Canada – the second-largest country by total area, is situated in North America. It is a highly developed country and one of the wealthiest globally. Very high rates of income, great quality of life, government transparency, multiculturalism and one of the best education systems in the world are Canada’s keys to success. Historically, Canada has been influenced by French, British, and aboriginal cultures and traditions, hence its cultural mosaic. Canada is also well known for its beautiful nature and many tourists travel from all over the world to this country each year.
Economically, Canada is rich on natural resources and has well-developed trade networks which makes Canada’s advanced economy one of the largest in the world. The long and complex relationship with the United States had a significant and positive impact on its economy. The services sector is the country’s largest employer. Manufacturing, education, mining, agriculture, finance and insurance are further main industries.
Contracting in Canada is quite acceptable for individuals with some subtle nuances, but has some hidden on-costs for employers. Most regions have local taxes over and above the federal tax and social system. To facilitate contractors and foreign nationals working in Canada, forward planning is of the essence. Canada has entered into Double Taxation Treaties with most countries.
For foreign national contract workers, contracting in Canada, it would be wise to consult with CXC Global on the best way to structure, and how best to balance your taxation.