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Money Matters
Exchange rate
Probably the most important financial decision you will make when emigrating is at what point to exchange any UK monies into Canadian Dollars. The best method is to use a money exchange company such as Personal FX. Exchange rates between Sterling and the Canadian Dollar normally vary between a band of 1.6 and 2.0 with rates of 1.7-1.9 most common. Options will include forward or spot buying or setting a minimum or set rate at which you will automatically buy.
Banking
Bank accounts can be set up in Nova Scotia before you land. We recommend Royal Bank of Canada as the bank who understands families who are moving to Nova Scotia and can usually set up bank accounts, secured credit cards and mortgages or pre approval for mortgages prior to you landing. For a personal consultation with RBC in Halifax or detailed information via email or phone, please contact:
Catherine Fitzsimmons
Tel: 001 902 209 1066
Catherine.fitzsimmons@rbc.com
Mortgage Specialist
RBC Bank Canada
UK Pensions, National Insurance and Taxes.
It will be important to inform the relevant authorities when it is time for your move. Keeping up National Insurance premiums (retrospectively) will ensure you receive your full UK pension (although this will not be index linked).
UK/Canada double taxation relief
Nova Scotian Taxes and allowances
Nova Scotia department of Finance
Cost Of Living
Initially, when you relocate, you will convert everything back into Sterling in your mind, this obviously makes purchases seem cheap. Before long though, you will be living with the Canadian Dollar on an everyday basis and it is worth considering how the cost of living will compare to the UK. It is in some respects an impossible question to answer as wages will tend to be lower than the UK. When moving from the UK to Nova Scotia you may have freed up some equity from your previous home and exchanged capital from Sterling to Canadian Dollars. Initial purchases such as your new home and car etc will be very good value. Often this will mean that your monthly outgoings may be substantially less than in Britain. In general, goods and services are slightly cheaper in Nova Scotia, although taxes, utilities and food are more on a par. To compare prices, exchange rates and probable income should be considered. For example, if your family income is $50,000 in the UK, equivalent jobs may bring in $70-80k in Nova Scotia, so:
UK wage £50K x 1.8 (for example) = $90k
Equivalent Nova Scotian wage = $75k
Food
There are some anomalies (such as chicken, cheese and other dairy produce which are more expensive) but generally prices are slightly cheaper than the UK.
Utilities
Again fairly similar to the UK.
Property taxes
If your home is worth $400k, expect yearly property taxes of circa $5500.
Houses
Substantially less expensive. A 3-5 bed home in a good neighbourhood with 1-2 acres and easy access to Halifax will cost around $250-350k.
Cars
Cheaper than the UK, unless you go for European or Far East Models.
Alcohol
Wine especially, is more expensive than the UK. Expect to pay $12-$15 per bottle.
Entertainment/ services/ Goods
Generally about 1/3 cheaper than the UK "Prices of Goods".
Petrol
Petrol (Gas) is generally half the price of UK prices.
We will be happy to supply up to date Prices of goods for comparison, to relate to your own circumstances.