It's not that complicated, but it's subject to a lot of interpretation and since I'm new at it, I have no idea what works and what doesn't.
There is a tax treaty between Canada and the US. So the US won't insist on me paying taxes in the US provided I paid them in Canada, so I have to file my return in the US to prove that I did. Whether or not it's just a formality remains to be seen. For example, if I end up paying only 5 or 10%, for argument's sake, would the IRS accept it or would they insist that it should be higher to meet some minimum rate?
The main question is the taxable income. My team members are contractors, as none of them is on salary or live in Canada. So, basically, I claim that only 25% of revenues is taxable income (let's ignore the other expenses to keep things simple), which may raise a few eyebrows. So, after all corporate taxes are agreed and paid, I have what's basically my share sitting in the corporate account. I can't just take the money. They can be paid out either as dividends or salary. Both are taxable. I can reimburse expenses, but again it's unclear (due to the nature of the business) which expenses would be allowed. For example, normally you can write off car lease, which is what I've always done in the past, but before I had work-related reasons to drive around. Now I don't. Etc.