Protecting personal assets from creditors

You may have legitimate concerns about creditors going after your personal assets. These concerns may be greatest for those persons who own their own business (particularly in higher risk industries or professions), are directors, have cash flow issues or potential matrimonial property claims, that could be brought against them.

If you have a greater risk of creditor claims being made against you, there are some strategies you may want to consider to help minimize the risk of creditors successfully gaining access to your personal assets.

However, before implementing any of these strategies you should speak to your legal and tax advisors to ensure you understand the advantages and disadvantages of each strategy.

In addition, the effectiveness of each strategy may depend on the particular laws in your province of residence.

These strategies should be implemented in a prospective manner, meaning you must have no actual knowledge of creditors currently advancing claims against you.