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Found 10 results

  1. AntoinetteG

    Proof of Funds

    Hi Everyone I have been making steady progress with the whole application process...until...the dreaded proof of funds came up. (Side note: I haven’t yet created my EE profile as I need to sort out PoF first)... I was planning on using my RA’s and Pension Fund (Sanlam and Discovery) as PoF, as this is well over the required amount and selling my property won’t make up the amount. After a consultation with Deanne (Canada Abroad) I was told that although I can use my RA and Pension Fund (no problem there), the money would need to be in my account when I leave RSA, and not after landing (which makes sense). My understanding of Financial Emigration however is that it can only happen once I am in Canada? Has anyone had any success in getting money out of RA’s and a Pension Fund BEFORE leaving RSA and used the money as PoF? I am totally stuck, and my broker is unable to help me...I have now been told to find out for myself from Sanlam and Discovery as they keep on telling my broker I need to do financial emigration first...and the broker can’t help me further, mainly because the message just gets relayed. Any ideas? Help? I would really appreciate it! Thanks in advance!
  2. Liz88

    It’s about the Money Hunny!

    Shhhhhhh.... so tell me, how does one sneakily start siphoning all your money out of SA undetected *insert James Bond music* I’ve seen comments about how “financial emigration” isn’t the way to go due to assets being frozen So what then? Do you cash your pension and start sending money to a RBC bank account which you opened from here? Sale of houses and cars? Where does that money end up and how? How much involvement is needed from a SARS point of view if any? Some say they leave their SA bank accounts open and just vanish by giving a close relative power of attorney to close everything once settled in 🇨🇦 How does one declare if you’re coming into Canada with $10,000 or more? What did you do? What was your experience...
  3. Hennie vdB

    PPS payout - taxed in Canada?

    Does anyone have experience with the PPS provident fund (taxfree) payout after age 60 - when you transfer that money to Canada, do you have to pay Canadian tax on that? When I turn 60, I will have been in Canada 7 years, and citizen for 3 years.
  4. Hi all, Our PR has been approved, we have our passports back with all visas and paperwork, and we're just tying up loose ends before moving to Canada. That doesn't mean that the worrying is over though, so I need advise from the collective once again... We used a bank account as proof of funds when applying for PR. The money is still sitting in that account, but I'm having timing issues with my cash flow that is complicating things. So my questions are: 1. I am the main applicant for PR and will be entering Canada around 5 weeks before my husband and the dogs. If I leave the cash that I currently have in my bank account and use this as proof of funds to activate my PR, can I start using it after entering Canada? Or does it have to stay there until hubby enters? I guess what I want to know is if my hubby also has to show proof of funds upon entry? 2. I can't really leave the cash alone until I enter Canada as I need it to stay afloat for the last couple of months in SA (neither hubby or me are working right now ?)... HOWEVER, or house has been sold last week. We have the signed sales agreement and we're just waiting for the buyer's bond to be approved. The transfer date is only after we'll both be in Canada though, so I can't wait for the sales proceeds but will have it two weeks after hubby arrives. Do you think it would be safe to use some of the 'Canada cash' once we know that their bond has been approved, and then use the sales agreement and bond approval as proof of funds when I activate my PR? Proof of funds is my biggest headache in this whole process, I would be very grateful for any advise.
  5. Reibtseb

    ....... <- no words.

    So... I submitted my application on 11 June...and seem to have triggered the wrath of the idiots in the ANC... In the month since I have lost roughly R100k in value that I would have been able to use very productively in Canada once I get PR...and that is in ONE freaking month. Oh how I love this country. Not.
  6. PaulD

    Child tax benefit

    G'day All Need your valuable advice again. Initially I thought you could only get the child tax benefit payment once you started working, then it seemed like you could get it once you file a tax return, even if you have no income. Now it seems like you can actually apply even before you file your tax return?? So I am a little confused, but would like to sort it out so we are not completely destroying our savings while looking for work. We are in Saskatchewan, have two young kids. Anyone have experience with this as a new immigrant, please let me know, would greatly appreciate it. Thanks
  7. Jester

    Moving money to Canada now

    Hi Everyone, I've been reading up on Foreign investment allowances and all the advice I could find on money when going over to Canada, But I seem to have hit a rather silly stumbling block, that I haven't really found an answer to... How do I actually, physically, move my money from RSA to Canada, before I actually go over? The main reason I ask is that I am getting a bit concerned over the current and expected future state of the Rand, so when it comes to LICO thresholds and proof of funds, I would rather move over that portion as soon as possible to avoid the risk of no longer having the necessary CAD figure in a few months should things continue. I do understand that I may actually lose some value should the Rand improve, however I would much rather have the peace of mind that I will not have an issue with proof of funds. I do intend to transfer a bit extra to factor in what I expect to be a yearly increase to the thresholds. I also do understand I could perhaps get my money into CAD without physically transferring it into Canada, So yes, what are my options for getting my money into CAD and preferably actually in Canada? Thanks in advance! For what it is worth I bank with ABSA but am in no way committed to keeping my bucks with them.
  8. Lourens52

    Banks vs Specialist Forex Servicess

    Happy weekend Forumites. We've a long weekend, but true to its name, we'll be labouring over boxes and lists! I usually transact our forex through the bank, but their exchange rates and fees are always much worse than the the 'specialists'. Has anyone had experience dealing with NZForex, CanadianForex, both part of the OzForex Group, which is a listed company? Are they trustworthy? Is it worth the risk moving away from the banks? Just imagine moving all your savings and it disappears in some online transaction. 'Poof!'
  9. TanyaFXC

    Forex Capital Foreign Exchange Services

    Hi everyone, Happy new year ! Below is a summary of the allowances you can use to transfer funds out of SA: Single discretionary allowance Residents (natural persons), who are over the age of 18 years may be permitted to avail of a single allowance within an overall limit of R1 000 000 per individual per calendar year, without the requirement to obtain a Tax Clearance Certificate, which may be apportioned as follows: · Monetary gifts and loans · donations to missionaries · maintenance transfers · alimony and child support payments · wedding expenses and other special occasions · foreign capital allowance( investment allowance ) · travel allowance · study allowance Foreign Investment allowance: R4mil per calendar year: Tax registered individuals over 18 years, a tax clearance for foreign investment purposes required ( we can do the clearance application at no charge). Takes 1-3 days. Our other services include: Formal emigration process Open non-resident bank accounts with Investec Tax clearance applications Corporate forex solutions We have been in the industry for 11 years and we are authorised intermediaries for Investec and Bidvest. Please feel free to send me a PM or email me at tanya@forexcapital.co.za with any enquiries or assistance. Thank you for the continued support during 2014
  10. Hey all, We are at the big decision phase, and a big factor in moving would be knowing that we can open our own business in Canada. My wife and I are engineers in South Africa, but we supplement our income by being entrepreneurs as well. We own two dry cleaning franchises, a management consulting business and a construction business. Our plan is to emigrate the skilled migrant route, and then for one of us to work as an engineer while the other runs a franchise. Any entrepreneurs out there who can comment on how easy/difficult it is to run a business in Canada, versus in South Africa? Can you sommer buy a Fish and Chips franchise, get training from the franchisee, and get going fairly easily? How easy is it to rent a space in a mall; fit out a store; employ staff and get going? I am sure its a lot more costly in Canada... in SA one can buy a turnkey business for between R650k and R1.4 million. We love the independence of having another source of income, which is also a backup plan. My wife is not keen on moving if it means we will both have to work as employees forever...