Expanding your business from the US to Canada gives your company more opportunities for growth, including hiring remote workers in Canada. Canadian candidates are highly educated, often multi-lingual, and have diverse experiences.
So while the Canadian market is worth expanding your business into, as with any market, local expertise is a must.
Canadian Payroll Services is a Professional Employer Organization (PEO) providing Employer of Record (EOR) services to global companies looking to expand into Canada. We aim to help foreign corporations doing business in Canada that may be unfamiliar with the complexities of expanding into a foreign market.
Expanding Into Canada: What You Need to Know
Canadian Payroll Services’ Chief Revenue Officer, Peter Rooney, joined Bhairav Patel on his podcast, Atom Ventures, to discuss the basics of expanding to Canada.
Expanding in a new country, let alone a new market, can be challenging and risky for small businesses. The latest Atom Ventures’ episode features Peter and Bhairav sharing ideas on why businesses should consider hiring Canadian talent, the common challenges of scaling, and the best way to hire remote workers.
Undoubtedly, there are numerous benefits of globalization in Canada for global companies – especially for US and UK based employers. Why? Because the Canadian market is huge. Peter points out that from an educational standpoint, Canada’s colleges and universities have high standards.
When expanding to Canada, you get access to a pool of well-educated individuals with a multitude of experience and backgrounds. Most importantly, Canada is a multicultural nation that encourages entrepreneurs from all around the world to migrate and join our community. Within Toronto alone, there are 180 different languages spoken!
But scaling without the assistance of dedicated, knowledgeable experts isn’t simple. There are challenges that businesses and small start-ups are bound to face when expanding to Canada (or any market, really). For Canada, specifically, businesses interested in building an entity must register with the Canadian Revenue Agency and guarantee 100% compliance with tax laws. If not, fines and liabilities can get costly.
Even when hiring only a few employees, businesses still need to hire their own corporate lawyers and accounting or booking firms to manage and set up legal divisions, finances, and government remittances. Peter notes that the overhead costs and uncertainty of dealing with a new government is incredibly risky.
Maintaining compliance is of the utmost importance. That’s why working with a PEO can be helpful for companies looking to expand internationally. PEOs will keep your business compliant with local tax and labour laws, making room for you to focus more on other important aspects of the company.
Work With a PEO to Expand to Canada
A great way to test out the waters is to engage with a Professional Employer Organization offering Employer of Record services. They are responsible for being the compliance experts on regulations, employment laws, and standards. More importantly, clients can hire the right candidates in the most qualified way possible.
Canadian Payroll Services is a PEO that offers EOR along with other services to assist our clients as they expand their business into Canada. Canadian Payroll Services takes on back-office responsibilities like payroll, onboarding, and compliance which then allows you to focus on growing your company and conducting business in Canada.