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Lev
Lev, Tax Advisor
Category: Canada Tax
Satisfied Customers: 28361
Experience:  Taxes, Immigration, Labor Relations
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Who worked in us under E2 VISA YEARS. I had LLC COMPANY. NOW

Customer Question

I am Canadian who worked in us under E2 VISA FOR 5 YEARS.
I had LLC COMPANY. NOW IT IS SOLD AND PAID ALL TAXES IN US. . DO I have to report all THIS income in Canada too? I HAVE BEEN FILING INCOME TAX IN CANADA AS WELL BUT JUST FOR THE INTEREST INCOME EARNED IN CANADA ONLY.
I ALSO HAVE SOME FUNDS IN CANADIAN COMPANY- I WANT TO BRING IN US STOCK MARKET.WHEN THIS INVESTMENT MAKE ANY MONEY,HOW THIS WILL BE TAXED?
in state or in Canada? How will tax be divided?
Submitted: 8 months ago.
Category: Canada Tax
Expert:  Lev replied 8 months ago.

As a non-resident of Canada, you pay tax on income you receive from sources in Canada. The type of tax you pay and the requirement to file an income tax return depend on the type of income you receive.

In additional - there is a tax treaty between the US and Canada that governs how income is taxed

https://www.irs.gov/pub/irs-trty/canada.pdf

You are a non-resident for tax purposes if you:

  • normally, customarily, or routinely live in another country and are not considered a resident of Canada; or
  • do not have significant residential ties in Canada; and
    • you live outside Canada throughout the tax year; or
    • you stay in Canada for less than 183 days in the tax year.
Expert:  Lev replied 8 months ago.

In additional - there is a tax treaty between the US and Canada that governs how income is taxed

https://www.irs.gov/pub/irs-trty/canada.pdf