# Dubai banking for canadians



## sacha1977 (Sep 4, 2012)

I am moving to Dubai shortly and wish to transfer my savings and investments (as part of cutting all residential ties) This money represents about $300 000.00. What is the best way that people have found to go about this?


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## Canuck_Sens (Nov 16, 2010)

Hi Sasha

You should not really post the amount of money you plan to transfer. It is useless information and just attracts unwarranted heed.

As you mentioned, your purpose is to cut ties. You really do not need to transfer all your savings to the UAE. I would not. You can leave it there and invest in mutual funds, stocks or even keep inside whatever you have already invested in your RRSPs. And the law is a bit different here. The Sharia practice does not favour a woman should anything happen to you.

Your ties are not linked with the amount of money sitting in your Canadian chequing account, it is mostly linked to your fixed assets (like a house or a car) that you keep in Canada that are being used by your family and such.

I cut my ties from CRA perspective by filing a specific request to assess my residency status and I still hold RSSPs and investments. Of course as a non resident you cannot invest anymore in your RSSP or TSFA. You can also keep a credit card which I still have. Do not get rid off your credit card because if you do it will destroy your credit score built with it.

What I suggest you doing:

a) Open an account with HSBC. They offer a solution that allows you to transfer funds to other HSBCs branches hassle free. With the amount you shared with us you qualify for a premier account and you can dodge all fees here in the UAE if you operate with HSBC.

b) if you have a credit card with a bank keep it or change for one where you pay less fees with the same bank! that will keep your credit score ratings!

c) Check Citibank. I am assuming you are in toronto. I do not recall seeing any other branch in Ontario for Citibank. They also have a similar solution.

If you have any questions on this, feel free to PM me.

Au revoir!




sacha1977 said:


> I am moving to Dubai shortly and wish to transfer my savings and investments (as part of cutting all residential ties) This money represents about $300 000.00. What is the best way that people have found to go about this?


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## pokanad (Jan 25, 2011)

*the other way around*

Hi both.

I am planning to go settle in Canada soon and I want to take my money as well. I want to transfer my money the CAD now and benefit from the drop of the CAD against AED and keep it here till moving. do you know any bank that offer CAD accounts in Dubai ? 

Thanks 
Poka


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## indoMLA (Feb 6, 2011)

This thread is hilarious.... OP posts that he has a large sum of money that he wants to bring to the UAE and then ~5 months later an individual comes into the thread saying he needs to take his money to Canada..... things that make you go hmmmmmmmmmm..... :noidea:


Where did you get the money????
:confused2:


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## pokanad (Jan 25, 2011)

*What ??*

I am not sure what is it that u find hilarious! the same way you same to UAE some people are moving to other parts of the world and needs to hear other experiences on the best way to move and setlle and If you are moving for good so of course transfering money will be involved. but anyway seeing where you are coming from explains a lot!


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## sheikhaa (Apr 13, 2011)

You can always transfer it to my account... I will take good care of it. 




pokanad said:


> I am not sure what is it that u find hilarious! the same way you same to UAE some people are moving to other parts of the world and needs to hear other experiences on the best way to move and setlle and If you are moving for good so of course transfering money will be involved. but anyway seeing where you are coming from explains a lot!


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## tranzmigrator (Oct 24, 2012)

so ... HSBC or CitiBank? 
It's a pity TD is not out there in Dubai - probably the best bank I've banked w/ in the US and Canada (T.O)


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## tranzmigrator (Oct 24, 2012)

Canuck_Sens said:


> Hi Sasha
> 
> You should not really post the amount of money you plan to transfer. It is useless information and just attracts unwarranted heed.
> 
> ...


Hey Canuck! 

How are you holding up - esp. after what the LEAFS did to us lol - has the CRA confirmed your Non Residency status, etc.? I'm fixing to do the same - but here's what I've heard different.

1. close ALL ties - sell house, close bank accounts, TFSAs, sell car
2. cancel OHIP, Ontario DL, any Mutual Funds, stock investments, etc. 
3. The only thing you are allowed to keep is your RRSP. (Not even your TFSA)

I'm moving like real soon so any help is highly appreciated! 

