u.s. persons living in canada risk double taxation

“I’m a certified

financial planner. I

work with successful

professionals and

business owners

who are U.S citizens

living in Canada.”

“The issues are

complex and no

one wants to

make a mistake

when it comes to

the IRS.”

“If you are a US Person and you are accumulating wealth in a Canadian corporation… a lot of the tax planning that you’re doing in Canada may not work.”

“People use corporations …in order to defer taxes…and it works for a Canadian tax purposes; However, [The IRS] might look through that corporation and tax you personally on all of the income that’s being earned on the corporation.”

“Once you get into these

rules for foreign

corporations, you’re

actually paying tax on the

US side personally, and

not on the Canadian side,

so there is no tax to credit

against the other.”

~ Jean Schnob

“The timing on the credit of

Tax makes it so that you will

wind up paying double tax.”

~ Jean Schnob

“You will be paying tax in

the US now…then you will

be paying tax in Canada

later when you take money

out of the corporation and

you will be paying personal

taxes on a dividend…”