QUESTION: I am Canadian citizen working in the US on an H1B visa.
I plan on continuing to work for this company and eventually get
my Green Card.
My question is two fold: Can I start a business in Canada not
being a resident of Canada, and if I can start a business in
Canada, where would I pay taxes on the income from this business.
Thanks!
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david ingram replies:
You are entitled to start, manage and work in a Canadian
business.
You would pay tax first to Canada on the profits from that
business. File 1 T1-General with a T2024.
Then you would do a schedule C for your US 1040 and report the
same income again. If you had paid tax to Canada, you world
claim your foreign tax credit on form 1116 of the US return.
We would be pleased to look after the dual country (and state)
returns for you by fax, email, snail mail or courier.
-----------------
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---------------
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