Many thanks
t-z


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## w_man (Apr 16, 2010)

tranzmigrator said:


> Hey Canuck!
> 
> How are you holding up - esp. after what the LEAFS did to us lol - has the CRA confirmed your Non Residency status, etc.? I'm fixing to do the same - but here's what I've heard different.
> 
> ...


Asking CRA to confirm your non-residency status prior to leaving isn't recommended by most accountants. Most accountants recommend that you declare non-residency to CRA rather than fill out the necessary form to ask them for permission.

CRA suggests several examples of 'ties' and you are asked to break as many ties as possible but unfortunately there is no black and white with CRA. You can certainly keep your house - but it's recommended that you rent it out through a property management company (and not have your family rent it out for you). You can maintain certain investments but you'll pay 25% tax on any income you make.

I have been told that you can maintain a credit card but try not to use it very often while you are a non-resident. Some say you can maintain a drivers license but my accountant told me that I shouldn't renew it while I'm still a non-resident.

At the end of the day, you may not get audited but if you do then it'll be up to you to prove that you had no intension of returning to Canada - keeping a credit card in order to maintain your credit score in Canada would seem like an intention of returning.

I would suggest you get professional help with the move - find yourself an accountant who specializes in non-resident Canadian tax. My company had me talk to PwC for pre-move consulting and they currently do my taxes each year. It'll cost you some money but it'll be worth it in the long term and you'll be less dependent on people on the internet giving you their opinion.

PS: Flames fan here but even I felt bad for the Leafs fan after that game 7.


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## Mclovin oo7 (Sep 25, 2012)

Hello,

Almost everything is covered by Canuck_Sens and w_man. 

Before moving to Dubai, I also looked into banking and CRA related issues. I did not have the guts to play games with CRA so I am reporting every cent to them. One of my colleagues tried to be smart while he was on a short term relocation to Germany and ended up paying 76K in taxes and interest to the CRA. I also talked PWC and my own accountant but I did not want to terminate all of my ties with Canada as my relocation is only for two or maximum three years.

Canadians, who are moving to UAE for short term, can look into HSBC as they offer good banking solutions. If you are still getting paid in Canada, TD has a select account where you can withdraw money anywhere in the world on Plus or some other network without any charges.


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## tranzmigrator (Oct 24, 2012)

Thanks everyone for your very thorough detailed insight into thus process 

Well. One of my main reasons to head east is to go tax free or a bit so u can come bak and finally afford that 700k fixer upper (?) in etobicoke!!! Lol. So I need cra to know that I won't be helping ford's casino effort in the short term. 

I like the thought that I can keep select investments. I have a questrade account with a good chunk of shares that are helping me lose money. It would suck to pull them out. 

The td select is promising. I have a td account but thought of shutting it down? 

So bottom line is. Keep rrsps drivers license and a checking account with a credit card and get rid of everything else? Health card house car and tfsa??? 

Tax accountant. Here I Come. There was a dude I contacted but he was charging me 1000cad for initial contact. Us that norm? 

Cheers guys and thanks again. I'm downing a rickards red on your behalf !!! 

T-z


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## Mclovin oo7 (Sep 25, 2012)

tranzmigrator said:


> Thanks everyone for your very thorough detailed insight into thus process
> 
> Well. One of my main reasons to head east is to go tax free or a bit so u can come bak and finally afford that 700k fixer upper (?) in etobicoke!!! Lol. So I need cra to know that I won't be helping ford's casino effort in the short term.
> 
> ...


Good luck with the 700K house in Etobicoke. 

I found the entire cutting ties with Canada a bit complicated as I was not very interested in it due to my short term contract. Also, how do you take the cash back to Canada and put it into the bank etc?

Please let us know the details when you have more information.

Cheers!!!


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## w_man (Apr 16, 2010)

Unless you are wanting to pay taxes on your income in Dubai (even for short term 2 or 3 years), you must declare yourself as non-resident and in turn, must break as many ties from Canada as possible.

