09/22/2014 11:57 EDT | Updated 11/22/2014 05:59 EST

2014 Polaris Prize winner announced tonight

Tanya Tagaq, Drake, and Basia Bulat are among 10 Canadian artists waiting to see if they'll be named the big winner of the 2014 Polaris Prize.

The prestigious award, based solely on artistic merit, will be handed out tonight at a gala award ceremony in Toronto​.

The 10 albums contending for this year’s Polaris Prize are:

- Arcade Fire, Reflektor 

- Basia Bulat, Tall Tall Shadow

- Drake , Nothing Was the Same

- Jessy Lanza, Pull My Hair Back

- Mac DeMarco, Salad Days

- Owen Pallett, In Conflict

- Shad, Flying Colours

- Tanya Tagaq , Animism

- Timber Timbre, Hot Dreams 

- Yamantaka // Sonic Titan, UZU

Star-studded gala

Actor Jay Baruchel will host the Polaris gala, which features performances from six of the shortlisted artists including Basia Bulat, Mac DeMarco, JessyLanza, Owen Pallett, Shad and Tanya Tagaq.

Fans can watch the gala presentation live online from the following link starting at 7 pm ET.

The grand prize winner takes home $30,000 dollars. The nine other shortlisted artists get $2,000 each. 

Montreal post-rock band Godspeed You! Black Emperor took the prize last year for Allelujah! Don’t Bend! Ascend! 

Check out past Polaris winners in the following photo gallery.

​​Tell us which album you think should win the prestigous award in the comments below.