Re: Canada to Oz
 

Thanks for that info. I need to look into this more as I briefly looked into it a few years ago. As I understand it you can cash out your RRSP at 10% -15%. Now can you do whatever you want with that money or do you have to put it in Super ? Also, Can I leave it there a few more years then cash it in at some point for the 15% withholding taxes ?
Thanks !

Re: Canada to Oz
 

You should be aware that if or when you intend to become permanant residents of Australia then the Australian Tax Office views most Canadian RRSPs as a Foreign Investment Fund (FIF), meaning growth in the retirement fund is taxed yearly at your marginal rate. Best to get professional advise early.

Re: Canada to Oz
 

Thanks for the tip. We are already permanent residents so we're trying to sort all that out now.

I would love to get help, but who to go to? Ideally I want someone who has experience with taxes in both Canada and Australia. But I might just have to get someone local who know Australia tax in the meantime.

Re: Canada to Oz
 

Comet

If you just became permanent residents, then there is a six month grace period for transferring RRSPs to Australian Superannuation. I was not aware of this until way, way too late and found that most Canadians and Americans don't know about it at all. There seems to be enough Brits immigrating that there are a few accounants that specialize in transferring UK pension funds.

I found that accounting firm Deloite and Toche in Brisbane was willing to give advice but very pricey ($3000 for initial interview). I ended up getting a regular accountant in each country and trying to figure out best course of action myself. I have resigned to the fact that between the Australian and Canadian government, I will lose a large chunk of my RRSPs to taxes.

I am keen to know if you find something better.

Cheers

Re: Canada to Oz
 

I made initial enquiries to these guys a few years ago :

http://www.expat.ca/

Re: Canada to Oz
 

Thanks for the input guys. Our dilema at the moment is that we may only be here a few years. We came over intending to stay about 3 years or so and then go back to Canada. Who knows what will happen though, we may end up staying for much longer or forever. So....the question is if we are going back to Canada then shouldn't we be leaving the RRSP's alone?

I think we've got about $30-40,000 worth over there right now. What kind of penalties are we talking about?

I will definitely be getting in touch with an accountant soon. But there's no point in me spending a fortune on one for such a small amount of assets in Canada.

Re: Canada to Oz
 

After doing some calculations, I agree. If you are likely to return to Canada in a few years then leave RRSPs alone. You will have to pay income tax on the growth of the RRSP while you are PR living in Aus. Say 10% growth on $40000 at tax rate of 35% is $1300 per year. It would be better to stay a TR until you are sure that you will stay in Aus. In that case, no Aus tax on RRSP growth.

If you are likely to stay in Aus then it gets more complicated and best option will depend on your personnel circumstances (income level, ability to transfer funds within 6 months, tertiary education for kids, etc)

Re: Canada to Oz
 

Guys, just came to me, if I enter to Canada with my Candian passport I am considered a resident of Canada, so am I covered by a Medical plan too?
I just read a note from Canadian embassy on entering canada from OZ with CND passport than officials consider you a resident not a visitor. (it also said that if I choose to enter Canada on OZ passport being CND citizen I will be considered as CDN visitor not a resident though). I found this very interesting.

Re: Canada to Oz
 

There is no reciprocal health agreement between the two countries. So if you have a medical problem while you're visiting you might be in trouble.

If you are here as permanent residents then you will be eligible for Medicare in Australia which is like the public health system, so essentially free (but not quite).

I don't think you can assume a connection between the passport rules and coverage by a medical plan.

Re: Canada to Oz
 

Yes, very tricky. I will definitely be looking into it.

Here's some specifics:

Husbands income $100,000 per year
Mine at the moment $0

2 kids, ages about 4 years and 1 year. So no University on the horizon.

I think our 6 month time period will be up in only 2 months. I could get our RRSP's here but we'd be pulling them out before they are due. So, most likely, we won't be making any major changes until we know how long we'll be here.

Re: Canada to Oz
 

I "think" there's a limit - $A50,000 - below which you don't have to report RRSP's for FIF tax purposes - but please don't rely on this, I didn't have to research this area. We looked at advice from PriceWaterhouseCoopers and Deloittes but the cost made me :ohmy: - their customer base is obviously corporate and there aren't too many Canadian tax advisors. Have a look at www.exfin.com - they seem to focus on Australian expats returning from Canada with RRSP's, but there shouldn't be much difference in the process.