I don't hide my income from CRA at all. Because I have a property in Canada which is on rent, I have to file my taxes every year - PwC does that for me - where I declare my income/investments. I also declare my income in Dubai but Canada currently does not charge tax on your income in UAE. 

As far as transferring money back to Canada is concerned, you are able to take more money than usual (10k) when moving back to Canada after being a non-resident for an extended period of time. Also - I send money back to Canada on a regular basis anyways - mainly to maintain my mortgage etc - but I'll usually send extra funds. 

Again, talking to an expert who deal with expats is worth the money spent on them. They usually know all the rules from CRA and can provide good advice for all of your questions.

GL.


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## Mclovin oo7 (Sep 25, 2012)

w_man said:


> Unless you are wanting to pay taxes on your income in Dubai (even for short term 2 or 3 years), you must declare yourself as non-resident and in turn, must break as many ties from Canada as possible.
> 
> I don't hide my income from CRA at all. Because I have a property in Canada which is on rent, I have to file my taxes every year - PwC does that for me - where I declare my income/investments. I also declare my income in Dubai but Canada currently does not charge tax on your income in UAE.
> 
> ...


Thank you for the information.

I am still working for the Canadian employer and I am here to open a branch and warehouse. I am still getting paid in Canada. 

I think I have very limited options.


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## w_man (Apr 16, 2010)

Mclovin oo7 said:


> Thank you for the information.
> 
> I am still working for the Canadian employer and I am here to open a branch and warehouse. I am still getting paid in Canada.
> 
> I think I have very limited options.


Yea - that limits your options. I am also working for a Canadian employer and running the branch here but I am getting paid here. Your employer has a trade license here, they give you a contract in order for you to process your residency visa. All they need to do is remove you as an employee from Canada and pay your salary here in the UAE. You won't have to pay taxes anymore.

I understand that can be easier said than done with some companies ... we are a much smaller company so not a lot of red tape to go through.


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## Mclovin oo7 (Sep 25, 2012)

w_man said:


> Yea - that limits your options. I am also working for a Canadian employer and running the branch here but I am getting paid here. Your employer has a trade license here, they give you a contract in order for you to process your residency visa. All they need to do is remove you as an employee from Canada and pay your salary here in the UAE. You won't have to pay taxes anymore.
> 
> I understand that can be easier said than done with some companies ... we are a much smaller company so not a lot of red tape to go through.


You are right, it does limit my options.

I work for a medium size company and they don't want to take any chances. Hence, my entire package is paid in Canada as all the commission, bonus and other benefit calculation is done in Canada. This was the reason given to me by our V.P. Finance and I just didn't bother asking for any clarification. So there you have the red tape.

After opening the office and warehouse, future employees will be paid by the local branch.


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## sammylou (Oct 29, 2012)

tranzmigrator said:


> Thanks everyone for your very thorough detailed insight into thus process
> 
> Well. One of my main reasons to head east is to go tax free or a bit so u can come bak and finally afford that 700k fixer upper (?) in etobicoke!!! Lol. So I need cra to know that I won't be helping ford's casino effort in the short term.
> 
> ...


for what it's worth, based on the advice of a major tax firm and the smaller [but experienced] accountant we used to do our exit return for 2012, this is what we have done. keeping in mind my husband has been hired as an employee of a middle east company and we are here indefinitely.

- closed all bank accounts except one joint one with CIBC, we simply had this declared by the bank as a non-resident account

- we cashed out my small rrsp but kept my husband's larger one and again, had it designated as a non-resident rrsp. so we cannot contribute any longer but we can maintain it. my understanding is that after 2 years of non-residency we may withdraw at the capital gains rate of 25%

- we kept one visa through CIBC and we use it occasionally for online shopping and when we are visiting canada. the accountant informed us this was fine

- we sold the house and the car

- we have not actively cancelled our driver's licenses but will definitely allow them to expire, we now have UAE licenses

- we have not actively cancelled OHIP and the accountant said that is fine, it will get cancelled, just don't use it!

if you would like the name of our Toronto accountant just send me a PM. i can't say enough good things about him and he has been very helpful and knowledgeable. also reasonably priced! in fact he helped us out with the sale of the house as it didn't close until we were already over here in dubai and so there was a bunch of paperwork involved due to us being non-residents. the law firm handling the sale was very impressed with our guy and he managed to get us our clearance certificate in record time.

anyway, hope some of this helps. we ended up going with HSBC over here and opened joint accounts in both AED and CAD then transferred a large sum from CIBC into our CAD account here. very quick and easy.


