S-Corp with a Canadian bank

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taxquestions
Posts: 43
Joined: Tue Dec 18, 2018 6:31 pm

S-Corp with a Canadian bank

Post by taxquestions »

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 sales so I can exchange to USD at my own pace using better exchange rates. Im currently be charged a 4% fee on CAD to USD conversions by not having a Canadian bank.
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nelsona
Posts: 18697
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: S-Corp with a Canadian bank

Post by nelsona »

A Cdn bank account would not be considered a sufficient tie to make it a permanent establishment.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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