CRA implies that a U.S. LLC with a normally drafted LLC Agreement does not have PUC

CRA considers that "to the extent [the applicable State corporate] laws and constating documents do not provide for stated capital akin to that which is provided for under Canadian domestic corporate law but, rather, provide for an attribute that is akin to a partner's capital account, [a] US LLC would not…have stated capital" – and therefore would have no paid-up capital for s. 90(3) purposes.  Given that the various State LLC statutory provisions do not provide for distributable corporate capital (and, conversely, in Canada, stated capital generally is provided for in the governing statute rather than in the articles), the reference here to the effect of the LLC’s "constating documents" (i.e., LLC Agreement) is helpful and may be consistent with an LLC with a properly drafted LLC Agreement having PUC.

Neal Armstrong.  Summary of 20 March 2015 T.I. 2014-0535971E5 under s. 90(3).