US S-Corp ownership and K-1 treatment by CRA?
Moderator: Mark T Serbinski CA CPA
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US S-Corp ownership and K-1 treatment by CRA?
For a US citizen that is a shareholder of a US S-Corp who is living and resident in Canada, how does CRA treat K-1 income for tax purposes? Is it simply treated like all other ordinary US source income, or is there any double taxation or tax hit from CRA? If there is some extra tax hit, is there any advantage to owning a US C-Corp and/or US LLC over an S-Corp?