Please Advice Quick Question: Getting Payment from US Corp to Canadian Crop

[no_trying]

I need to setup a Canadian Corporation and I will working under my Canadian Corp in Canada for US Company. Has anyone done this before. Can someone tell me how they handled the payments?

US Corp will pay me in US Cheque based in US Bank. If my Canadian Corp has a Canadian Bank Account, how can I receive payments? Is there a delay/holding of the cheques by Canadian Banks? What is the best option?

My corporation need to have insurance of 2 million aggregate and 1 million per instance. Where and how can you purchase insurance for Canadian Corporation? This Canadian Corporation is mainly for IT Consulting.

Please advice. Thank you.

 

[Byteless]

Can only answer for the following part

US Corp will pay me in US Cheque based in US Bank. If my Canadian Corp has a Canadian Bank Account, how can I receive payments? Is there a delay/holding of the cheques by Canadian Banks? What is the best option?

You can either just deposits those checks in your Canadian bank and they will convert the money into CAD and deposits in your account. That will take couple of days though.

Or

You can open a USD account in your bank in Canada and deposit this check in that account and that way you can save few bucks on conversion. that also take few days to get control on your funds.

Or

Ask the US company to send the wire transfer directly to your USD account in Canada. that will be instant transfer and you can use the money right away.

HTH

 

[bigboy00]

Ask the US company to send the wire transfer directly to your USD account in Canada. that will be instant transfer and you can use the money right away.

HTH

-- The US companies do not wire the money to the banks that are outside the US.

 

[Byteless]

Note sure why you said that, I sent the wire transfer to one of my tele-commute guy in China 2 months ago

 

[bigboy00]

-- I said this because my previous employer had told this to me. A friend of mine was also told the same when he requested his pay to be deposited into his bank account in Canada.

Note sure why you said that, I sent the wire transfer to one of my tele-commute guy in China 2 months ago

 

[Concerned4us]

You should have professional legal and financial advice. If it is important enough to setup this entity, you should consider this advice part of the cost of doing business.