Korean Job Discussion Forums

[ravel]

Hello everyone,

I'm a first year esl teacher and need financial advice. Like so many others I'm here to save money. Does anyone know strategies for savings and investments in a way beneficial to a Canadian? I am wanting to make the most of my savings, while not screwing myself on taxes in Canada now or later. Is it better to invest the money here, or send it to Canada and invest it there? I would appreciate any KNOWLEDGEABLE and sound advice from someone here who is Canadian and doing something decent with their money.

Thanks,
ravel

[MikeNelson]

If you invest in Canada, you will have to pay taxes when you file your tax return. The rates of return from Canadian banks has been a joke for years now. You are better off just watching the exchange rates between the Korean won and the Canadian dollar and sending your money to Canada when it reaches around 850 . I find the rates move up and down around 15% in any given year.
The Korean solution is to join a Korea credit union "Bank" and invest what you can afford every month or a lump sum. I am getting 5.1% for a one year term. If you find that you need the money before the term is finished, they will loan you your money at a very low rate, so you will still get some interest on your investment. The Korea government insures up to 50,000,000 won for all investers at credit unions, so there is no real risk.
People will tell you that you have to pay tax in Canada on any interest you make from investments in Korea, but the Korean credit unions do not talk to Rev. Canada. The worst that could happen is you have to pay taxes in Canada on your interest. If you claim non res status, and are accepted then you do not have to pay taxes in Canada.

Hope this helped you a bit....