For the first time since its inception in 2006, the Polaris Music Prize has upped its prize money from $20,000 to $30,000.

In a press release issued today, the Polaris Prize attributes the increase to continued support from their presenting partner Sirius Satellite Radio. It was also announced that all other nine shortlisted finalists will receive a $2,000 prize for the first time in the prize’s history. The additional cash was contributed by Canadian media mainstay Gary Slaight. Better than a participation ribbon, if we don’t say so ourselves.

The longlist for this year’s award will be announced on June 16, with midnight tonight being the deadline for jurors to toil in longlist selection agonycast their five choices for the first round. The shortlist is announced in July, and as it is every year, the prize will be awarded in September.