Law Office Of Chris P. Skerik

The Income Tax Act (Canada) allows a new resident of Canada to establish an offshore trust for up to five taxation years during which time the income earned within the immigration trust structure escapes Canadian taxation even if capital distributions are made back to the immigrating settler of the trust. This has been a very attractive vehicle for wealthy individuals to utilize in order to come to Canada to obtain a Canadian passport since the residency requirement for such a passport is only three years.