Relocating a Business from Canada to the US: Financial Strategies for a Successful Business Move
If you are a Canadian business owner considering moving your business to the United States, you probably have questions about how to make a financially successful move. For example, you may have questions pertaining specifically to your business and its employees, such as:
- purchasing health insurance for you and your employees,
- investing in property for your new business location,
- and how to avoid being double taxed
When considering moving your business across the border, you may also be wondering just how much a business relocation or international expansion is going to cost your business. At Hogg, Shain & Scheck, we are dedicated to providing you with the best accounting services for businesses, giving you the answers you need for a successful business relocation.
Financial Planning for International Business
Having a solid financial plan in place before relocation will make for a smoother transition when relocating your company. Mapping out your plan with the expert help of a trusted, experienced financial planner will help you to avoid unnecessary risks that could include paying higher than necessary taxes, breaking immigration laws or international tax laws.
Be Educated on the US Business Landscape
Although we highly recommend hiring a financial planner with experience in both Canadian and American business, it also pays off to educate yourself on the many business differences between the US and Canada. For example, you’ll need to know the differences between employment law in both Canada and the United States, as well as the differences between business related taxes. Also, it is important to consider your business model and the changes that may be required. What worked in Ontario may not work in the United States.
Plan Your Business Relocation with Business Accounting Experts
As a successful business owner considering a relocation to the US, you’ve grown accustomed to doing things one way in Canada, but you’re also ready to try something new.
Whether your goal is business expansion or cutting business costs by relocating to the United States, let Hogg, Shain & Scheck help with comprehensive accounting services.