Are you tired of high taxes, rising costs, and cold winters in Canada? You’re not alone. Many Canadians share your feelings. The number of Canadians moving to the U.S. has jumped to over 126,000 in 2022, a significant rise from 2012. As a Canadian myself, I understand the love for our country, but also the growing issues.
Thinking about moving abroad involves big decisions. It’s essential to be sure about leaving Canada before you even start packing. A short-term stay in your desired country can help you decide if you truly want to make the move.
Moving abroad also means figuring out how to support yourself financially in a new place. From company transfers to remote work and becoming a digital nomad, there are several ways to make money while living overseas. Preparing involves changing your residency status, which includes some paperwork and potentially paying a departure tax.
Key Takeaways
- High living costs and cold winters are pushing Canadians to move abroad.
- A trial run in a new country can help you decide if moving is the right choice.
- There are various ways to make money while living overseas.
Why Canadians Are Leaving
High Living Costs
In cities like Toronto and Vancouver, housing prices have become extremely high. This makes it really hard for many people to afford a home. Moving to places like Mexico, Portugal, or some parts of the United States can make life more affordable. It’s not just housing; everyday items like groceries are also cheaper in these countries.
Cold and Long Winters
Canada’s winters can be really harsh. Imagine months of snow and temperatures way below zero! Many people find this difficult to handle and dream of warmer places. Swapping snow and ice for sunny beaches and warmth is very tempting.
Healthcare System Struggles
Canada’s healthcare might be free and publicly funded, but it has its issues. Long waiting times for medical services and not enough doctors can be frustrating. Compared to other high-income countries, Canada doesn’t rank well in providing timely healthcare.
Adventure and New Experiences
Living in another country opens the door to new adventures. You get to dive into different cultures, try new foods, and experience different ways of life. It’s exciting and offers many opportunities for personal growth and learning.
Deciding to Leave Canada
Being Sure About Leaving
Before you back out of your driveway for the last time, stop and ask yourself if this is truly what you want. Moving is a big deal, and it’s crucial to be confident in your decision. You might find it helpful to think about why you want to leave. Are high taxes and freezing winters pushing you away? Or maybe you’re after new adventures and different experiences.
Try Living Elsewhere First
Before making the move permanent, spend some time living in the country you’re considering. A trial run of a few weeks or months can give you a clear picture of what to expect. You may end up loving the new environment or realizing it’s not right for you. Trying things out first can help avoid future regrets.
| Country | Pros | Cons |
|---|---|---|
| Portugal | Milder climate, affordable living | Language barrier |
| Mexico | Warm weather, lower cost of living | Safety concerns in some areas |
| Parts of the USA | Diverse climates, closer to Canada | Potential higher medical expenses |
Reviewing Safety, Culture, and Relationships
When you’re trying out a new country, safety is a major concern. Make sure to look into crime rates and overall safety. Culture is also important; if it’s too different from what you’re used to, you might feel out of place. Consider how easy or hard it is to form new relationships and whether you’ll miss your friends and family. Moving isn’t just about geography; it’s about how connected and comfortable you feel in your new environment.
By breaking down your decision into these steps, you make the transition smoother and more informed. This move is significant, and thorough planning will help ensure it’s the right one for you.
Ways to Earn Money Abroad
Corporate Relocation
One of the easiest ways to make money abroad is by transferring to a different country with your current company. Let your HR department know you’re interested in international opportunities and network with colleagues who have worked overseas. If you get an expat assignment, you’ll keep your job and benefits while experiencing life in a new country. Companies usually offer relocation support, which can make the transition smoother. This option is great for job security and career growth, but it might come with less flexibility in choosing your location and job responsibilities.
Remote Work Possibilities
Another option is to work remotely. Look for jobs on sites like Remote.co, We Work Remotely, and FlexJobs. Set up a home office with a stable internet connection and the tools you need. You can work from any place with internet, which saves on commuting costs and gives you freedom. Yet, remote work can be isolating and requires self-discipline and good time management. Sometimes, remote jobs come with fewer benefits and less stability than traditional full-time jobs.
The Digital Nomad Approach
Becoming a digital nomad involves offering skills or services online, such as writing, design, or consulting. Build a portfolio on sites like LinkedIn or Behance and find clients on Upwork or Fiverr. This path gives you the freedom to travel while working, allowing you to experience new cultures. Working for multiple clients can make your income more stable, but it can also be unpredictable. Balancing work with travel and handling visas can be tricky. Many digital nomads deal with fluctuating income and the challenge of not having a permanent home base.
Getting Ready to Live Abroad
Cutting Residential Connections
To no longer be considered a resident, you’ll need to cut important ties to Canada. This includes selling your home, shutting down bank accounts, and possibly moving your family with you.
Proof of New Residency
You must keep records showing that you are now living in a new country. This can include rental contracts, utility bills, or other important documents.
Knowing the Exit Tax
When leaving Canada, you may face an exit tax. This tax is on the assumed sale of some properties on the date you depart. You’ll have to pay taxes on any gains, but some things like RRSPs and some real estate are exempt.
Handling Investments and Properties
You should also look at how to manage your investments and properties when living abroad. Carefully consider what to do with things like TFSAs and other accounts.
Researching Cost of Living Abroad
Moving to a new country can be exciting and challenging, but you need to do your homework on the cost of living. This will help you budget accurately and avoid surprises.
Start by looking at housing costs. In many countries, rent can be significantly lower than in major Canadian cities. Websites like Numbeo or Expatistan can provide you with up-to-date information on rental prices.
Next, check the prices for groceries and everyday items. These websites can also help with that. Make a list of common items you buy and compare their prices in the country you’re considering.
Transportation is another key factor. Look into the cost of public transport or owning a car. Some countries have excellent and affordable public transportation systems, which can save you a lot of money.
Here’s a simple example table you can construct to help you compare:
| Item | Canada | Country A | Country B |
|---|---|---|---|
| Rent (1-bedroom apt) | $1,200/mo | $800/mo | $500/mo |
| Groceries (monthly) | $300 | $250 | $200 |
| Public Transport Pass | $100/mo | $50/mo | $30/mo |
Health care can vary greatly. In some places, you might need to purchase private health insurance. Research the cost and quality of healthcare services.
Don’t forget utilities and internet costs. These can add up. Make sure to gather information on electricity, water, heating, and internet expenses.
Lastly, consider the tax system in your new country. Some places have lower taxes but fewer social services. Others might have high taxes but excellent public services.
It’s crucial to gather as much information as possible to make an informed decision. Being prepared can make your transition to living abroad much smoother.
