This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
Moderator: Mark T Serbinski CA CPA
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I am dual U.S. and Canadian citizen, currently living in U.S. I will likely be moving to Canada sometime in 2021. I am in the process of setting up an online business and trying to set it up in a way that will make the most sense once I have to also start paying Canadian taxes. My understanding is that my best option is to set up an S-corp. I have spoken with a cross-border CPA who advised me to set it up as an LLC and then designate it as S-corp for tax purposes. From what I have read, the other way to get to an S-corp is via C-corp. I know that an LLC is not a good idea as a Canadian resident, so just want to make sure that going the LLC route to get to an S-corp will be effective. Any insight would be greatly appreciated. Thank you!