Bucks_Family

Here, here, Madhouse. Whilst the current economic climate isn't as rosy as it has been in the "good ol' days", it's not going to put us off our application. We're going to submit our FSW1 application in the next few months, so things might have picked up by the time we land (assuming we get the visa, of course!). However, so long as we actually have the required funds to land at that time, we'll be going. Can't put a price on happiness!

johnh009

Before coming to Canada, years ago I used to base myself in the UK and just work overseas on a contract basis. Often I think that was a better way to go.

Aviator

I pretty much did the same, although I did not get much choice where I went. Much preferred coming home to Canada.
Not keen on this retirement lark though. Now looking for a job, much to the OH delight.

WendyS

We are waiting to exchange on our house at the minute. The exchange rate is causing lots of grief in our household. Everytime I check it it's even lower!

I want to go regardless but my husband is having a hissy fit and thinks we should pull out of the sale of our house and wait it out here. If we do this we'll never go as my oldest child is 16 at the end of the week.

I'd happily leave my money over here and transfer what we need as it comes along, but we're stuck with needing to buy a house as we are taking over four cats and two dogs and will not find a rental that will let us have all those.

Edna Bucket

johnh009

I am starting to think that they are softening the UK public up for entry into the Euro. The Czech Republic has just signed the Lisbon Treaty and there is only one more country left in the EU to sign (Italy) I believe. Watch the pound stabilise when it reaches around par with the Euro, then, Brown will drop the news on the British public. Remember, he also signed the Lisbon Treaty for the UK, also without consulting the public.

http://en.wikipedia.org/wiki/Treaty_of_Lisbon

Alan2005

I doubt this. Brown won't give up being able to print money as this will mean that debts actually have to be repaid.

johnh009

That's true, but his buddy Tony Blair is making waves to become Head of the European Parliament so Brown may have it forced on him. But, yes, you are correct, given their debt, the UK would not actually qualify to join the Euro currency.

PeterF

Should have joined the Euro from the beginning.

JamesM

I don't think this is the case. The last thing the UK needs at the moment is interest rates being set by a European central bank. I think we may get the Euro eventually buit I think it will be implemented when the Labour Party come back in 15 years.

I think people need to stop panicing (I for one have- but in times like this you need to be rational). The pound and US Dollar are both fairing badly at the moment and that is because traditionally they were viewed as solid currencies for currency speculators. Now is probably a good time to stock up on pounds if you have another currency as I think in the next 3/4 months it will hit the bottom and the rebound will begin. I will not put a time on the rebound but I expect the pound to be higher versus the Euro and Canadian dollar in 12 months than it is now.

Remember currency is a market in it's own right and linking the currency to the negative situation in the UK is a dangerous game to play.

It is important we point out some key economic facts- because there has been some slightly misleading information posted in this thread and talk of the Canadian economy doing well and being ahead of the UK is frankly ludicrous.

1/ Canada has a national debt at 64% of it's GDP versus the UK which is 57%.

2/ I know it may be measured differently and I don't have the figure to hand but unemployment is still higher in Canada.

3/ The central interest rate in Canada is 0.25% versus 0.5% in the UK.

The bottomline for me is there is no other factor than speculative currency trading that explains the current rate of exchange between the pound and the canadian dollar. Therefore I re-iterate that the bottom is just around the corner.

scrubbedexpat005

Really? £2b wasted by April 2007 and Gold now hitting an all time high? I call that throwing money away!

http://www.timesonline.co.uk/tol/new...cle1654931.ece

another reason to add to the list of why i'm off!

SNOWDUDE

I sincerely hope youre correct. Our problem is it looks as if our visas will be issued before the end of this year so we potentially face "landing" at a time with very low rates. From previous contributors to this thread I understand that a low rate creates the potential for a significant Canadian CGT charge if the rate improves. Below is a little scenario which is my understanding of how CGT would apply to an improvement in rates between "landing" and bringing over the bulk of your assets, it would be great to hear comments on this from any of you tax experts out there.

Scenario,

Land - 1 Jan 2010 when the exchange rate is say; $1.60

Left behind UK assests, house(rented out) & savings valued at £350K or $560K on the date of landing.

1 Jan 2011 exchange rate say,$2.00, UK house sold & savings transferred to Canada and now worth $700k (assuming no other capital growth)

Capital gain due to improvement in exchange rate = $160K (CGT payable on 50%) therefore tax to pay in Canada would be $20.3k

johnh009

Good post. I am moving back to the UK in a couple of months so I am loving this exchange rate. Canada, however, does have significant mineral wealth which will bring in money when the World economy improves. Who owns these companies that mines the minerals and how the government manage the money when they get it is a different story.

Maybe with an election around the corner, the pound is being manipulated downwards as a last ditch attempt by Brown to revive the economy.

Alan2005

So he's just spent £2b? He can always get more paper, the BOE have already printed over £150b for him.

Novocastrian

Which still leaves you $140K better off. What's your beef?