Will this protect someone if they get sued or is it illegal

[Cole Black]

I’m new so keep that In mind also from Ontario but would like to here all responses from other states and provinces as well.

Ok let’s say I am buying and holding my properties and for some reason my corporation that owns such properties gets sued. Say however I had a second corporation, I sell all properties for pennies on a dollar (to lower capital gains).

Theoretically the first corporation getting sued then owns nothing. The only thing they can come after is the is the little bit of money I sold from one corporation to another.

Is this illegal or do people actually do it. Maybe I just came up with a new great way to protect yourself idk I love thinking and this is something I thought about a lot today. Wanted to get the forums opinion on this!