Implications of supporting Canadian rental plus family in UK on Canadian salary
#1
Forum Regular
Thread Starter
Joined: Dec 2008
Posts: 233
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.
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.
#2
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.
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.
#3
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.
#4
Forum Regular
Joined: Dec 2010
Posts: 66
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?
#5
Re: Implications of supporting Canadian rental plus family in UK on Canadian salary
That would get my vote as the best approach. If you are moving anyway (at some point) why delay and incur extra costs?
#6
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Thread Starter
Joined: Dec 2008
Posts: 233
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.
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.