Dual Canadian/US Citizen

by a searcher from McGill University

1 year ago

Hi everyone - I am a dual Canadian/US citizen looking to acquire a Canadian-based business. I'm looking to connect with other dual citizens who bought a Canadian-based business so I can learn about tax implications and tax planning I should be considering. Would also appreciate getting connected with any tax experts you have used to help you navigate through this. Thanks in advance!

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searcher from Camosun College

You should speak with a cross border tax expert (likely Quebec). As a US citizen, you will have additional disclosures to be reported on your US tax return. One of those forms may be the 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations if you purchase a Canadian business. The form has a $10,000 penalty for failure to file the form in a complete and timely manner. A cross border tax accountant would also be able to advise you of the best structure to hold the business under.

1 year ago | like reply | 0 likes

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