I am a Canadian, living in Canada, born in Canada to one Canadian and one Canadian/American parent, which makes me an American "Person". This means I am responsible for filing and paying taxes to both Canada and the US. The process is extremely complex, but I can't afford a cross-border accounting specialist so I do it myself.
I'm planning to start an online business where most of my clients will be in the US. I want to open a Delaware LLC where I can accept payments and conduct business.
I understand there are major tax complications when a Canadian opens a US business, let alone a Canadian/American. It's simply too overwhelming and I've already spent weeks just trying to figure out how to do the paperwork! I've barely even been able to work on the business.
So I'm considering just opening the LLC, using a US address, and simply leaving out the Canadian angle completely (i.e. not mentioning it to the CRA). One day if the business is successful, I'll be able to hire the lawyers and accountants to put it all right with the rules. Or maybe I'll just move to the US and enjoy the money there.
What are the risks? And what other options do I have? I simply cannot afford the $2000+ dollars that the cross-border accountants and lawyers are asking me for JUST to even start on my file.
I love both countries. I am not trying to escape taxes. But I am so overwhelmed trying to understand the extremely complex rules (that even the experts, in their blog posts, seem to be unsure about) that I cannot reasonably attain "compliance"