U.S. taxation in Canada

US taxes in Canada

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U.S. taxation is a common topic that comes up often in conversation with our clients.

Watch the video with a couple of Irfanali’s recommendations or if you prefer reading, follow the transcription below it.

U.S. Taxation in Canada

Good afternoon! It’s Irfanali here with RMI once again. I hope everyone’s having a fantastic week.

Today I just want to touch in a little bit on U.S. taxation. It’s been a question we’ve been getting in our office quite often these days. Either for individuals who are American citizens, there are some tax consequences there or as well for business owners that are looking to actually expand their business or do some business in the States.

Those are the common questions we’ve been asked. What’s the impact? How does it look?

taxes for american citizens in canada

The first thing I want to touch on is anybody that is an American citizen, even though you might be living in Canada as a resident, you do actually have a tax filing requirement for the U.S.

It’s very important to know that if you’re not up to date with your tax filing it could come back at you and have an impact if you’re trying to cross the border or on some of your state filings or if you ever want to do business down in the States. 

So it’s really important to make a note of that and make sure you stay up to date on an
annual basis there.

Doing Business in the USA

And for anybody who’s trying to do business down in the U.S., it’s really important that you set your structures up correctly.

One of the most common things I’ve heard is somebody comes to me and says – “Well, I’m looking at expanding my business. I talked to a U.S. accountant and they told me to set up with an LLC.”

LLC is a common structure that works very well for American residents. But as a Canadian, if you actually have an LLC corporation, it can become pretty detrimental because it can create double taxation for you.

So, it’s one of those things that’s always great to talk about ahead of time, sit down and really plan that business structure out.

have questions about U.S. Taxation?

So, as always, if you have any questions feel free to reach out to our office and we’re more than happy to help on that side.

Once again, it’s Irfanali from RMI Professional Corporation and I hope you all have a great week.

book a free consultation

Our team of chartered accountants and experienced bookkeepers at RMI Professional Corporation in Calgary is here for you.

If you need help with U.S. Taxation or anything else, book your Free consultation today!

We can also be contacted at 403-457-4232 or by email at info@rmiassociates.com.

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