Ask a Business Lawyer. Get Business Law Questions Answered ASAP.
I don't think that you're going to find any lawyers here who are up on NAFTA.
What are you trying to accomplish by transferring the home to a shell corp?
Protection from whom?
I don't do phone calls, I'm sorry. This is a US based site and isn't a law firm, so Law Society's rules prevent it.
It's better for you to have this in writing anyway so that you can look at it later. Just don't use details that can identify you, we'll be fine.
So from whom are you trying to protect the equity in your home? Who is on title tothe home? And what province are you in?
I'm here. Please continue.
You're in the USA, but the property is in Canada?
I see. Your question is on the Canada Law list. This happens sometimes, when California is CA. I'll ask the site to move the question. Please be patient, and don't reply to me. A US expert will pick up the thread soon.
Hello this is Maverick, a USA based expert.
Q. It's in my name only, its payed off and I just want to protect it from anything Ex husband, IRS, someone tries to sue me.
A: The effect is the same whether you use a Canada corporation or USA corporation or a trust. While you can transfer the title to the home in the name of a corporate entity or into a trust, there is a 4 year look back period under the fraudulent transfers act and a creditor can challenge the transfer for up to four years after the date it was made. The grounds for the transfer would be that you either made to transfer either with the intent to avoid a creditor's claim or received less than fair market value in exchange for the transfer.
Does this answer your question? Are you still online with me?
So, when you sell it to the corporation, the money you receive in exchange will be subject to the 4 year rule. If you sell it for less than fair market value, then the creditor can sue the corporation as the transferee to get to the home. If no one comes after you for 4 years after the sale, then this is not an issue.
Once the corporation owns the home, it can borrow against it and then turn around an loan you the money.