American with Canadian bank income taxes

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taxquestions
Posts: 14
Joined: Tue Dec 18, 2018 6:31 pm

American with Canadian bank income taxes

Post by taxquestions » Sat Jan 11, 2020 4:07 pm

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?

taxquestions
Posts: 14
Joined: Tue Dec 18, 2018 6:31 pm

Re: American with Canadian bank income taxes

Post by taxquestions » Sat Jan 11, 2020 4:09 pm

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

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