Question re: Canadian Participants and US or Canadian Brokerage
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Hi everyone,
I just spoke to a company who has been told that their Canadian participants must be moved off of their US providers administration system and brokerage platform.
Issuers: Has this happened to you? If so, what was your final solution?
Providers (especially in Canada): Have you dealt with this sort of sub-administration, just for Canadians, in the past? If so, what kind of time and effort should the company plan on?
Thanks, it has been a while since I had to deal with this specific issue (at least a couple of year) and I want to get current information.
Dan
P.S. fee free to contact me privately. dwalter@performensation.com
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Hi Dan,
In answer to your question, a U.S. broker must have a separate license to trade for a Canadian resident. In fact, the brokers must be licensed in all provinces in which the participants reside.
The likely reason that the company has been asked to move the Canadian participants, is that their U.S. provider / broker may not have the necessary licenses / abilities.
From the administrative side, we run many Canadian subsidiaries of U.S. parents.
The three main administrative reasons are:
For more detailed information, please check our website (www.sgvestia.com) or feel free to call us (contact information on website).
Thanks.
Solium Capital's Shareworks software supports US and Canadian participants and plans on one platform with integrated reporting. A French version participant site is available to comply with language requirements and separate brokerages may be set up for US and Canadian residents. Being a Canadian-based provider with both US and Canadian service teams, we understand the requirements of cross-border plans and are sensitive to the specific requirements that arise.
Shareworks can also support plan rules of a US based plan or a Canadian-centric plan, including the required tax slips. For more information, see www.solium.com or contact 1-866-976-5486.