the prize was increased to $ 30,000 for the 2011 award . In May 2015 , it was announced the Polaris Music Prize winner will now receive $ 50,000 , an additional $ 20,000 , thanks to the sponsorship of Slaight Music . Additionally , second place prizes which go to the nine other acts on the Short List will increase from $ 2,000 to $ 3,000 . Polaris officials also announced they will be creating The Slaight Family Polaris Heritage Prize , a sort of hall of fame award that `` will annually honour five albums from the five decades before Polaris launched in 2006 . '' Details about the selection process for this prize are still to be revealed .   The Polaris Music Prize is modeled after United Kingdom/Ireland 's Mercury Prize and in turn , inspired the Atlantis Music Prize for Newfoundland and Labrador .   The 2014 Polaris sponsors included Aux , FACTOR , Ontario Media Development Corporation , Slaight Communications , Radio Starmaker Fund , SiriusXM , Recording Artists ' Collecting Society -LRB- RACS -RRB- , Stingray Music/Galaxie , Long & McQuade , The Carlu and Ticketfly . Past sponsors have included Rogers Communications and Scion .   The Polaris Music Prize gala is video streamed live on CBC Music and AUX TV .