So, your company is growing at a rapid pace and you’re beginning to expand your business into Canada. Congratulations! That’s great news. Business growth is the goal for every company, however sometimes it happens faster than anticipated. Keeping up with new payroll regulations, expansion of HR duties, and Canadian regulations can be daunting and costly.
But there is a solution that can help your business continue to grow while you focus on important tasks. It’s called an employer of record. These companies help you organize your HR and payroll administration duties, working completely on your behalf. Keep reading to see how Canadian employer of record services can help your company navigate through this newly found territory.
While you focus on growing your business, sometimes HR duties become the last thing on your mind. Between recruiting, hiring, training, and terminating employees, it’s possible the task of managing it all has become too much. You need more time to focus on your business and its goals, and less time spent worrying about administrative duties.
With Canadian employer of record services, you’ll be able to hand off these administrative tasks confidently. All HR responsibilities will be handled, leaving you to sit back and manage the other aspects of your company with ease. This improved process will help your company expand into Canada, while you continue to take control of things back home.
Rules and Regulations
Staying on top of another countries rules and regulations adds a handful of duties and education to your plate. If managed incorrectly, you can be left in an expensive situation, facing multiple lawsuits and expensive fines. For example, submitting your payroll data to the CRA (Canadian Revenue Agency) late, even by three days, can leave you responsible for late filing fees. And that’s one of the smaller legal responsibilities. It’s a mistake you don’t want to make, especially as your company tries to grow.
Avoid the hassle and stay on top of things by working with Canadian employer of record services. Keeping track of all important dates, legal regulations, and taxation policies are just some of the many benefits these professionals provide. Expanding into Canada can seem intimidating, but working with an EOR helps you streamline the process and avoid mistakes.
Speeds Up the Process
Establishing your business on new soil can be a slow process. For some companies, it can take years to get their company functioning in Canada. Without knowledge of the country and its regulations, getting things moving is inevitably slow.
Avoid the painstakingly slow process and consider Canadian employer of record services. These professionals take care of all the tasks involved with breaking ground in Canada, like employee recruitment, payroll, and staying up to date with regulations. This saves you time, allowing you to focus on the other aspects of growing your business.
Saves Your Money
If done correctly, expanding your business into Canada can be an extremely smart move. In fact, in 2014 Canadians spent $22.9 billion dollars in ecommerce sales, and the numbers are expected to rise. With audiences very similar to the US, Canadian consumers can become the perfect target audience for many American businesses.
However, setting up a business in Canada can be incredibly expensive. The cost of hiring and training employees alone costs thousands of dollars. Not to mention any fees associated with errors in payroll or CRA mishaps. It seems like there’s a lot of room for costly errors.
Canadian employer of record services help you save money as you expand your company into Canada. From keeping up with regulations, training employees, and handling all payroll functions, working with a EOR might be the smartest investment you can make.