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## Mclovin oo7 (Sep 25, 2012)

sammylou said:


> for what it's worth, based on the advice of a major tax firm and the smaller [but experienced] accountant we used to do our exit return for 2012, this is what we have done. keeping in mind my husband has been hired as an employee of a middle east company and we are here indefinitely.
> 
> - closed all bank accounts except one joint one with CIBC, we simply had this declared by the bank as a non-resident account
> 
> ...


Very informative post, thank you!

Will be sending a PM shortly.


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## tranzmigrator (Oct 24, 2012)

w_man said:


> Unless you are wanting to pay taxes on your income in Dubai (even for short term 2 or 3 years), you must declare yourself as non-resident and in turn, must break as many ties from Canada as possible.
> 
> I don't hide my income from CRA at all. Because I have a property in Canada which is on rent, I have to file my taxes every year - PwC does that for me - where I declare my income/investments. I also declare my income in Dubai but Canada currently does not charge tax on your income in UAE.
> 
> ...


whoa - hopefully i read your statement right? 

" I also declare my income in Dubai but Canada currently does not charge tax on your income in UAE. "

that's the answer to end 'world hunger' once and for all


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## tranzmigrator (Oct 24, 2012)

sammylou said:


> for what it's worth, based on the advice of a major tax firm and the smaller [but experienced] accountant we used to do our exit return for 2012, this is what we have done. keeping in mind my husband has been hired as an employee of a middle east company and we are here indefinitely.
> 
> - closed all bank accounts except one joint one with CIBC, we simply had this declared by the bank as a non-resident account
> 
> ...


This is probably one of the most informative responses I've seen on this entire forum, and for that, I thank you  

I didn't know we could declare assets as 'non-resident' statuses. Could you elaborate on that a little bit more? 

I am worried about my trading account which is pretty pathetic at this moment. Consolidating that would mean losing a lot of change. 

thank you for the tips on the DL and OHIP - will wait for that to expire on its own. 

PM'ing you in about T-20s ... 

Cheers
T-z


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## tranzmigrator (Oct 24, 2012)

So folks, 
After tons of research - and going through about 3 accountants at least, here is what i've inferred: 

1. I'm having trouble selling my condo - the markets killing me now! So this was my biggest concern ---- and most favorable advice: listing your home up for sale is enough evidence that you are trying to break ties with Canada. Since this is my principal residence, I don't pay cap gains. The whole concept of Clearance Certificates etc. is probably more related to non-residents who bought and sold as non-residents, or for NRs and their rental properties. 

Now - other accountants kind of agree with the above statement - but are not 100% sure. lol

2. Do NOT file the NR73 asking CRA for permission. Simply declaring departure date on the next tax filing should suffice. 

3. I'm gathering evidence from closing bank accounts, trying to sell of the car, etc. as proof of intent. 

4. apparently, everyone agrees on keeping the RRSPs intact - but they have mixed emotions when it comes to the TFSA. So i'm closing mine. 


What are you thoughts on the above statements? all in favor - say -------------- 

Cheers
t-z


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## w_man (Apr 16, 2010)

tranzmigrator said:


> So folks,
> After tons of research - and going through about 3 accountants at least, here is what i've inferred:
> 
> 1. I'm having trouble selling my condo - the markets killing me now! So this was my biggest concern ---- and most favorable advice: listing your home up for sale is enough evidence that you are trying to break ties with Canada. Since this is my principal residence, I don't pay cap gains. The whole concept of Clearance Certificates etc. is probably more related to non-residents who bought and sold as non-residents, or for NRs and their rental properties.
> ...


