[VPM] Follow-up: RFC: paying Canadians with US dollars

[Darren Duncan]

Thanks to all of you who responded to my query, either on a list or privately.

These are the people I got replies from, in chronological order:

- Peter Scott
- Norm ([at]workingtools)
- David Barker
- Ken Murray
- Bryan Stevenson
- Vic Cromarty
- Shelly Sherriff
- Ian P Frazer
- Suzanne Clydesdale (2 copies)
- Philip Yuson
- David Scott-Bigsby
- Carl Constantine

If your name is in the above list then you know I received your 
message safe and sound.  If you replied and your name isn't in the 
list, I didn't get it.

Below are a few points on what I plan to do on this topic, moving 
forward.  Some (most) match plans I had in the past, and others were 
set this way as a result of your responses.

- My business will be incorporated; maximum separation from my personal life.

- I will retain a formally trained and experienced / good accountant 
and/or book keeper.

- The selling list prices for my products and services will be fixed 
in American dollar values, but customers can also see list prices in 
other currencies, such as the Canadian dollar or the Euro, whose 
values are set by then-current USD exchange rates; any currency that 
is listed can be used for purchasing.  Any non-locale-specific 
international advertising will quote in US dollars.

- Wherever possible, all people that work for me or provide goods or 
services will do so as independent contractors and not employees. 
Most of these will be physically located in Victoria but some will be 
abroad; the main examples of the latter will be the owners of "free 
software" products that I make use of, where I pay them to support 
said products' further development.  I expect that the accountants 
and lawyers and other such people will also be contractors.

- All suppliers of the goods and contractor services that I use will 
be paid at individually negotiated rates (though I will have 
baselines in mind) and each supplier / contractor can choose what 
currency they want to be paid in.  These arrangements will have to be 
re-negotiated at least once per year to account for any situation 
changes.

- My core accounting and book-keeping details will be in terms of 
Canadian dollars.  Other currencies will be used only for external 
transactions as required.

- I am not concerned with having a regular rate of return.  I simply 
need to be self-sustaining.  I am by no means going to depend on 
certain exchange rates to be constant or be around certain levels.  I 
won't be afraid to change my advertised prices on a regular basis as 
is appropriate for the market.

- Custom House Currency was recommended to me for actual exchanges 
rather than using a bank; I can get wholesale rates they know I'm in 
Victoria.  That said, I plan to buffer exchanges anyway, and only 
convert large amounts, which should mean I get a wholesale rate with 
nearly anyone.

Thanks again for the replies.

-- Darren Duncan