Has a running business in Canada, Wants to move to USA, Tax implications

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Jahid
Posts: 1
Joined: Wed Jul 26, 2006 12:50 pm

Has a running business in Canada, Wants to move to USA, Tax implications

Post by Jahid »

Hello All,

I would like to get opinion of the experts on a tax situation.

My wife and I are Canadian Citizens. My wife is now working in USA on a TN visa. I am living here in Calgary and planning to move to join her in Summer 2021.

I own 100% of a consulting Company A.
Also company A owns 50% of another company B. (The other 50% are between two other shareholders)
Company B has a promise to do good business and continue to give dividend.

What will be the tax implications when I move to the US? At my current TAX understanding level, I do not like to dissolve company A. and also the association with companyB.

I own a house (mortgage around 250K). I have RRSP, LIRA, non-RRSP and TFSA accounts.

Should we keep a resident status in Canada and file tax-es in both countries?

Pleas advice. I have been reading threads in this forum. However, I could not find any such.

Thanks in advance.
Chet Funk
Posts: 2
Joined: Thu Sep 10, 2020 3:50 am

Re: Has a running business in Canada, Wants to move to USA, Tax implications

Post by Chet Funk »

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Chet Funk
Posts: 2
Joined: Thu Sep 10, 2020 3:50 am

Re: Has a running business in Canada, Wants to move to USA, Tax implications

Post by Chet Funk »

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