Answers in red


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## Canuck_Sens (Nov 16, 2010)

Hi,

I share most of the views of W_man except for the NR73 which I filed.

You can always rent out your condo provided it is not for family.
You must dispose your car
You can have a bank account. I have two. In one I have my rrsps and with the other one I ve got nothing. CRA never complained. I even kept my credit card and line of credits which I use to keep my credit score on going. 
TSFA if you have already contributed you can keep it. I would but you cannot contribute any longer when you become a non resident
If you do support any relative your income is taxable as being a resident.


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## sammylou (Oct 29, 2012)

tranzmigrator said:


> So folks,
> After tons of research - and going through about 3 accountants at least, here is what i've inferred:
> 
> 1. I'm having trouble selling my condo - the markets killing me now! So this was my biggest concern ---- and most favorable advice: listing your home up for sale is enough evidence that you are trying to break ties with Canada. Since this is my principal residence, I don't pay cap gains. The whole concept of Clearance Certificates etc. is probably more related to non-residents who bought and sold as non-residents, or for NRs and their rental properties.
> ...


regarding the sale of your home. yes, as a principal residence you will not pay capital gains taxes. and at the moment you don't need the clearance certificate because it isn't being sold yet BUT you will in all likelihood need it eventually when you sell as the lawyers will need it. so as soon as you have the sale of agreement, file for the certificate. if you don't get the certificate proving that the sale is not subject to taxes then the buyer's lawyer has to assume it might be and if you're a non-resident you won't be traceable and therefore the buyer would end up paying the taxes. lawyer won't let that happen to their client ergo, you need the certificate. if you don't get it, your lawyer will be forced to remit the taxes and you won't see that money returned to you until you file for that year [in the following year!].

also note that as a non resident my understanding is that you only have one year from the date of your departure to sell your home as a principal residence. after that time it WILL be subject to cap gains. but double check with the accountant.

you can also rent it [at arm's length so no relatives or best friends] and best to do a lease of one year minimum. you then pay cap gains on the rental income.


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## tranzmigrator (Oct 24, 2012)

Thanks everyone! We should all just get together and start our own tax consultancy firm in Dubai!! 

How did you guys handle your CAD? Did you convert to USD in Canada and open up a US account there in Dubai? Or is there a way to dump my CAD in a CAD account there, if such a thing exists out there? 

My banks are killing me with the exchange rate from canadian to us.


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## Canuck_Sens (Nov 16, 2010)

tranzmigrator said:


> Thanks everyone! We should all just get together and start our own tax consultancy firm in Dubai!!
> 
> How did you guys handle your CAD? Did you convert to USD in Canada and open up a US account there in Dubai? Or is there a way to dump my CAD in a CAD account there, if such a thing exists out there?
> 
> My banks are killing me with the exchange rate from canadian to us.


I don't think they have CAD accounts here. Haven't found any. You will find USD accounts easy or you can just wire your AED to your USD account no biggie and rates are good. Not like usd/ cad rates which trades above 2.5% on the spot which is ridiculous.

By the way if ou find a good place where I can trade usd for cad I am listening.....


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## sammylou (Oct 29, 2012)

tranzmigrator said:


> Thanks everyone! We should all just get together and start our own tax consultancy firm in Dubai!!
> 
> How did you guys handle your CAD? Did you convert to USD in Canada and open up a US account there in Dubai? Or is there a way to dump my CAD in a CAD account there, if such a thing exists out there?
> 
> My banks are killing me with the exchange rate from canadian to us.


we bank with HSBC here and have accounts in aed, usd and cad. it cost us less than 100 dirhams to wire a large amount of cad from cibc to our cad account with HSBC. basically just a small service charge. we will only have to pay an exchange rate to then transfer funds into the aed current account when needed.

that being said, due to recent research into sharia inheritance laws we will likely keep a decent chunk in our joint cibc account and then send most of our money offshore!


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## sammylou (Oct 29, 2012)

oh and from what I've heard the banks are the worst for exchange. most external exchange houses will give better rates. search the forum for extensive convos on this matter.


