Feigenbaum Law

Limited liability partnerships

us llps

Corporate Tax Planning

Changes to Tax Treatment of US LLPs and LLLPs

Last year, the Canada Revenue Agency (CRA) confirmed that US Limited Liability Partnerships (LLPs) and Limited Liability Limited Partnerships (LLLPs) will be characterized as corporations for Canadian tax purposes.* Any income from these entities, which was previously reported on one’s personal tax returns as partnership income, will be treated as being from a foreign corporation. How does the change in treatment of US LLPs and LLLCs impact Canadian investors There are several implications of this… Read More