Starting a Business
in the US
Business opportunities abound in the US, and since US corporate & personal income tax rates are typically lower than the Canadian ones, many Canadians decide to move south of the border to capitalize on this attractive situation.
Generally, finding an appropriate immigration pathway to the US remains the biggest concern for Canadians planning a cross-border move. Fortunately, Canadians who move to the US to start a business may be able to benefit from investor visas designed specifically for foreigners moving south to establish or invest in US businesses. Questions about whether your spouse and children can live and work in the US under these visas are important to explore.
In addition to questions surrounding the immigration process, Canadians moving to the US to start a business typically wonder how to obtain adequate health care, how their social security payments will be affected by leaving Canada, and what to do with RRSPs and Canadian assets such as homes and cottages.
As the above questions illustrate, making the decision to move to the US necessitates careful pre-departure tax, estate, retirement, investment, and immigration planning. Canadians relocating to the US to start a business must also be familiar with the US health care system, as well as potential cross-border tax filing requirements.
Keep reading for more information about these cross-border financial planning topics as they apply to Canadians who are starting a business in the US. Please note that the topics covered below require detailed, comprehensive analysis before specific recommendations can be made to an individual client, which is the purpose of creating a cross-border financial plan prior to departure.
- Tax Planning
- Estate Planning
- Retirement Planning
- Investment Planning
- Health Coverage & Insurance
- Tax Filing Requirements
- Immigration
Different Types of US Corporations
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Departure Tax
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Situs Wills, Trusts, and Power of Attorney Documents
US Gift and Estate Tax
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Registered Retirement Savings Plan (“RRSP”)
Canada Pension Plan (“CPP”)
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US Retirement Plans
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The US Health Care System: An Introduction
Create Your Own Group Plan
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Liability Protection
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Investor Visas
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It is important to note that every client situation is different, and we need to analyze your facts before making any specific recommendations. If you are considering a
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