MakeItSo Posted March 18, 2022 Report Share Posted March 18, 2022 We're getting closer to moving permanently to Mexico. What to do with liquid assets in Canada? A) Move it all to Mexico? Where to? B) Better to keep it all / part in Canada? Why? C) ? Fuller picture: 1: By the time we move we won't have family / relations left in Canada, and once we sell the house we won't have a residence. 2: We're not looking to buy bullion or crypto. 3: We have RRSPs, which will take time to withdraw. Not seeking legal or accounting advice, just tips from experienced expat perspective... Link to comment Share on other sites More sharing options...
Ferret Posted March 19, 2022 Report Share Posted March 19, 2022 All our financial stuff remained in Canada and still does twenty-seven years later. We abided by the "RENT for the first year" and put the equivalent of a small apartment's worth of stuff in a Canadian storage locker. If the adventure didn't work out, no harm and no foul and we could go back to the location of our choice. However, we knew after three months that we were staying in Mexico and applied for our FM3's here in Mexico. An FM3 was the equivalent of a Temporary Residence Permit that you must now apply for from your country of current residence before moving to Mexico. After one year, we drove the Canadian plated van back to Canada and sold it, helped a friend rebuild a cottage that had burned to the ground and donated everything in the storage unit to the new build. And flew back to Mexico to start a life in the house we had bought. About six months after that, we applied for and received the official non resident Canadian status which allowed us to have tax on income taken off at source in Canada... a flat 15%. Also did a "deemed" disposition of financial assets in Canada and paid the capital gains owing... and lived capital gains free ever after... well, until we sold our first house in Mexico and owed the pittance to the Mexican government. 3 1 Link to comment Share on other sites More sharing options...
Jim Bowie Posted March 19, 2022 Report Share Posted March 19, 2022 4 hours ago, MakeItSo said: We're getting closer to moving permanently to Mexico. What to do with liquid assets in Canada? A) Move it all to Mexico? Where to? Better to keep it all / part in Canada? Why? C) ? Fuller picture: 1: By the time we move we won't have family / relations left in Canada, and once we sell the house we won't have a residence. 2: We're not looking to buy bullion or crypto. 3: We have RRSPs, which will take time to withdraw. Not seeking legal or accounting advice, just tips from experienced expat perspective... Sounds like you still have several important things to learn before making such a Big commitment to mexico. I would say you need to come rent and live a while till you learn the answers to your questions and decide IF Mexico is really for you. Many come here and find they can not manage life here and return NOB. You don't seem to leave that option available. Mexico is way different than NOB. 2 Link to comment Share on other sites More sharing options...
bobby brown Posted March 19, 2022 Report Share Posted March 19, 2022 I sold everything-"Burned my bridges"'--That way I could never go back to the states--No strings, no being torn between two worlds.- It would be too hard now to start over again at my age--I moved in 2007- and never looked back. 1 Link to comment Share on other sites More sharing options...
MakeItSo Posted March 19, 2022 Author Report Share Posted March 19, 2022 Just to add: We've been wintering in Mexico for 20 years, and own a house here. The permanent move is in the works, with the aim to receive residency later this year, prior to packing up in Canada and coming down one way in 2023. Looking for practical boots-on-the ground pros and cons of keeping liquid assets in Canada vs moving all of it to Mexico as only long term expats would know. Link to comment Share on other sites More sharing options...
Ferret Posted March 19, 2022 Report Share Posted March 19, 2022 I trust the Canadian Banking system far more than I would ever trust the one in Mexico. 6 1 Link to comment Share on other sites More sharing options...
RickS Posted March 19, 2022 Report Share Posted March 19, 2022 So you are a seasoned.... pun intended.... veteran and know the ropes here. IMO, Canadians here in a similar situation as you should step up like Ferret did and share their experiences as they may relate to your situation in Canada. Link to comment Share on other sites More sharing options...
Ferret Posted March 19, 2022 Report Share Posted March 19, 2022 LOL. Yeah, I'm seasoned and I'm downright salty at times. Link to comment Share on other sites More sharing options...
AlanMexicali Posted March 19, 2022 Report Share Posted March 19, 2022 2 hours ago, Ferret said: I trust the Canadian Banking system far more than I would ever trust the one in Mexico. Me too. 1 Link to comment Share on other sites More sharing options...
bobby brown Posted March 19, 2022 Report Share Posted March 19, 2022 2 hours ago, Ferret said: I trust the Canadian Banking system far more than I would ever trust the one in Mexico. Really ?-- tell that to the truckers and protesters --the only thing that save most accounts was that the banks cried when people did a run on the banks--! 1 Link to comment Share on other sites More sharing options...
MakeItSo Posted March 19, 2022 Author Report Share Posted March 19, 2022 3 hours ago, bobby brown said: Really ?-- tell that to the truckers and protesters --the only thing that save most accounts was that the banks cried when people did a run on the banks--! I was going to ask to take into account geopolitical considerations, such as governments freezing bank accounts, but thought it was too political for the board... 1 Link to comment Share on other sites More sharing options...
MakeItSo Posted March 19, 2022 Author Report Share Posted March 19, 2022 6 hours ago, Ferret said: I trust the Canadian Banking system far more than I would ever trust the one in Mexico. Do you mean stability of Mexican financial institutions? Government interference (if one exists)? etc? Link to comment Share on other sites More sharing options...
