I'm guessing that you and your wife were "birth tourists" in the US, so the real question is if you want your son to be a dual citizen. As a US citizen, he will have to pay taxes to the US government whenever and wherever he starts earning an income, and he will have to register for the Selective Service when he turns 18. If you don't want to burden him with these obligations, then it would be a good idea to apply for Canadian citizenship for him so that when he turns 14, he can renounce his American citizenship.
Since your child was born in the US and was not a Canadian citizen via acquisition at birth, having your child in Canada may be considered a "potentially expatriating act" to the US and cause a loss of US citizenship. I'm not an immigration lawyer however, so if you want to verify this it might be better to get professional advice. (Naturalizing in another country is listed as a potentially expatriating act by the US).
Renouncing the American citizenship costs more than $2,400 plus hassle plus paperwork, and the US has a foreign earned income exclusion for US citizens taxed abroad so you don't owe anything if you make less than $101,300 USD abroad in a given year. If the equivalent tax (income tax) is higher in Canada (or whatever country you are abroad in) than the US, then you can claim the foreign tax credit instead, and you would not owe the US anything.
"Having your child in Canada"? The question has to do with whether to apply for Canadian citizenship for a U.S. born child. My answer is, of course, why not? There is a downside to being a U.S. citizen (financial issues), but no downside that I know of to being a Canadian citizen, and the child is already a U.S. citizen by birth. Thousands of U.S. citizens have become Canadian citizens without losing their U.S. citizenship, so any concern about that possibility is overblown.
Mea culpa. I meant having OP's child naturalize in Canada, at least by the letter of the law.
By the words of the oath it does lead you to believe that and the State department website seems to discourage it for military reasons. If your to countries of citizenship go to war with each other, where do your allegiances lie? Since technically, you swore allegiance to both. However, also from what I've read you also have to make a sworn statement to an official your intent to rescind citizenship, they don't just send you notice you no longer have it. From my understanding.
In this case, the child is already a U.S. citizen. The Canadian oath does not contain a renunciation of foreign citizenships.
Correct, in practical terms the US is unlikely to enforce the oath of citizenship as being expatriating, particularly as a child.
