I was speaking to a friend who has successfully emigrated to Canada for advice on transferring assets once a visa is issued and they recommended I turn to this forum. I am a little bit wiser after going through various threads but still have a few questions and would value the opinions of anyone who has given these things any thought. Sorry this is quite long, I just thought it better to give more info now, then lots of replies back and forth.
Background: I am British, my wife is Canadian (living in Quebec in case that makes any difference). In preparation for the big move out to Canada I have recently sold my company $70k and have another $50k in cash/shares ISAs. I also have never owned a house. All going well I should be a Canadian permanent resident in the next few months. I am looking to transfer all my money to Canada, if this is sensible? And in the next few years probably buy our first house - once prices hopefully come down a bit
BTW I don’t plan on landing with $10k cash in my pockets like some people, the transfer would be electronic.
We are keeping a close eye on exchange rates and believe that the £ is likely to go down in value against the $CAD over the next few months - although we realise it's very volatile.
With that in mind, my questions are as follows:
1)If I keep my ISAs (I understand I cannot contribute further once I’ve left the UK) would I have to declare and pay tax in Canada on the continuing tax free interest accruing in my old ISA?
2)Once I become a permanent resident can I open a TFSA and use the past 5 years’ allowances (I read somewhere you can go back 5 years)?
3)How does one get the best exchange rate (I’m willing to open new bank accounts if required)?
4)Can I open a Canadian bank account of my own before I have my permanent residency?
5)If so, can I transfer money to this new bank account of mine before I get my residency?
6)Can I transfer the money to my wife until I have my own bank account?
7)Does anyone know of any vehicle to hold $CAD dollars in the UK other than a $CAD ETF?
8)Did others worrying about exchange rates, transfer everything in one go? Or did they do it gradually?
Thanks to anyone who's made it to the end of the post and has any ideas.
Background: I am British, my wife is Canadian (living in Quebec in case that makes any difference). In preparation for the big move out to Canada I have recently sold my company $70k and have another $50k in cash/shares ISAs. I also have never owned a house. All going well I should be a Canadian permanent resident in the next few months. I am looking to transfer all my money to Canada, if this is sensible? And in the next few years probably buy our first house - once prices hopefully come down a bit
BTW I don’t plan on landing with $10k cash in my pockets like some people, the transfer would be electronic.We are keeping a close eye on exchange rates and believe that the £ is likely to go down in value against the $CAD over the next few months - although we realise it's very volatile.
With that in mind, my questions are as follows:
1)If I keep my ISAs (I understand I cannot contribute further once I’ve left the UK) would I have to declare and pay tax in Canada on the continuing tax free interest accruing in my old ISA?
2)Once I become a permanent resident can I open a TFSA and use the past 5 years’ allowances (I read somewhere you can go back 5 years)?
3)How does one get the best exchange rate (I’m willing to open new bank accounts if required)?
4)Can I open a Canadian bank account of my own before I have my permanent residency?
5)If so, can I transfer money to this new bank account of mine before I get my residency?
6)Can I transfer the money to my wife until I have my own bank account?
7)Does anyone know of any vehicle to hold $CAD dollars in the UK other than a $CAD ETF?
8)Did others worrying about exchange rates, transfer everything in one go? Or did they do it gradually?
Thanks to anyone who's made it to the end of the post and has any ideas.
