Thanks for the responses. My opinion is that a boat in good condition probably won't suffer any ill effects. That being said I had a boat start to leak from the stem area after an extended period of freezing temps, paddling, and precipitation. I'm not sure what caused the leak but when doing some work on the boat and seeing how many different colors the boat had been painted and the amount of cracks in the paint that started appearing I think it is ready to be recanvased. My guess is that the bedding material under the stem band has started to fail.
I am not taking any chances with my new boat though, when the freezing temps are here to stay I will put it in storage and use the 18' Guide in need of canvas.
I keep my boats outside, uncovered on a rack during the paddling season. I'm not too concerned about serious water damage but I do fear the possibility that water can make its way under the deck of the upturned boat and pool there causing rot. Has anyone seen rot caused by this or is the rot only associated with contact with the ground.