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 MoneyCorp. Exchange rates between Sterling and the Canadian Dollar normally vary between a band of 2 to 2.5, with rates of 2.2 to 2.35 being 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 HSBC as the only UK high street bank with a branch in Nova Scotia. Mortgages, Credit cards and other financial tools can also be arranged prior to your move. Also foreign exchange accounts can be set up both in Nova Scotia and the UK for your convenience. HSBC. For a personal consultation with HSBC in Halifax, please contact:
Jacquie Mccrory
Tel: 001 902 490 2660
jacqueline_mccrory@hsbc.ca
Personal financial services Manager
HSBC Bank Canada
1801 Hollis St
Halifax, NS
B3J3N4

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 Pension Service

HM Revenue and Customs

UK/Canada double taxation relief

Non Residents: FAQs

Nova Scotian Taxes and allowances

Nova Scotia department of Finance

Nova Scotia Business taxes

Canada Revenue Agency

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 @ exchange rate 2.35 (for example) = $117k
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.