Douglas Hendler

It is important for Canadian residents who are purchasing real estate abroad to consider not only the laws of the country where the real estate will be acquired but also the laws of Canada, particularly tax laws. The tax implications for Canadians will vary depending upon factors such as whether or not the real estate is located in a country with which Canada has a tax treaty and whether or not the property is being used for personal use only, for purposes of generating rental income or for a combination of the two.

There are many methods by which a Canadian resident can implement asset protection strategies, some of which are easy and inexpensive to achieve and some of which are complex and require careful planning. In order for an asset protection strategy to be effective, it is critical that it be implemented as soon as possible, as it would be very vulnerable to attack by creditors if it is implemented at a time when there is a known claim or potential claim against you.