Hey James. What would be the Exempt Payee Code to avoid backup withholding when for example opening a high interest savings account with wise? Seems like there isn’t an option for US LLC Disregard entities. I think this wouldn’t be tax free
It gets even more fun when you're not a Canadian citizen so you can't form a corporation in Canada but you are living and paying taxes there and want to create a company somewhere. I guess it's just sole proprietorship until I either decide to try to move to the US for this or get permanent residency in Canada.
Salman here - the guy in the video. You don't need Citizenship to have your Canadian corporation. You don't even have to be living in Canada to open a Canadian corporation.
First off, I really love your content. Lots of value here. James, for all you videos, what type of income do you think is a minimum for persuing these types of tax options? For example if someone is making 100,000 would the requirements, obligations and paperwork be worth it? I saw your previous video with the gentleman offering O1s and they said they work with a person with a minimum of 10,000 for the process. For each of these videos I think that would be a great thing to know.
Another question, that you sort of touched on in this video, but I wasn't clear on. If as a Canadian I want to setup an LLC to get a bank account for investing, do I have to sell off my investments every year and send the money to Canada? What if I want to invest and hold in the long-term? Again THANK YOU for these great videos.
@@JamesBakerCPAnothing i have not received any updates or even a link to your website to update my subscription and i have received fake subscription email by scammers so yeah it is hard to receive updates as to the progress of the LLC and also to resubscribe with out it being scammers and that's why i had to message you here 😔
i hate Canada, third world country , charging so much in taxes but not providing much in return. ANother option is to move out of Canada, file your last return and make yourself a non resident, instead of dealing with this nonsense, paying high taxes in Canada from foreign llc
Hey, Can you please answer this question I have recently created a llc (Wyoming). I'm not a us resident. My business: Online course Membership. People have to pay a monthly fee to access my courses. My entire business runs online. Do I have to pay federal taxes on my online business income? as Wyoming doesn’t have any state tax. (most of my Membership customers are from usa) Thanks!
Very interesting conversation, I wish there was way more useful "down to earth" info like this online.
Engaging conversation, great content!
Great conversation folks! Quite engaging even when I don't plan on starting an LLC in the US
No capital gains exemptions on passive investments
How about a day trader who just secured permanent residence outside Canada and is ready to become a non resident status of Canada?
I’m ready.
Question, can a US LLC holding company register a operating real Estate Corporation in Canada..?
Hey James. What would be the Exempt Payee Code to avoid backup withholding when for example opening a high interest savings account with wise?
Seems like there isn’t an option for US LLC Disregard entities. I think this wouldn’t be tax free
It gets even more fun when you're not a Canadian citizen so you can't form a corporation in Canada but you are living and paying taxes there and want to create a company somewhere. I guess it's just sole proprietorship until I either decide to try to move to the US for this or get permanent residency in Canada.
Just tough it out until you get the CA citizenship
Salman here - the guy in the video. You don't need Citizenship to have your Canadian corporation. You don't even have to be living in Canada to open a Canadian corporation.
@@MuhammadSalmanSalat Did that change? I thought you had to at least have a Canadian resident as a partner or someone who will work in the corp?
No that's not required. But yes without it your tax rate will jump from 12% to 38%.
First off, I really love your content. Lots of value here. James, for all you videos, what type of income do you think is a minimum for persuing these types of tax options? For example if someone is making 100,000 would the requirements, obligations and paperwork be worth it? I saw your previous video with the gentleman offering O1s and they said they work with a person with a minimum of 10,000 for the process. For each of these videos I think that would be a great thing to know.
How do I get in touch with these Canadian consultants
Another question, that you sort of touched on in this video, but I wasn't clear on. If as a Canadian I want to setup an LLC to get a bank account for investing, do I have to sell off my investments every year and send the money to Canada? What if I want to invest and hold in the long-term? Again THANK YOU for these great videos.
No you don't need to do that.
Sir, incfile don't accept foreign orders anymore, please can you give the best alternative 🙏
Why don't they? I didn't give a social or anything did I?
James like your vidoes i am going to be renewing my subscription but could you give an update as to the progress of the LLC and accounts
Send us an email to me or the team directly for an update.
@@JamesBakerCPA i did not too long ago they will respond during the week or no
Of course they should respond same or next day
@@JamesBakerCPAnothing i have not received any updates or even a link to your website to update my subscription and i have received fake subscription email by scammers so yeah it is hard to receive updates as to the progress of the LLC and also to resubscribe with out it being scammers and that's why i had to message you here 😔
Use an email with our domain support@jamesbakercpa.com
I just need your information to contact you
Can you register a company just for the sake of "saving/protecting" a business (LLC) name?
And only start to doing business later on...
Thank you.
Sure
i hate Canada, third world country , charging so much in taxes but not providing much in return. ANother option is to move out of Canada, file your last return and make yourself a non resident, instead of dealing with this nonsense, paying high taxes in Canada from foreign llc
That's the best answer so far haha
So a Us LLC with a parenting canadian corporation is the best option?
No, the CA citizen should own the LLC personally
Better to become non resident.
3:07 single member
Hey, Can you please answer this question
I have recently created a llc (Wyoming). I'm not a us resident.
My business: Online course Membership. People have to pay a monthly fee to access my courses.
My entire business runs online.
Do I have to pay federal taxes on my online business income?
as Wyoming doesn’t have any state tax. (most of my Membership customers are from usa)
Thanks!
Based on this I don't think you have to pay US income taxes