New Canadian Resident with US self employed US business

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stonemeadow
Posts: 2
Joined: Sat Nov 01, 2014 7:36 pm
Location: Canada

New Canadian Resident with US self employed US business

Post by stonemeadow »

My wife just received her permanent residence in Canada. She is a US Citizen with a self employed business in the US consulting with a US client. She receives US income from this US client in Illinois. Can she continue to operate normally or must she inform the client to pay her in Canada. She worries this might not be acceptable to the client.
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bardosh
Posts: 1
Joined: Mon Dec 08, 2014 9:04 pm
Location: Montreal, Canada
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Post by bardosh »

There is no problems in continuing as previously and receiving payment in US$.
The financial statements to be reported for the US & Canada will not be identical due to different ways CCA etc. must be calculated. It is not that difficult to convert earnings in US$ to CDN$, I just use an annual average.
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