Open AccessPersonal Tax Planning: Ownership of Foreign Luxury Assets—Tax Considerations
Author(s) -
Lynn Wu,
Maria Snelgrove,
Chris Watt Bickley
Publication year - 2022
Publication title -
canadian tax journal
Language(s) - English
Resource type - Journals
ISSN - 0008-5111
DOI - 10.32721/ctj.2022.70.1.ptp
Subject(s) - business , tax planning , sample (material) , foreign ownership , public economics , accounting , double taxation , finance , tax avoidance , economics , foreign direct investment , chemistry , chromatography , macroeconomics
This article aims to provide a general understanding of the tax implications and practical considerations associated with the ownership of foreign luxury assets. The authors outline common forms of ownership and provide a sample analytical framework, setting out the various factors to be considered in reviewing a client's ownership options. They also discuss common types of personal-use luxury assets, and the benefits and risks affecting the choice of an appropriate ownership structure.