If one decides to move back to India after getting citizenship, does one has to close Bank, credit card accounts or do we need to inform them?
Thanks for the replies.
After reading the below article that economic condition of Canada is worsening at a much faster pace than expected, moving to safe heaven would and should be a right choice.
The recession has handed Canada its first double deficit in years but it's what many would consider good news - a suddenly resurgent loonie - that poses the newest economic threat.
The latest economic news was sour on a number of fronts.
The federal government officially ushered in a new era of multi-year deficits, reporting it was short $3.6 billion in March, and ended the 2008-09 fiscal with the first annual deficit in a dozen years with an estimated $2.2-billion shortfall.
That's just the beginning. Flaherty is now booking a record $50 billion shortfall for this current fiscal year.
The true picture of just how badly the economy has nosedived will become clearer Monday when Statistics Canada reports on the first quarter gross domestic product.
Economists and the Bank of Canada are convinced the data will show a contraction of more than7% ( seven per cent), the worst quarterly retreat since the Great Depression and more than the 5.7 per cent contraction reported in the United States.
Such a serving of poisonous economic data would normally have sent investors running for the bear cave, but instead they sent the loonie skyward and pushed the stock market to a 2009 high on Friday.
In normal times, the central bank would cut interest rates to trim the loonie's wings, but with the policy rate already at the practical low of 0.25 per cent, it can't cut rates further.
The world is also factoring in the fact that as bad as the situation is in Canada, it's worse elsewhere - the best of a bad lot syndrome.
As for the government books, most now say it will take six years to get out of the hole.
Friday's release of the fiscal monitor will go down as an historical curiosity pinpointing the moment Ottawa officially dipped from a surplus into a deficit position. That occurred in March, when revenues, particularly from business taxes, literally hit the wall.
The government said corporate income tax receipts were down $2.1 billion, or 46.8 per cent, from the same month last year as firms began claiming refunds for having overestimated their profits. As well, revenues from personal income taxes declined by $1.3 billion, or 12.4 per cent.
http://ca.news.finance.yahoo.com/s/29052009/2/biz-finance-loonie-defies-economic-wreckage-s-bad-thing.html
Keep well,
Cheers!
Quote:
Originally posted by desi-friend
If one decides to move back to India after getting citizenship, does one has to close Bank, credit card accounts or do we need to inform them?
Thanks for the replies.
Amazing !.
The grass is always greener on the other side.
The one's who went to India want to get back to Canada citing safety, pollution, population, reservation, frequent power cuts, lack of drinking water, corruption and the list goes on and on.
The one's in Canada want to go to India are finding that there is absolutely no job safety, only a safety net of EI for 11 months, no growth in job opportunities and are living pay check to check. The ones who spent money in various universities after spending thousands of dollars are not able to find suitable employment. The country is turning into one giant Ware House. While the water is pure, air is clean, lots of greenery, no crowds, no powercuts, no corruption involving common man.
The choice is clear!.
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Sunny Leone a true Canadian DESI now back in India !.
Quote:
Originally posted by Vandematram
The choice is clear!.
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If you have a gun, you can rob a bank.
If you have a bank, you can rob everyone.
- Bill Maher
I couldn't agree more with Blorean.
The decision has to be individual and based on his/her priorities, professional and family background, prospects in Canada/India for growth and a variety of other factors. It is much more complicated than general comparison of some of the merits/demerits of both countries.
In any case for most of the people (who are considering a move) it would be a dilemma and a tough decision to make.
Just my two cents.
Cheers.
Quote:
Originally posted by desi-friend
Quote:
Originally posted by desi-friend
If one decides to move back to India after getting citizenship, does one has to close Bank, credit card accounts or do we need to inform them?
Thanks for the replies.
Waiting for answers. Thanks.
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