Canadian Citizens Opening an LLC in Wyoming: Guide 2026

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1. 14 July 2026 · corrected by Ilayda Nil Kara

   Corrected the Lifetime Capital Gains Exemption (LCGE) amount and the penalty structure for IRS Form T1134 non-compliance.

   Before

   Lifetime Capital Gains Exemption (LCGE) of approximately 1.02 million CAD on qualifying share sales. T1134 late-filing penalties start at 25 CAD per day (minimum 100 CAD, maximum 2,500 CAD) for ordinary late filing.

   After

   Lifetime Capital Gains Exemption (LCGE) of approximately 1.25 million CAD on qualifying share sales (raised from roughly 1.02 million CAD in June 2024, indexed to approximately 1.275 million CAD for 2026). T1134 late-filing penalties start at 25 CAD per day (minimum 100 CAD, maximum 2,500 CAD) for ordinary late filing, escalating to as much as 24,000 CAD per year for gross negligence following a CRA demand, and a further penalty of 5% of the cost of shares or debt after 24 months of continued non-compliance.

   Why: The Lifetime Capital Gains Exemption amount was stale (missing the June 2024 increase and 2026 indexation) and the T1134 penalty structure omitted the escalated gross-negligence and 24-month non-compliance penalty tiers.

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