I am living in USA on a Green Card status.
Have a client in Canada, who sends me payments at least twice a year.
What is the best way to get that money in order pay Lowest possible tax.
as an independent contractor'? or should I register a company?
thanks
Business in Canada
Moderator: Mark T Serbinski CA CPA
First, the money should not be taxable in canada. If the client applies some form of non-resident withholding, you would get it back by filing at the end of the year.
In, US, this is considered self-employment income, so is liable for income atx, as well as both halves of FICA.
Wether setting up a company and paying yourself a salary or dividend from that company would be worth it, I haven't the foggiest.
In, US, this is considered self-employment income, so is liable for income atx, as well as both halves of FICA.
Wether setting up a company and paying yourself a salary or dividend from that company would be worth it, I haven't the foggiest.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing