Moving from Canada to Hong Kong?

[Cedar Tree]

CX has offered me a position as S/O with training commencing in the 4th quarter of 2007. :)

Does anyone have any advice for moving to Hong Kong from Canada. Any financial advice would be appreciated. How did you handle rental houses, RRSP's, RPP's, etc? Does anyone recommend an international accountant in Western Canada?

Please try and keep this thread serious in nature and thanks in advance for sharing your experiences.

[777300ER]

The following link has a lot of useful information. Although they are specifically writing about tax considerations for people moving to the US, the non residency considerations are essentially the same regardless of where you go.

http://www.americanlaw.com/ustxperm.html

Good luck.

[NdekePilot]

Try to accept that there are other nationalities beside Canadian and that you are allowed to acknowledge them on flights!!
Have fun and enjoy the diversity of cultures on a typical CX crew.
Tongue in cheek of course....:E

[Hem-O-RRhoid]

Cedar Tree,
Simply filling out a few forms may cost you dearly when you and your family decide to repatriate yourself if you have not gone through the proper channels. I have been going through the expatriation process myself and would be happy to assist you. I decided to let professionals "tax professionals" do all the paperwork and advise me accordingly. That's not exactly easy either because like all professions, there are plenty of the "used car salesmen" type in this business as well. It's also not as expensive as you may think but remember that all the while that you are living as an expat overseas, tax rules are in an ever changing state back home in the great white north and your trusty tax consultant will advise you when a new form has to be signed / changed etc, and with email communication and couriers these days it will be a very simple and streamlined process................ And yes, you may keep your existing property here in Canada as well as bank accounts etc so long as you've done everything properly. You will however have to sever some of your financial ties. ie: car(s), boats, toys and other fringe benefits. If you haven't tied up all of the loose ends properly, you'll be welcomed back to Canada with open arms but they won't be stretched out to give you a big hug.
I'm not sure where you are living but after some research, I have located a very trusting and straight shooting consultant who has been expatriating and repatriating fellows like yourself for 25 years. Feel free to PM me if you'd like some more information. BTW I am in Western Canada as well.

Congratulations on your new adventure!
Hem-o-rrhoid

[Ready]

Driver's licence you can keep.
Car(s) you don't keep.
House you can keep, but you have to rent it while away, otherwise sell it.
Bank accounts you can keep, including credit and ATM cards attached to it, but DO NOT use any of them while in Canada. Abroad ok.
That's right, get yourself a good international accountant. Avoid the very well known firms, they can be expensive. Better off to wait til you're over there, some canadians at CX could recommend a good and cheaper one, one who's dealing with pilots working overseas is a must.
As mentioned before, declare yourself as a non-resident with Revenu Canada, your accountant will guide you better than me on that one.
Mine knows all that stuff but he's in the wrong part of the country, so no good use for you. I'm abroad and I do my income tax return every year. Behave like a non-resident and you'll be ok. Do not give them a single reason to look into your case a little deeper because they'll do it (even many years later when you think you're home safe), and if they find the slightest breach, then your accountant better be better than good.
Be warned: Just like anything else in life, the laws they keep changing. What could be valid when you join, may not be the day you decide to repatriate your things back home.
Happy Landings.