Alpha1 Posted March 19, 2022 Report Share Posted March 19, 2022 6 hours ago, Ferret said: I trust the Canadian Banking system far more than I would ever trust the one in Mexico. Those that haven't have paid the price and learned the hard way. Getting proper legal and accounting information is critical and cheap insurance, since what you don't know will hurt you. 1 Link to comment Share on other sites More sharing options...
Ferret Posted March 19, 2022 Report Share Posted March 19, 2022 In December of '94, the peso was devalued drastically. By the time we arrived in May of '96, the interest rate at Lloyd's was a whopping 42% per annum. Tempting to be sure. But, slow and steady wins the race and we stayed with an investment firm in Ottawa, Canada. The owner of that company had previously told us that if you want to make a grab for the gold ring on the merry-go-round, you may not want to stay with this company. We stayed and did very well. Canadian banks weathered the 2008 crash with flying colours as well. I'll stick with what I'm used to and have confidence in doing business with them. YMMV. 1 Link to comment Share on other sites More sharing options...
AlanMexicali Posted March 19, 2022 Report Share Posted March 19, 2022 2 hours ago, MakeItSo said: Do you mean stability of Mexican financial institutions? Government interference (if one exists)? etc? The present Mexican federal government cannot be trusted. 1 1 Link to comment Share on other sites More sharing options...
Bandol Posted March 20, 2022 Report Share Posted March 20, 2022 I think the rules and expectations are changing everywhere. Canada does not provide the stability that it once did. 1 Link to comment Share on other sites More sharing options...
Ferret Posted March 20, 2022 Report Share Posted March 20, 2022 It is still far more stable than many other countries. 2 Link to comment Share on other sites More sharing options...
Jim Bowie Posted March 20, 2022 Report Share Posted March 20, 2022 1 hour ago, Ferret said: It is still far more stable than many other countries. Mexico Included ! 1 Link to comment Share on other sites More sharing options...
HoneyBee Posted March 20, 2022 Report Share Posted March 20, 2022 The price of the bolio (bread bun) will be increased to 10 pesos as of this coming Tuesday. In other words it has doubled in price in the space of one year (in my area anyway). 1 Link to comment Share on other sites More sharing options...
bobby brown Posted March 20, 2022 Report Share Posted March 20, 2022 17 hours ago, MakeItSo said: I was going to ask to take into account geopolitical considerations, such as governments freezing bank accounts, but thought it was too political for the board... Anything about your health and well being is not political--I keep my ear on the railroad tracks to hear the coming train---Keeping your head on a swivel is NOT political. Link to comment Share on other sites More sharing options...
bobby brown Posted March 20, 2022 Report Share Posted March 20, 2022 17 hours ago, MakeItSo said: Do you mean stability of Mexican financial institutions? Government interference (if one exists)? etc? Mexico is a copy catter .I guess that comes from being in Nafta-or what ever it's called now- Link to comment Share on other sites More sharing options...
bobby brown Posted March 20, 2022 Report Share Posted March 20, 2022 On 3/18/2022 at 4:24 PM, MakeItSo said: We're getting closer to moving permanently to Mexico. What to do with liquid assets in Canada? A) Move it all to Mexico? Where to? Better to keep it all / part in Canada? Why? C) ? Fuller picture: 1: By the time we move we won't have family / relations left in Canada, and once we sell the house we won't have a residence. 2: We're not looking to buy bullion or crypto. 3: We have RRSPs, which will take time to withdraw. Not seeking legal or accounting advice, just tips from experienced expat perspective... Get help from a financial guy to move your assets to overseas accounts--Forget about Canada--it's gone--Punks like Turdo could never take the US--Simple--everyone is packing and pissed off-- Americans are not a very nice people ; very violent ---just a spark and it's on !!! I would fight but I'm too old and just don't give a damn.---I paid off all my credit cards and emptied my US accounts to the bare minimum to pay any bills.-- Got a lot of Pesos in the house --When the mushroom clouds start appearing; it all doesn't matter anyway.--well good luck in your new life-- Link to comment Share on other sites More sharing options...
bobby brown Posted March 20, 2022 Report Share Posted March 20, 2022 21 minutes ago, HoneyBee said: The price of the bolio (bread bun) will be increased to 10 pesos as of this coming Tuesday. In other words it has doubled in price in the space of one year (in my area anyway). As usual the price of tortillas and beans; way up--it always hits the poor hard--People ask me what to do--All you can do is eat less and do without and tighten your belt-- we will do better in Mexico because of the street vendors--bolios stuffed with ham and other goodies--maybe we will become healthier-- 1 Link to comment Share on other sites More sharing options...
bobby brown Posted March 20, 2022 Report Share Posted March 20, 2022 14 hours ago, Bandol said: I think the rules and expectations are changing everywhere. Canada does not provide the stability that it once did. maybe someone needs to step down or be removed--It has always happened in human history--- Link to comment Share on other sites More sharing options...
bobby brown Posted March 20, 2022 Report Share Posted March 20, 2022 18 hours ago, Alpha1 said: Those that haven't have paid the price and learned the hard way. Getting proper legal and accounting information is critical and cheap insurance, since what you don't know will hurt you. where have you been? trucker's trucks seized; bank accounts frozen; foreign troops brought in against Canadian citizens?-OH; those foreign troops can be killed legally--it's a war against Canadians--OH; I forgot, you need guns to fight a war !--If that happened in the US all those foreign troops would be sent home in body bags to their grieving mothers !!!!!--Why do you think Japan never invaded the US?--Because a General said- "In America there is a gun behind every blade of grass "-- 1 2 Link to comment Share on other sites More sharing options...
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