If you are US person and control a Canadian Corporation, the corporation is considered a Controlled Foreign Corporation (CFC). This triggers filing
Form 5471, (Information Return of U.S. Persons With Respect to Certain Foreign Corporations) which should be an information reporting return, but can have tax implications.
Form 5471 translates the corporate activity into US terms - US accounting standards (US GAAP) which are used for US tax.
All of these articles sound like your house is on fire, but this article does kind of explain it a bit.