Korean Job Discussion Forums

[youtuber]

I think a better strategy would have been to send the amounts in smaller chunks. The exchange rates were fabulous before but are quite awful now.

Hindsight is 20/20.

It probably will not be straightforward.

[Pangit]

Been putting money in laddered GICs and TFSAs. Soon it'll be real estate. Even with a yearly transfer, you'll earn back the cost of the remittance fee from the return on a short term GIC. And not transferring at prime currency rates will mean a loss in the long run.

If you're investing, make sure your portfolio is diversified, and all that junk. And I hope you've been filing your taxes and got yourself declared a non-resident the whole time you've been out of country. Canada Revenue will hunt you down.

It's possible for an ESL teacher to save at least 20k a year here.

[Chris.Quigley]

All transactions and amounts over $10000 must be reported by law. They will investigate. The Canada Revenue Agency will hear about it. (This includes wire transfers and amounts over $10000 brought in as cash - it also includes any cash payments within Canada and deposits over $10000).

I have heard about some English teachers getting audited and losing 4-5 thousand dollars of that 10 thousand in savings. You might be looking at a similar situation.

OP - sending it back is dangerous... I really recommend against it. The Canadian government believes that most of that money belongs to them. (I know it isn't fair).

If you had declared non-residency then it wouldn't be a problem...

What you could do is declare non-residency now. Then wait a few years and bring it back. You might be able to claim you saved all of it in the last 2-3 years...

I would talk to an accountant or a lawyer about it.

[Captain Corea]

Declaring non-residency is a farce! It is not binding in the least.