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## tranzmigrator (Oct 24, 2012)

Thanks. I've looked up hsbc and there's no mention of cad accounts. At least in their premium accounts. I'll reconfirm again. Thanks for the heads up on sharia law. Will look into it more. I would probably end up investing in middle Eastern funds too. Do you guys have recommendations on relationship managers? 

Also. Rent or buy? There's big hype on the whole expo 2020 and what that may do to Dubai and property prices. Also not a big fan of 2000$ per month rental charges. 

Btw guys. It's finally getting warmer and sunnier here in lovely Toronto. Great golfing and beach weather. I'm just saying


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## Canuck_Sens (Nov 16, 2010)

@ Sammy: I am premier with HSBC too in the UAE and have not seen CAD accounts are you sure ? I usually open my savings account online because it is hassle free. I will certainly open one if they are offering.

@Tranzmigrator If you bank with HSBC they will assign a relationship manager. You can invest in several offshore funds not only in HSBC.

Rental or Buy ? you should make your own research about this matter. I personally dont invest in real estate here as I find there are much better places. However, if you are planning to stay in the long term why not ? 

You have also to see that this place is a paradise for some investors of specific nationalities. it would be very hard for them to bank somewhere else. Some Banks overseas are coming with new policies for specific regions. For example, HSBC Canada will not allow you to transfer any kind of account you may have in any Canadian Bank if you become a resident of the UAE and will not allow you to open even a new investment account, though there is no such policy placed by OSFI

you can also refer to the trade talks between US and EU where the US will most likely not open the financial services market to EU companies....so....

So what I think is this: If you need a global bank to wire funds in Canada or else that would be HSBC so transfer the accounts you need before you leave



tranzmigrator said:


> Thanks. I've looked up hsbc and there's no mention of cad accounts. At least in their premium accounts. I'll reconfirm again. Thanks for the heads up on sharia law. Will look into it more. I would probably end up investing in middle Eastern funds too. Do you guys have recommendations on relationship managers?
> 
> Also. Rent or buy? There's big hype on the whole expo 2020 and what that may do to Dubai and property prices. Also not a big fan of 2000$ per month rental charges.
> 
> Btw guys. It's finally getting warmer and sunnier here in lovely Toronto. Great golfing and beach weather. I'm just saying


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## sammylou (Oct 29, 2012)

Canuck_Sens said:


> @ Sammy: I am premier with HSBC too in the UAE and have not seen CAD accounts are you sure ? I usually open my savings account online because it is hassle free. I will certainly open one if they are offering.


well they may not advertise it on their website but we just asked our relationship manager if we could set up additional accounts in both usd and cad currency. and yes "i'm sure" i have a cad currency account. as i said, i've already transferred money into it from canada. i'm also pretty good at reading my bank statements. 

but note that as i mentioned before, they are only currency accounts still located here in dubai. although the funds are accessible from anywhere in the world with the international debit card. so when in canada we can withdraw from the canadian account.

but since the accounts are located here and therefore subject to sharia law, we will likely be going with an offshore account to keep the bulk of our money and investments. even with a will it take weeks to get your accounts unfrozen and sorted, even the joint ones. so that is our biggest concern right now.


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## sammylou (Oct 29, 2012)

tranzmigrator said:


> Also. Rent or buy? There's big hype on the whole expo 2020 and what that may do to Dubai and property prices. Also not a big fan of 2000$ per month rental charges.
> 
> Btw guys. It's finally getting warmer and sunnier here in lovely Toronto. Great golfing and beach weather. I'm just saying


to buy or not. it's the great divide. for everyone that says buy you'll find another who says don't. do your research and go with what feels most comfortable. we know we are here for a while [5+ yrs] so we have decided to buy. i think if you're only going to be here 2 or 3 years is isn't worth it unless you are specifically buying for an investment and want to rent it out for profit.


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## Canuck_Sens (Nov 16, 2010)

sammylou said:


> well they may not advertise it on their website


you are right they have it, but I have to go the branch and request it. However, the problem is with the FX rate. I do not see a reason to open a CAD account because I have not found any place offering very good rates to convert AED to CAD and free wire and receive of funds.

