S-Corporation and running a restaurant in Canada

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rashaye
Posts: 1
Joined: Wed Nov 11, 2015 12:14 am

S-Corporation and running a restaurant in Canada

Post by rashaye »

Hi,
I am a US PR and Canadian citizen currently employed in the Bay Area. I am interested in a restaurant for sale in British Columbia. I was thinking of forming an S-Corp to buy the business and applying for a re-entry permit for two years to work in and grow the restaurant. My partner is a US Citizen. Would he, as co-owner, be able to work at the restaurant also or would the corporation need to apply for a work permit? How long does it take to get a work permit?
Would the S-Corp have to pay Canada corporate taxes on any restaurant profits? It seems that way from what I have read.
We would both be restaurant employees so we would have to pay income tax in Canada.
It looks like the tax burden would be quite hefty in both countries.
Does this make sense to do? I really don't want to jeopardise my green card. The restaurant looks like a good opportunity but may not be worth all the tax and paperwork hassle.
Thanks for any suggestions!
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