US Citizen Starting Business in Canada

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.

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Killajoy
Posts: 1
Joined: Tue Oct 19, 2021 10:38 am

US Citizen Starting Business in Canada

Post by Killajoy »

Hi, I’m a US citizen based in BC, Canada. I’m starting a product based business and have been told before it’s better to keep the business as self-employed and not get incorporated. Is that true?
ND
Posts: 291
Joined: Thu Feb 21, 2013 5:28 pm

Re: US Citizen Starting Business in Canada

Post by ND »

google '966 transition tax' as well as 'Form 8858 self employed business'
NataliaCordova
Posts: 1
Joined: Sun May 28, 2023 3:21 pm

Re: US Citizen Starting Business in Canada

Post by NataliaCordova »

Hey there! When it comes to deciding between operating as a self-employed individual or incorporating your business, there are pros and cons to consider. Being self-employed offers simplicity and flexibility, but it also means you have personal liability for any business-related debts. On the other hand, incorporating provides legal protection by separating personal and business liabilities, but it involves more paperwork and formalities. It's essential to weigh these factors based on your specific business needs and consult with a professional who can provide personalized advice. If you're seeking further guidance on business and financial matters, you might find some helpful insights at https://stephenswmg.com .
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