You should consider using a Canadian adviser, but finding one who is going to be familiar with the Australia-Canada tax treaty might be a tad difficult - about the same number of Australian accountants who are. I don't think the withholding tax depends on citizenship, more residency. Worth getting some professional advice, so you can sue if them they get it wrong :D Say again though, don't bring it across unless you are here for the duration!

Re: Canada to Oz
 

Well, that could be good news. I won't get my hopes up though until I hear something pretty definitive.

I definitely won't bring it across unless it looks like we're staying for good.

Re: Canada to Oz
 

Hi Comet555. Since you guys live in Brisbane, please, tell me is the climate similar to lorida or somewhere else in the states. Thank you in advance.:rofl:

Re: Canada to Oz
 

:rofl:OOPS... lorida means Florida:rofl:

Re: Canada to Oz
 

Hi Everyone,

Hope all is well. I really need your help and vast expert opinions. I am in Vancouver canada and loving it with my family. Originally came from UK - London with just two suitcases each and clothes on our back 12 years ago.

I am a Senior Medical Sales Equipment Sales Specialist and my wife is a Senior IT Auditor we have two sons one is 6 and the other is 4.

A possible senior opportunity has arisen for myself and wife to move to Sydney Australia. Has anyone any good advice about moving to Australia from Canada. Has anyone out there done this move and how do they find it.

I am finding that Canada is becoming more and more the 53rd state of the US. I had over 7 weeks paid vacation in the UK and had to fight to get 3 weeks in Canada after 12 years.

Vancouver is a very beautiful city but it gets very rainy in the fall.

How does life in Sydney compare to life in Canada? I was told that the upper north shore about 30-40 kms north of Sydney was a good place to look at if we decide to move.

Anyone know the cost of relocating furniture and household items.

Thanks and hope to hear from you soon. By the way anyone need any help in terms of questions on moving to Vancouver in Canada please PM

Cheers,
Nav


nav7
View Public Profile
Find More Posts by nav7





Yesterday, 11:15 am #2
comet555
Canadian in Brizzie





Joined: May 2006
Location: Wellington Point (Brisbane), QLD
Posts: 769

Re: Moving to Sydney from Canada

--------------------------------------------------------------------------------

Welcome to the site, you'll find lots of people on here to get help and info from.

I moved over from Fort McMurray this May, I was born in Canada though so I'm not from the UK. We moved to Brisbane though and we didn't bring any of our things with us.

The movers wanted about $15,000 for a 20 foot container. That's with them packing and doing all the work. At the time we didn't have jobs lined up so we just sold a bunch of stuff and left the rest with my inlaws. Our stuff wasn't that nice anyway so we figured we'd rather buy all new stuff for that price. The quote we got was on the expensive side I think but I figured it was from what I like to call the "Fort McMurray factor". I would imagine yours would be cheaper since you live in Vancouver where things are shipped from.

If you have a look around the forum for Dorothy she might give you more info on moving. You'll find her on this discussion. Have a read through because the thread is from someone else moving from Vancouver to Australia.

http://britishexpats.com/forum/showt...ghlight=Canada

What kind of visa are you going on? If you are going on a temp visa you might have to pay for school fees for your kids. I think it's NSW that you have to do that, although not entirely sure. You might also have to pay for private health cover if you are on a temp visa, or possibly if you make too much money.

I can't help on info for Sydney but if you search within the forums here you should find lots of info.
__________________
From Canada to Brisbane - May 2007
http://haleyculver.spaces.live.com/?lc=4105
Mom of 2 (ages 3.5 years and 1 year)


comet555
View Public Profile
Visit comet555's homepage!
Find More Posts by comet555
Challenge comet555 in the Arcade!

Today, 1:59 am #3
nav7
New Member


Joined: Aug 2007
Posts: 2

Re: Moving to Sydney from Canada

--------------------------------------------------------------------------------

Hi There,

Thanks very much for the very useful information and helpful advice. I am coiming on a RRV 155 Visa returning resident visa. I was issued a Permanent 126 visa back in 1994 from UK and visited Melbourne Australia in June 1994.

We just did not know anyone that time in Australia. We now have quite a few friends and family freinds in Australia now.

There seems to more of a work/life balance in Australia and better climate that we are looking for.

Thanks again and best of luck with your new life in Australia.

Cheers,
Nav