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I understand if a US LLC / S-Corp opened a Canadian bank it would be subject to Canadian income tax and require Extra Provincial License.

If a US Sole Prop opened a Canadian bank, would the same scenario be true?

Can an S-Corp open a Canadian bank? Will it be subject to Canadian income or corporate taxes? I have income from Canadian sales for my S-Corp. I have no permanent establishment, office or stores in Canada and not subject to Candian income taxes. I would like to retain CAD received from my Canadian s...

taxquestions wrote: > Scenario: > > S-Corp with Canadian sourced income. S-Corp has products stored in a > third-party warehouse in Canada. The S-Corp sells these products to > customers in Canada. The third party warehouse ships the products to these > Canadian customers for the S-Corp. > > I consu...

Scenario: S-Corp with Canadian sourced income. S-Corp has products stored in a third-party warehouse in Canada. The S-Corp sells these products to customers in Canada. The third party warehouse ships the products to these Canadian customers for the S-Corp. I consulted a CPA if this Canadian income w...

Anyone got any insight?

nelsona wrote: > You probably don't need to reduce your US tax, since you can use 2555 and > 1116 to reduce your tax to zero even without any RRSP contribution. > Remember that you are not liable for SE tax portion in US, due to payimg > into CPP in Canada. I only use 1116 for FTC's (im not using 25...

If I become a non-resident of Ontario, Canada and become a US resident, but as a sole-prop still derive income from sales inside Canada (Products are stored in Canadian warehouses, and sold/shipped to Canadian residents) would I still be subject to 25% CRA withholding on my net Canadian income? If s...

If I become a non-resident of Ontario, Canada and become a US resident, but as a sole-prop still derive income from sales inside Canada (Products are stored in Canadian warehouses, and sold/shipped to Canadian residents) would I still be subject to 25% CRA withholding on my net Canadian income? If s...

RRSP contributions are only tax deductible on your US return if the RRSP contribution is made via employee contributions to an employer sponsored group RRSP plan. If you make contributions to an RRSP as an employee or self-employed person and its not a "employer sponsored group RRSP plan" ...

Current scenario: •$150,000 CAD yr taxable sole-prop income (Canadian sourced) •US/CA citizen •Canadian resident Wishful scenario: •Canadian Corp (SBD) tax rate (15%) •$47,630 Non-Eligible Dividend Salary (6.87%) Not sure if Canadian Corp is viable because CFC and Subpart F / GILTI tax. With "c...

Allan explains it well here, but hes assuming the income is from the USA only (ill mostly be selling in Canada using Amazon.ca FBA): https://www.youtube.com/watch?v=kAFt6DCFX3k Summary: CRA recognizes an LLC as a separate corporation, not as a pass through entity and therefore I am double taxed. He ...

Im a dual US/CA citizen. Im a resident of Ontario, Canada. I would like to see how this scenario would be taxed. 1) If I open a US LLC and sell / operate in Canada (while a Canadian resident) how would I be taxed? Would this result in double taxation? Who would have first rights to tax me and would ...