Things To Know Before You Go To Canada...really?

[Dragoon]

Dumbest thing i've read yet. Not even remotely funny much less true, and I'm not even a natural born Canadian.

 

[toby]

But if you have both Premier accounts in Canada and Hong Kong, you can transfer at no cost and no commissions between the accounts. Once your CDN in Hong Kong was transferred to Canada, you can get CDN from your Canadian account without worrying the commission and exchange rate.

Let’s do the arithmetic. How many Hong Kong to Canada transfers would you do in a year? Two max? Without Premier you would pay about $150 per year in transfer fees, so Premier would save you $150.

After the transfer to Canada, though, you don’t need the advantage of commission-free ATM withdrawals that Premier gives you around the world, since you’re using your local HSBC account in Canada.

So far, Premier appears to have saved you $150 per year, yet you’re forced to meet the minimum balance of (say) $100,000 CDN in both your Canada and Hong Kong Premier accounts. This means that $200,000 CDN of you money cannot be invested elsewhere to greater advantage (HSBC’s does not have a stock trading department).

If you earned (say) 5% on your stock trading elsewhere, less capital gains tax, you’d keep about $7500. If you invested the $200,000 in your two Premier accounts in a flexible bond (that allows redemptions for those bank transfers we talked about), you’d get maybe 3%, although probably less. But let’s say 3%. Less taxes, you’d keep about $3,000.

So, you’d be sacrificing stock-investment income of $7500 in order to have Premier, and therefore have to accept bond income of $3,000. With the Premier option, you’re behind by $3500 ($7500 - $3000).

And if you were to fall below the Premier minimum balance, the penalty is about $50 per month!!

All this to save about $150 in bank transfer fees. Doesn’t make financial sense to me.

 

[steaky]

But you can also take advantage of the strength and weak of the currencies, CAD, HKD, EUR and USD for your personal gain. Besides, there is no tax in these trading. You don't have to do only oneway, you also transfer to HK which you could trade round the clock. You don't have to worry about the penalty if you transfer back the funds to your CA HSBC from HK. After all, these funds transfer are free!

While the CA HSBC doesn't have stock trading platform, there is one in the HK HSBC.

 

[toby]

But you can also take advantage of the strength and weak of the currencies, CAD, HKD, EUR and USD for your personal gain. Besides, there is no tax in these trading. You don't have to do only oneway, you also transfer to HK which you could trade round the clock. You don't have to worry about the penalty if you transfer back the funds to your CA HSBC from HK. After all, these funds transfer are free!

While the CA HSBC doesn't have stock trading platform, there is one in the HK HSBC.

Do you happen to know whether one must meet the Premier minimum in EACH HSBC account, only can you add the amounts in each account toward the minimum balance required?

I'm suspect that CRA might want to tax gains from currency trading, but let that pass. If you can make money trading currencies, more power to you. It is one of the most difficult type of trading available. I tried it a few times, but once I deducted the HSBC commission, I ended up losing. Does HABC charge a lower commission ton Premier customers than to smaller customers like me?

I did not know that HSBC had stock trading capacity. Can you go online and trade yourself, or must you place the trades through a broker? And do you know what HSBC charges per trade? ANd what stocks does HSBC Hong Kong offer? Anythng on the US indexes, or just the Hang Seng?

Or should I call them myself and stop asking you all these questions?

 

[steaky]

1) Not exactly. But I heard they have grace period.
2) Of course, you get a better exchange rate than regular customers. You get a better rate in mortgage and deposit too, along with free cups and refill of coffee! ;D
3) I rarely make any stock trading except for IPOs. I have little success of making money in stocks. If you can make money in stock trading, more power to you. Yes, you can trade in HK and US stocks, provide you register first. I haven't yet register the US stocks yet, so can't give you any details.

 

[hopetoland]

I think Frank wrote the article,

it's the guy that always asks questions for his friend that has to leave the country in december!!!

btw, I have an terrible accent and guess what all the people ( ALL CANADIANS ) that i talk to, love it and tell me how cute they think it is!

i just had to laugh about the sweat pants part, i had to picture it in my head!!!!

and i'm from europe and i know an american doctor that had to redo his doctors exam, too!!

oh yeah, as a german i have to face alot of bla bla too!! how many times do i have to hear about the ww2 and all those stupid jokes about it????

so guys i'll be going soon into my nice and cozy canadian bed watching some news and wake up and go to my good canadian job!!!!!!!!!

good night everybody and sorry for my bad english

 

[edupolo]

I found that article to be very racist and narrow minded.
If we are going through all this trouble to move to another country as immigrants, we should try our best to embrace it, enjoy it, and mingle and feel proud of it. If we do not like it, my reccommendation is to stay in our countries, where 'apparently' things and people are going so well.

Honestly, why would men and women be different? what is the problem if there are lots of gay people in Canada? nowadays there are lots of Indian and Chinese people in Canada too? is that a problem? I do not think so.

Canada is what the world is going to look like once globalisation hits us all, so we should be proud of being part of it and also keep our cultures to enrich this new country of ours.

If you are not going to accept it, why come then? With these attitudes we are never going to be accepted by their citizens.