When "Miss Supertest III"'s pilot, Bob Hayward, was killed in 1961 while driving "Miss Supertest II" in the Detroit River Silver Cup races in 1961, Thompson retired from racing. He said: "With the untimely death of Bob Hayward, the members of our racing team would derive little satisfaction from further success." In 1959, Thompson was elected into Canada's Sports Hall of Fame and inducted in 1960. During the same year he received the Medal of Honour from the Union of International Motorboating. He also became the president of Supertest Petroleum Corporation Limited, a position he held until the company was purchased by British Petroleum in 1971. Thompson was inducted into the Canadian Boating Federation Hall of Fame in 1995. In 2005, he was inducted into the Canadian Motorsport Hall of Fame, along with the London Sports Hall of Fame. He served as honorary Colonel of the 1st Hussars Regiment (RCAC) from 1979 to 1999. Thompson has also been involved in the operations of the golf course that his father co-founded in London, Ontario during the Great Depression. He was appointed Chairman of the Building and Construction Committee at Sunningdale Golf and Country Club in 1972. He initiated and completed a study on water requirements and clubhouse expansion needs for future years. Then in 1983 he was elected President of the Club. Currently, Thompson serves as Greens Committee Chairman. Thompson is now retired and lives in London, Ontario with his wife Beverly. The couple supports a number of local charities. They have five children and 15 grandchildren. Canada Post issued a commemorative stamp in August 2011 honouring a hydroplane racingboat Miss Supertest III, her driver Bob Hayward and businessman Jim Thompson, who designed and built her.