Notwithstanding Anson, LLCs are not fiscally transparent under the ITA

The finding in Anson that profits of a Delaware LLC belonged to the members as they arose is unlikely to change the view in Canada that an LLC is fiscally opaque.  The characterization of the LLC Agreement for the LLC in question as causing the profits of the LLC to immediately vest in the owners seems wrong given inter alia  that "creditor claims could interrupt the owner’s ultimate access to [the] assets, underlying the profits."  Furthermore, Canadian courts have not challenged, and Finance has endorsed, that LLCs are not fiscally transparent.

Neal Armstrong.  Summary of Nathan Boidman, "Anson and U.S. LLCs: A Canadian Perspective," Tax Notes International, August 3, 2015, p. 439 under s. 248(1) – corporation.