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 1.6 to 2.0. 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 New Brunswick before you land. We recommend Royal Bank of Canada (RBC). Mortgages, Credit cards and other financial tools can also be arranged prior to your move but will have to be ordered in person during your visit. Foreign exchange accounts can also be set up both in New Brunswick with Royal Bank of Canada (RBC).
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
New Brunswick Taxes and allowances
Child allowances
All parents will receive an allowance of up to $1200 per year, $100 per month for every child under 6 years old, this is called the Universal Child Care Plan.
You may also claim the Canada Child Tax Benefit (CCTB) for children under 18.
The amount you receive for CCTB is dependent on your income.
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 New Brunswick 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 New Brunswick, 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 New Brunswick, so:
UK wage £50k @ exchange rate 1.7 (for example) = $85k
Equivalent New Brunswick wage may be around $75k
This is obviously very dependent on the employment sector you work in and in many cases, wage levels can be equivalent or more than the UK.
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 one of the major cities will cost around $200-350k.
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.