Dual citizen owns 50% of a Canadian Corp moving to USA

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pvandendNew Member
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Dual citizen owns 50% of a Canadian Corp moving to USA

Post Sat Jul 09, 2011 6:24 pm

I am a dual citizen, currently living in canada and am contemplating moving back to my birthcountry (USA). I've lived in Canada since 1972, and basically grew up in Canada. I have both country passports, and I also have a social security number. My question is what are the implecations of owning 50% of a business in Canada while being a resident in the USA? I am a resident of Canada currently and have a holding company in Canada that owns the 50% shares. I would likely impload that Canadian holding corporation and repoint the shares to a newly created US holding company. Our current process is we (my business partner and I) currently extract and zero out all income from the Canadian corporation to zero to the canadian holding companies through management fees charged from the Canadian holdco's. I would think I would do the same think and extract the money from the Canadian corp through a management fee to the US holdco? Finally, is there anything I need to do or declare to bring my wife and daughter, who are both Canadian citizens to the States?
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