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Canada

Whether venturing into North America for the first time or expanding across the border, the Canadian market is rife with opportunity. With a low corporation tax rate (15% on profits), beneficial trade agreements, a well-educated workforce, and deep ties with the United States, Canada consistently occupies a top placement on ease-of-doing-business rankings. One of the keys to success? A thorough understanding of the far-reaching tax regime.

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At a Glance

Local Bank Acct.

No

Representation

Yes

Local representation

PAYROLL FREQUENCY

Bi-Weekly

Local Registration

Yes

EMPLOYER TAXES

7.5%

Of Gross Salary

13TH/14TH SALARY

N/A

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Good to Know

  • Canada is one of seven members of the G7, the informal group of global democratic nations that meet annually to discuss world economic policy and other issues. Canada's total trade with G7 countries exceeds $1 trillion annually, contributing to the country’s status as a world economic power.

  • Small- and medium-sized businesses contribute significantly to the nation's economy. In fact, they make up over 95% of all employer businesses in the country and employ over 10 million people, which is close to 70% of the total labor force.

  • Canada is consistently ranked as one of the healthiest, wealthiest, and happiest countries in the world. It also is a world leader in life expectancy with a top-quality healthcare system accessible to all. On the other side of the coin, many Canadians love to complain about housing costs, taxes, and being seen as secondary to the United States.

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Top Challenges

Heavy Taxation

Between the income tax, sales taxes, payroll taxes, health taxes, property taxes and other taxes, doing business comes at a high cost. Without proper planning and a thorough understanding of the rules, it can be difficult to succeed in Canada.

Complex Tax & HR Rules

Different provinces/territories have different types of payroll taxes and, at times, require companies to engage with several regulatory bodies. It is imperative for businesses to stay up-to-date on the rules and know which body to communicate with as mistakes can be costly. HR laws are so complicated that outside help is often used for writing and negotiating employee contracts.

Compliance Reviews

Timely bookkeeping is of crucial importance, yet some companies are either unaware or ignore this fact. Audits and compliance reviews happen often, and lack of on-target bookkeeping can result in penalties for the business.

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Next Steps

  • We can help you take full advantage of the Canadian market. Our expert-led managed services and technical consulting were designed to help you expand with ease, regardless of regulatory complexity.

  • When you partner with us, you gain immediate access to GateWay, our pioneering platform that unifies all your applications and data for cross-border success in a single place, including Payroll, HR, Accounting, Tax, and Statutory Compliance. Consider it your one-stop-shop for global growth.

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