I Want to Move to Another Country for Work

I got an Australian work visa and I am leaving in three months. What should I consider financially?

– Xen

 

Hi Xen,

Moving abroad will be an exciting adventure. Here are the things that you need to consider to make your journey not only safe, but exhilarating:

Moving abroad will be an exciting adventure. Here are the things that you need to consider to make your journey not only safe, but exhilarating:

Be aware that you will be taxed on your world-wide income whether you are in Canada or not. You will then have to fill out two taxes: Canadian and Australian taxes. Do your homework on the cost of living in Australia. Check the exchange rate and compare the prices of common items between Canada and Australia.

Also, in terms of getting a hold of you, inform your family on how they can reach you. Make it easy for your friend and family to contact you and send you funds should anything happen.

Lastly, in terms of security, let your Embassy/Consulate know of your whereabouts and inform your credit card company about the move.

 

Have fun Xen.

 

Rosie

Rosie Ogang, PFP, CPA, CMA

Rosie is a talented Senior Financial Analyst with a proven track record of providing comprehensive financial forecasting, budgeting, and analysis to senior management at Fortune 500 organizations. Her work helps improve organizational decision-making, which results in increased profitability.

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