Hello,
Really appreciate any advice I can get or links to online resources to research. I read the CRA and IRS docs but they are really confusing.
Here is my situation:
- Canadian citizen with a US Green Card
- Live in the US, own a house, kids born here, wife is American citizen
- I am looking to open a company in Canada to invest in Real Estate
- I have no other ties to Canada other than my siblings and parents still live there
- With this I will be opening a company bank account and a personal one as well
- I will not own my own place but this company will own rental properties
What I am trying to figure out is the following:
1- Do I need to file a personal income tax in Canada or just corporate?
2- Will owning a company and opening bank accounts make me a deemed resident of Canada? or will I remain a non-resident?
3- Do I need to report the company to the US? Income this company is generating? Pay taxes on that income?
4- If I take money out from the company, will I then pay taxes in the US or in Canada?
5- If I travel from the US to Canada for business, will I be able to deduct the expense on the US side or the Canadian side or neither?
THANKS!
Living in the US but owning a company in Canada
Moderator: Mark T Serbinski CA CPA