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by crossbordertaxguy
Wed Sep 10, 2008 11:51 am
Forum: Canada / United States Tax & Accounting
Topic: LLC Pass through Income treatment?
Replies: 1
Views: 1715

CRA disregards flow-thru status of LLC's, and thus does not tax the flow thru income on the K-1. However, they will tax any distributions shown on the K-1 as dividends. As you can see, this will result in "mis-timed" foreign tax credits on the T1 and your 1040. The US return taxes you on t...