I'm starting a virtual Real Estate Investing business all clients in US. I have to get US address, US bank account and

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Customer: I'm starting a virtual Real Estate Investing business all clients in US. I have to get US address, US bank account and EIN# & LLC. Do I also have register my business here in Canada( Totonto, ON and pay taxes to US and Canada
Please advise Thank you
Answered by ToLawyer in 5 hours 1 year ago
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ToLawyer
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ToLawyer
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Jessica

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ToLawyer, Expert

Welcome and thank you for choosing Just Answer! My name is***** am a lawyer in Canada and would be happy to assist you.

Please be advised that I am working from my computer and may not always be available immediately. Rest assured, I will get to your response as fast as I am able.

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ToLawyer, Expert

Good morning, when you are paid, are you moving the money from US to Canada? Would funds be converted into Canadian dollars?

Customer
the fund would converted to Canadian dollars
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ToLawyer, Expert

I assume you are a Canadian citizen / PR?
Customer
Hi
Customer
Canadian citizn
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ToLawyer, Expert

I see. What is the business structure? A corporation?
Customer
LLC
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ToLawyer, Expert

Is director and shareholders all Canadian (or just you?)
Customer
I will own 100%
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ToLawyer, Expert

That company will likely be deemed to be a Canadian corporation responsible for Canadian taxes because the entirety of the control structure is in Canada, owned by a Canadian Citizen. You will also be responsible for Canadian taxes because you are in Canada receiving income.

That being said, you will likely not be double taxed as the treaty between US and Canada would ensure that you will not pay more taxes than country with the highest taxes, which is Canada.

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ToLawyer, Expert

Does that answer your question today?

Customer
Ok So the US bank account that's required...Can I open one with bank of America...
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ToLawyer, Expert

You can if you like, but the control of the corporation would remain in Canada, because you are in control.

Customer
Ok..Then it might be best to open a US Bank account with Canadian bank?..
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ToLawyer, Expert

Normally its just whatever is convient to you at this point, because tax consequences wise, it makes no difference.

Customer
Ok Thank you for answering my questions That's all for now Good evening
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ToLawyer, Expert

You are very welcome! Thank you for trusting us here at JustAnswer. If you have a new question in the future and would like to engage me again, please do not hesitate to request for me directly by typing - "This is only for Jchen" and I will get to you as soon as possible!

And of course, if you have any follow-up questions, please do not hesitate to continue typing them here.

Customer
Thank you I will do that
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ToLawyer, Expert

No problem!

Customer
How much tax(%)should I set aside for income tax being self employed
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ToLawyer, Expert

30% is a good number. Your effective tax rate at 150k income is approximately 28%.

Customer
Great Thank you
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ToLawyer, Expert

No problem!

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