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Implications of supporting Canadian rental plus family in UK on Canadian salary

Implications of supporting Canadian rental plus family in UK on Canadian salary

Old Jan 19th 2011, 7:18 am
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Default Implications of supporting Canadian rental plus family in UK on Canadian salary

Hi,
It looks as though OH will be offered a job in North Bay.
The salary seems OK, but it will need to pay for a rental in North Bay for him, plus our mortgage and living expenses in the UK for me plus 4 children, until we sell our UK house and join him (asap).
What do we need to factor in?
How does it work, being paid in Canadian dollars and transferring most of it to a UK bank?
What haven't we thought of?
Thanks for your help.
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Old Jan 19th 2011, 9:49 am
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Default Re: Implications of supporting Canadian rental plus family in UK on Canadian salary

The Salary must be more than "OK" to afford that

Not sure who you bank with in the UK but I have just signed up for a Canadian account through HSBC. With HSBC global view you can move money instantly between UK and Canada accounts and I believe the cost is £5 if you are an advance account holder.
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Old Jan 19th 2011, 11:23 am
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Default Re: Implications of supporting Canadian rental plus family in UK on Canadian salary

Rbc have a facility for moving money internationally at low cost. Moving the money is not that big a problem finding a wage big enough to cover your and his expenses would be harder. Out of offered wage don't forget to take into account deductions for CPP, EI and possibly union dues.
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Old Jan 19th 2011, 2:52 pm
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Default Re: Implications of supporting Canadian rental plus family in UK on Canadian salary

Could you not move to Canada and rent your house in UK until it is sold?
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Old Jan 19th 2011, 3:43 pm
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Default Re: Implications of supporting Canadian rental plus family in UK on Canadian salary

Originally Posted by canmoreskier
Could you not move to Canada and rent your house in UK until it is sold?
That would get my vote as the best approach. If you are moving anyway (at some point) why delay and incur extra costs?
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Old Jan 31st 2011, 7:22 am
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Default Re: Implications of supporting Canadian rental plus family in UK on Canadian salary

No we are not keen to rent - apart from anything else, it is a very old (1880s) house and we would have to get it re-wired to get the electrics up to rental health and safety standard.
Fine to sell, but not OK to rent!
It is back on the market and we had our first viewing a couple of days ago, so fingers crossed it won't be too long.
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