Move to Canada

catchyerselfon

Hi all
Im a newbie and need some advice. I am after all your humble servant (at least for a little while!)
Catch

Juni_3

Not sure about the money side but will you actually be able to move to Canada?

Their immigration rules are incredibly strict. I was refused entry because my grown up son (who doesn't live with me and wasn't coming with us) had a drink driving conviction.

EdInvestor

I just want to know the best ways to take it with me or leave it here in an account and drip feed from it?

The latter is probably the best at first until you get settled.

Make sure you open (or keep open) all bank,broker, bsoc and other accounts you think you might ever need in the future (including coming back to the UK just in case) before leaving, as it's hopelessly difficult to organise once you've gone.

Nationwide do a credit card ( and maybe also a debit card?) with no charges for overseas withdrawals, so good to get one of them before you leave,especially if you plan to go travelling.

Check what arrangements the army to have to pay the pension overseas so you don't incur high bank costs.

Cook_County

Tip 1: Most double taxation treaties have pensions for military service taxable only in the country of origin. If my hunch is right this will mean the pension income (only) will be taxable in the UK while everything else will be taxable in Canada. Do check this out.

Tip 2: Most folks of worth moving to Canada use immigrant trusts to avoid high Canadian income on worldwide income for the first few years. Do check out the rules on these.

Tip 3: Review whether it is worth paying voluntary UK NIC to boost your UK state pension...

Helen_from_yorkshire

Have you read the booklet entitled "Financial Aspects of Resettlement AFPS 75 and AFCS" (May 2005). Part 6 relates to emigration and states:

Payments of pension can be made by: UK cheque to overseas address, to a UK bank account or to an overseas bank account usign TAPS (Trans Continental Automated Payments System). If one of first two methods are used, the cost of transferring money is borne by you. If method three is used, there are no direct costs to you as these form part of the contract between the Paymaster and the bank that acts as their agent. The amount of pension you will receive overseas will fluctuate in relation to the exchange rates that pertain at the time of transfer.

The booklet also strongly urges you to seek professional financial advice if you emigrate.

I do have a spare copy of the booklet if you would like me to post it to you. If you would like it, let me have your address via private message.

If you need any other quotes from the book in the meantime, let me know.

catchyerselfon

Thanks to everyone for their help already. Thanks again to everyone that has or will answer.
Catch

Brodel

If you are after help with regards to moving to Canada, then check out these forums. They are full of really helpful people that have been through it and know what to expect etc etc. Lots of good advice there

Lifestyle & Culture: http://britishexpats.com/forum/forumdisplay.php?f=56

Immigration: http://britishexpats.com/forum/forumdisplay.php?f=33

deemy2004

Can I come too ?

Canada is the future !

It used to be they would let you in if you had £50k in cash, I think its a lot harder now - perhaps £200k ?

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Just checked the website and it say

Investors
The Immigrant Investor Program (IIP) seeks to attract experienced business persons and their capital to Canada. Investors must demonstrate business experience and a legally obtained minimum net worth of CAN $800,000, and must make an investment of CAN $400,000.

Now Can 400,000 is equal to £196,000 !! Wow - my guess was spot on :snow_laug

SO you need £200k cash and £200k already invested to be able to emigrate to canada without having to go the specialist worker route.

So I don't think your £11k a year and £33k lump sum is goign to buy you entry into canada.

catchyerselfon

Deemy Dude i never made any trend toward my obvious uber millions ever getting me in!
Thanks for the sarky comment all the same!

The_Biff

I lived in Canada for 14 years & made the mistake of not keeping my UK Drivers Licence going. As a result, it lapsed after 10? years & I had to retake my test when I came back to UK.

frugal_dougal_3

deemy2004 wrote:

Canada is the future !


Just checked the website and it say

Investors
The Immigrant Investor Program (IIP) seeks to attract experienced business persons and their capital to Canada. Investors must demonstrate business experience and a legally obtained minimum net worth of CAN $800,000, and must make an investment of CAN $400,000.

Now Can 400,000 is equal to £196,000 !! Wow - my guess was spot on :snow_laug

SO you need £200k cash and £200k already invested to be able to emigrate to canada without having to go the specialist worker route.

This is the route that I am taking with my application for immigration.

With the Investor Programme it's also important to know that as well as the requirement to have the necessary cash and business experience, you also have to prove that you have provided at least five jobs for other people during that time.