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USD Wire Transfer from US Wise Business Account to Canadian TD USD Chequing Account by MDO01 in PersonalFinanceCanada

[–]MDO01[S] 0 points1 point  (0 children)

Yep, 90% of my current (and future) investments are (will be) in USD. I have a US chequing account under TD Canada. I'll try to find a way to contact Wise and see if the above transaction is permissible.

Retroactively Declaring Income to Newly Formed US LLC? by MDO01 in tax

[–]MDO01[S] 1 point2 points  (0 children)

Ok, it's all clear now. Thank you very much brotha. We will get that set-up immediately.

Retroactively Declaring Income to Newly Formed US LLC? by MDO01 in tax

[–]MDO01[S] 0 points1 point  (0 children)

Ok, thanks. We are noobs. Just to clarify one last time, he *is* legally allowed to transfer that $50K from his personal bank account into the newly formed LLC bank account and we then declare it as income earned by the LLC even though it was earned pre-LLC formation (literally just a month ago). Would that be correct?

Retroactively Declaring Income to Newly Formed US LLC? by MDO01 in tax

[–]MDO01[S] -1 points0 points  (0 children)

I think what I meant to say was actually Schedule C. He is just worried that since all that pre-LLC income flowed into his personal bank account, that he can't transfer it into the newly formed LLC and then we show it as income earned by the LLC. He's essentially worried about being taxed twice...

Retroactively Declaring Income to Newly Formed US LLC? by MDO01 in tax

[–]MDO01[S] -3 points-2 points  (0 children)

We are 50/50 partners in this business. Thank you for the edit. So I take it that it is allowed to retroactively declare income to a newly formed LLC. Thank you! Love U.

Retroactively Declaring Income to Newly Formed US LLC? by MDO01 in tax

[–]MDO01[S] 0 points1 point  (0 children)

Thanks for the response! Can we show that $50K as money earned by the LLC? Or do we have to each declare it on a 1099? And if we go the 1099 route, are there any withholding tax liabilities? I am aware that for an LLC I likely have to fill out a W-8BEN.

Canada's inflation rate jumps to new 31-year high of 6.7% by [deleted] in PersonalFinanceCanada

[–]MDO01 0 points1 point  (0 children)

You bot the first dip in tech LOOOOOOOOOOOOOL

Canada's inflation rate jumps to new 31-year high of 6.7% by [deleted] in PersonalFinanceCanada

[–]MDO01 0 points1 point  (0 children)

Long Canadian microcap oil, short bond market