The other thing is that HSBC UAE charges deposit fees if you deposit in cash. It is around 1%

If you wire in an out HSBC UAE also charges to receive the funds. You gotta have good rates to overcome these costs


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## tranzmigrator (Oct 24, 2012)

Folks! 
Rejuvenating this thread - it's been a longgg time ---> 2 years?? 

Anyway - still not finding a good platform to go AED to CAD - no great exchange rates here in Dubai ... only option i have is to convert AED to USD and then USD/CAD when (if) i decide to go back and resettle ... 

you guys know something i don't? 

cheers
t-z


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## LesFroggitts (Dec 30, 2013)

tranzmigrator said:


> Folks!
> Rejuvenating this thread - it's been a longgg time ---> 2 years??
> 
> Anyway - still not finding a good platform to go AED to CAD - no great exchange rates here in Dubai ... only option i have is to convert AED to USD and then USD/CAD when (if) i decide to go back and resettle ...
> ...


What exchange rate are you achieving - I do know of a platform that will do direct AED/CAD exchange/transfers.


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## tranzmigrator (Oct 24, 2012)

around 2.69 + unknown fees? EmiratesNBD ... what do you have in mind?


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## w_man (Apr 16, 2010)

I have previously used a company called GCEN but am now considering a move to UKForex. Both are UK based companies and allow you to order your transfer online (immediate quote). You can then wire transfer the AED to their account, they transfer the CAD to your Canadian account. 

I am finding UKForex rates are much better than GCEN. Recently GCEN made a change in their banking partner which is now costing an extra CAD 18.5 per transaction - for me at least. I recently did some research on the available options but only came across these two companies for the best rate and ease of use.

There are pros and cons with both companies but simply going from a 'rate' perspective, I might try UKForex - even though to open an account, you have to get your documents 'certified' which is a bit of a pain.

Let us know what you end up using and your experience.


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## tranzmigrator (Oct 24, 2012)

Thanks Les and W!
Found an easy way - opened a CAD account w/ NBD - moved funds around and getting an easy rate/experience ... they'll gig me when i withdraw though ... dunno how much ... but i see a big fee coming .........


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## asteps (Jan 30, 2016)

hi everyone, 

can anyone tell me why it is not recommended to fill put the n73 form?? im planning on going but im worried im going to be taxed when i get back....


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## sammylou (Oct 29, 2012)

as always, talk to your own accountant as your situation may be different. that being said, my accountant explained it to me like this.

if you file the form before you've even left, and perhaps not yet gotten to everything you planned to do to break ties, it gives the CRA an easy opportunity to say "nah, we don't believe you aren't coming back, or really breaking ties, keep reporting your income and give us your money". as opposed to simply making the move, taking the steps to break ties, declaring on your remaining tax returns that you are in fact a non-resident, and leaving the burden of proving you aren't in the CRA's hands. we had more than one accountant tell us this. 

we had been here for over two years when we actually had to file the nr73 in order to unlock a LIRA account. it took some time but we did get the declaration agreeing that we were non-resident. but it was an easier determination for CRA as they could see that once settled, we actually purchased property and reside in it as our main residence, have joined clubs here in dubai, have let our license expire, not used OHIP, etc. we would not have had any of that info on the nr73 if we had done it when leaving.

hope that makes sense. i realize this reply is a bit late but perhaps will help others coming across the thread.


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## Fayvir (Aug 21, 2015)

I second the note that it is not recommended to file a NR-73 unless the CRA explicity requests that you file.

I just moved to Abu Dhabi, so I did some research before coming here as well. I don't have too much experience but from what I found out, as with the few accountants I called up, they all agreed that you shouldnt file the NR 73. The reason is that if you file it, it may trigger the CRA to look into your file more closely and may be the red flag to get you audited. That being said, we thought about filing it at the beginning but ended up not doing it.

We did call the CRA after we landed in the UAE to the non-residency department to declare our exit or departure date. Then we were told when we file for taxes next year for the 2015 tax year, we will also declare that we left Canada on that same date. This will then confirm that we did indeed leave the country.


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