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CDN company with US ee's - 401K
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CDN company with US ee's - 401K
Discuss workforce management, performance management, retention, communication, motivation, contributing to business results and other topics.
We are a Canadian based company with 2 employees in the US. We currently pay them a monthly $ amount through payroll as a "pension contribution" - it is taxed through payroll because as it is we have
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Forums » Topic Forums » General Forum » CDN company with US ee's - 401K
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CDN company with US ee's - 401K
posted at 4/30/2010 11:07 AM EDT
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Posts: 2
First: 4/30/2010 Last: 5/3/2010 |
We are a Canadian based company with 2 employees in the US. We currently pay them a monthly $ amount through payroll as a "pension contribution" - it is taxed through payroll because as it is we have no idea if they will actually use it for this purpose or not.
Was recently asked if this could be directly deposited into their retirement account. Our payroll provider can not do this into an account of their choice, but could if the company set up a plan for them. I can't seem to find any information on if a Canadian company can even establish a 401K plan in the US, and if we can if the administrative burden and fees would make this an unviable option. I know in Canada we can put post tax money into an RRSP and claim that on our income tax, isn't the same thing possible in the US? |
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CDN company with US ee's - 401K
posted at 5/3/2010 3:53 AM EDT
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Posts: 1771
First: 10/24/2002 Last: 9/14/2011 |
You can't. You have to set up a 401(k) plan through your company's American entity (which you must have if you have US employees on a US payroll). You also have to have an American employee listed as the official company plan administrator (you can administer the plan from Canada, but the official plan administrator has to be an American employee of your American employer entity).
401(k) plans are extremely hard to administer - totally unlike RRSPs. I have administered 401(k) plans and they are very time-consuming + the legalities are many and minute (like fleas). I personally wouldn't even consider doing this for only two employees. I'm in Canada and have been leading the HR function for both Canadian and American employees for more than 10 years, so I know what of I speak. |
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CDN company with US ee's - 401K
posted at 5/3/2010 8:26 AM EDT
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Posts: 2146
First: 2/15/2006 Last: 9/14/2011 |
Coming from a US 401k background, I almost responded earlier but was hoping hrbth would because I knew he/she had Canadian HR background.
I have to agree that even if you were based in the US, a plan for 2 is not worth the administrative nightmare than 401k's can be -- especially if handled incorrectly! |
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CDN company with US ee's - 401K
posted at 6/11/2010 8:30 PM EDT
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Posts: 6
First: 6/11/2010 Last: 6/11/2010 |
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