Job Discussion Forums

[Matt]

Hello everyone. Just wondering if any of you have noticed the dollar`s amazing recent rise. Today it was sitting at 87 point something yen I`m beginning to get a little worried that it might maintain this outstanding boost because I have about 6 million yen I have to exchange. Has anyone seen it this high, and is this just a temporary thing?

[Mike L.]

Hey Matt.

I've been in Japan for 4 years and have never seen the Canadian dollar so strong. Back in 2000 I was sending home money at 71 yen to the dollar. At the same time the American dollar was at 100 yen.

The strength of the Canadian dollar seems to be a result of the weak American dollar and a weaker yen these days. I don't know if the situation is going to improve much in the near future.

Hope you've squared things away legally with Revenue Canada about moving 70K back into the country. Large amounts of cash moving into Canada seem to attract a lot of offical attention.

Good luck with it.

[As Das Fads]

Yikes Matt, you should be thinking about moving your money back home on a regular basis rather than a lump sum. Do you know about the LLoyds transfer system.

I'm shipping my money back to Australia, where in the last 8 months the rate has gone from 65 yen to an Aussie dollar to 78 yen. I am effectively earning $10,000 less a year because of the rate rise, and now I seriously have to consider moving back to Australia - it's just not economically viable for me to be here. And just when I had settled in too... Or I get a better job.

[Matt]

Thanks for the replies guys, and you`ve both brought up some serious points that I have to consider.

Mike, I left Canada in March two years ago, and I haven`t filed or claimed non-residency yet. I might have to launder the money in some how so Chretien doesn`t get any of it. I`ve done some research on the non-residency deal and it looks dodgy at best, depending on certain ties. One of them is having a bank account! Like hello Canada, I have student loan payments to make, I need a bank account.

As Das Fads, I`m feeling the same way. The 300,000 yen a month ekaiwa salary just doesn`t make it worthwile. I never thought I would say I`d be better off financially in Canada.

[Celeste]

Matt- a bank account is not a big deal. Revenue Canada understands that you have to pay old debts while you are out of the country. Get the forms and fill them out, or get in touch with an accountant who specializes in non-resident taxation to do it for you if you don't feel confident filling in the forms. I went through the process a few years ago, and I got my non-resident's status and I had a bank account, several credit cards from Canada, and a house(rented out to non-relatives). I only wish that I had done the paper work before I returned, it would have saved me months of worry.

[Mike L.]

Here's a few ideas, not based purely on conjecture

Fill out the non-resident forms quick!

Delay your departure until next Christmas or so. You can walk away from Eikaiwa when it's time to leave Japan.

Pay the student loans now while you can! Llyods, via your bank, will move up to 500,000 a month. Move it in 2 blocks a month.

You can link your account to loan payments over the net. That or a bank draft or something should do it.

One way or the other pay those loans.

They can't tax that. This should also improve your credit rating if it isn't A1 it will be!

Reinvest the remaining in Something safe, not stocks, and pay your foreign investor rate on proffits. Something that doesn't lock you in. You will need professional advice for this.

Return to Canada, get a job and buy a house or rental property. Deduct the expenses for rennovating that property.

There, maybe no taxes yet on your hand earned yen.

If you back and volunteer to turn over your cash without fully taking advantage of the rules you'll forfit several grand and have little show for it.


Besides what are going to do with the cash? Put it in a savings account?
That wouldn't be too productive.

Good luck!

[Sunpower]

Stocks are a good option - Go Blue Chip.
Keep it simple - Nothing too racy. I've got BC Gas and CIBC shares. They don't seem to change much but pay a nice dividend

I can't comment on your student loans as I have had friends who have had $35,000 - $43,000 forgiven by the judge in court.

I found it interesting to hear their stories about talking to the judge in court and the judges reaction to the money lenders.

Judges in all cases gave the lenders shit for lending such huge amounts of money to high risk borrowers.

Get in to some simple rental property if you can - apts or duplexes.

At least have something to show for your time spent in Asia.

Go back a winner not a loser.

[matko]

how about buying American dollars?

I've been thinking about that.

[Canuk girl]

Hey Matt, I don't have time to read every post on this page, but I was told by a friend of mine, who is finishing up law school, that you don't have to pay back your student loans if you stay out of the country for two years, as you're considered a non resident, and they can't come after you for it (I saw you were saying something about having a bank account, and having to pay back your loans through that, not sure if that means you can still have non resident status). Not sure if this helps, or makes sense, but perhaps its worth looking into (I'm all about screwing the banks, or the govn't right back, I owe $25 000 in student loans, and can't find a job making more than 25,000 a year, with 5 years of education, and some great experience behind me!). Darn government.
The other thing, the dollar is low right now, because the good old bank of America is printing off a lot of money to help them out with their debtload, this is screwing their economy, as it means their money isn't worth much, in turn, this makes the CDN currency worth more, and the economy boom. I am surprised the CDN economy is keeping stable with the SARS and Mad Cow stuff, this should make it a bit shaky itself. I doubt it will last forever (don't we wish) but, depending on the way the SARS stuff goes here, I'm sure the high CDN dollar will last the remainder of the summer, possibly the whole year, while the US tries to get back up off their butts after the war.