unclespacejam

ur dad’s brother

Canadians getting paid in USD?

researching potential pops for the next few years, the idea of working remotely for a US company, getting paid in USD just seems like a pretty lucrative pay increase.

obv there is the pain of exchanging to cad as needed and potential income tax nuance.

would love to hear from anyone has done this is currently doing this and if the net benefit is worth it? or if I'm making this out to be a bigger deal than it actually is.

ie: even in good times for the CAD-USD exchange, it seems that US gigs often pay much higher for the same work (source: Betts Recruiting Compensation Report 2023)

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CuriousFox

WR Officer

🦊

@LordOfWarthis possible? @jefe

jefe

Arsonist

🍁

I’ve definitely seen opportunities that paid in USD for Canadian employees but never had one, so I’m sure it’s legal and possible.

Closest I’ve got is charging clients in USD and getting paid out on that, though the company exchanged it for me and CAD hit my account. It was a nice little boost due to the exchange rate at that time

LordOfWar

Tycoon

Blow it up

Seems like a nightmare for taxes. What FX do you use? Monthly, yearly, or per pay period?

Like @jefeI have US customers who pay USD, my comm is pegged at a monthly FX rate (last day of the month) and I get paid in CAD.

unclespacejam

Politicker

ur dad’s brother

Fair enough. Sounds like the move then is to find a co that charges in USD but live in Canada for the lower cost of living

sketchysales

Politicker

Sales Manager

I believe the only way to do this is if you are technically self employed and paid as a consultant. I think its the same deal as a Canadian company employing in the US, you would need to have an entity in that country to do it all kosher in order to be directly employed.

Edit: I did hear a while back about someone getting in trouble for working in the US but living in Canada, they would commute to the US. It becomes a bit hairy when you dont pay income tax to any country. I think the US pursued said person for taxes, a customer of mine told me a while back so i dont remember the ins and outs.

braintank

Politicker

Enterprise Account Executive

Is that legal?

ThatNewAE

Big Shot

Account Executive - Mid enterprise

It is very much legal. The question can be : is it preferred or not.

unclespacejam

Politicker

ur dad’s brother

Exactly what I’m trying to figure out

ThatNewAE

Big Shot

Account Executive - Mid enterprise

It depends on the exchange rate, right ?
If your currency is valued less than the country you are getting money from, I assume you’d be in profits.

If your currency is valued more than the country you are getting money from, you’re in loss BB.

So.

unclespacejam

Politicker

ur dad’s brother

I had assumed it was. Why wouldn’t it?

Coastal_crusher

Politicker

Sales Director

I have come across a few opportunities like this however never clinched an offer. It’s more common in lean but well funded companies, where they don’t necessarily want to set up a Canadian office. I believe the company sets up a small entity to pay you through, for tax purposes, so your money comes in as CAD and fluctuates slightly following the exchange

unclespacejam

Politicker

ur dad’s brother

Got it, so CAD but synced to USD

TennisandSales

Politicker

Head Of Sales

ive never heard of this. why would a company pay you in a currency that is not your own? feels like extra work for someone....and if its the company, i bet they wont do it.

unclespacejam

Politicker

ur dad’s brother

I’ve mostly only hear of it in contractor roles. My thought was if they’re expanding into Canada but don’t have an established presence there might be an opp there. Was mainly out of curiosity.

Additionally, I’m getting tired of doing the same work as my US counterparts, but being paid 74-80 cents on the dollar. Trying to find a way around it

Diablo

Politicker

Sr. AE

Not sure if it’s possible

unclespacejam

Politicker

ur dad’s brother

What makes you say that?

J.J.McLure

Politicker

Owner at *redacted*

I'm doing this soon! then the next step is to move out of Canada and become a non-resident (Mexico is nice and warm) Canadian non-residents don't pay income tax like American non-residents. In Mexico, if you're there on a visitors visa and just leave for 24 hours every 6 months, you don't need to pay income tax there either. If you become a resident in Mexico, it's a grey area about paying income tax if the income is from a foreign country.

kelvin26

Fire Starter

-1

administrative manager

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unclespacejam

Canadians getting paid in USD?

18 comments

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