American with Canadian bank income taxes

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taxquestions
Posts: 42
Joined: Tue Dec 18, 2018 6:31 pm

American with Canadian bank income taxes

Post by taxquestions »

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?
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taxquestions
Posts: 42
Joined: Tue Dec 18, 2018 6:31 pm

Re: American with Canadian bank income taxes

Post by taxquestions »

The US sole prop would NOT have a permanent establishment in Canada**
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