presented by
Setting up LLC or LP
Hello my name is David. I am new to BiggerPockets and I am new to cross border investing.
at first glance, everything online states that you will need an LLC to purchase a property in the United States as an investment. but upon further research, it states that the CRA will not accept American LLCs and they will be seen as a corporation. Which means I would be subjected to being taxed in the United States as well as when I take my money out in Canada.
with further research, I stumbled across setting up an LP which the CRA would recognize and allow for the tax treaty of Canada and the United States have to actually work for me to get the tax credit.
can anyone here add to this? am I correct? Do I need an LP?
My goal is to have cash flow and be bringing that back to Canada and using that cash flow.
Thank you