TORONTO - The Canadian Olympic Committee rewarded Beijing Olympic medal winners with cash for the first time in its history on Saturday, presenting 34 athletes with cheques for their accomplishments.

A total of $515,000 was handed out under the Athlete Excellence Fund, a new financial incentive fund unveiled last November.

Under the program, Canadian Olympians received $20,000 for each gold medal won, $15,000 for each silver and $10,000 for each bronze.

Lou Ragagnin, the committee's chief operating officer, praised the group of athletes who gathered in Toronto before presenting the cheques.

"We believe that any athlete who's competing for their country and earns a podium position should be well rewarded with a small token of our appreciation," Ragagnin said.

"Really, think of the years of toil they've put away training for competition."

Liam Parsons, a rower from Thunder Bay, Ont., said training is a full-time pursuit and the award will help many of the Olympians recoup costs spent on the way to winning the medal.

"When you're preparing for the races (the money) is in the back of your mind, but when you get to the start line and you start racing, it's the last thing in your mind," said Parson, who won bronze in the lightweight men's four.

Priscilla Lopes-Schliep, who won a bronze medal in the 100 metre hurdles, said the money will help her reach her next goal, a gold medal.

"It's too hard to wake up in the morning, go to work and then go to practice. I'm drained, I'm tired, and it didn't work," said the Whitby, Ont., resident.

"Now, I'm just focusing 100 per cent on competing and doing the best that I can do."