Preparing for NAFTA: Social Security and Employee Benefits in Mexico, Canada and the USA

Article Abstract:

Soocial security, non-pension, and pension benefit standards and practices in the US, Canada and Mexico are reviewed and compared in the context of the North American Free Trade Agreement (NAFTA). The systems of the three have a great deal in common and all could join forces to improve individual and joint competitiveness. The Mexican system is operated by the Instituto Mexicano del Seguro Social (IMSS). The Canadian system is administered under provincial legislation, with the Workers' Compensation Acts, the Old Age Security (OAS) Act of Canada, and Unemployment Insurance (UI) Act of Canada handling retirement, sickness, maternity, invalidity and unemployment benefits, and Canada/Quebec Pension (C/QPP) also paying additional retirement, death and survivors' benefits. In the United States the Social Security Administration operates the benefits system. The various categories of benefit for the three countries are discussed separately and in detail.

Social policy, Mexico, North America, Social security, Social security beneficiaries

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U.S. taxation of foreign deferred compensation in cross border transfers

Article Abstract:

The increasing number of executive transfers in and out of the US due to heightened international trade has resulted in problems for the US income tax system. At present, the US income tax system does not recognize income deferral under a foreign retirement plan considered tax qualified in the country where it is held. With cross border transfers expected to increase, the US should consider correcting this oversight for the benefit of executives from countries with which it has substantial trade ties.

Evaluation, International aspects, Income tax

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Nonqualified deferred compensation: Albertson's, Inc. v. Commissioner, 12 F.3d 1529 (rehearing granted), 17 EBC 2153 (9th Cir. 1993)

Article Abstract:

The court case of Albertson's Inc. against the IRS Commissioner focused on how to treat additional compensation amounts under deferred compensation agreements. The Court of Appeals for the Ninth Circuit ruled that deferred compensation agreements constitute interest expenses under Section 163 of the Internal Revenue Code. Thus, those expenses may be deducted currently as they do not fall under the restrictions of Section 404.

Tax Law, Public Finance Activities, Cases, Tax administration and procedure, Tax administration, ABS, Albertson's L.L.C.

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