American Professionals in Canada

Kevyn Nightingale ()
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Kevyn Nightingale: MNP LLP, Toronto

Canadian Tax Journal, 2017, vol. 65, issue 4, 893-937

Abstract: Doctors, lawyers, and other professionals in Canada are increasingly incorporating their practices. Professionals who are US citizens or tax residents are subject to US taxation on their worldwide income and have substantial US filing requirements. These exposures are substantially increased when the professional uses a corporation to carry on the practice, and further increased when a trust is used to hold shares on behalf of family members. Planning is required, and in most cases is available to minimize double taxation. The cost of US reporting is often substantial. As a result, the use of a corporation or trust will be less beneficial for a US professional than for an ordinary Canadian, and in some cases, using such entities will be inadvisable.

Keywords: Professional; US; taxation; reporting; tax planning; cross-border (search for similar items in EconPapers)
Date: 2017
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