Posted on: 01-06-09 16:14:21
Thanks a lot Kathiawadkesari.
I didn't understand why can't I use CC ouside Canada.
Also do we inform bank about the address in India or it is better to give some Canadian address of a friend/relative?
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.
Keeping these items may consititute secondary 'residential ties' per CRA which requires you to report world income and pay taxes if you are a 'resident' per their definition . Better to close everything if you are moving indefiniely ........ although not necassary as it is quite subjective ... Better to call CRA and ask for their opinion .
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Fido.
If some one returns to India and say makes 1 lakh per month, it comes to around 30K CAD. If you are to pay tax on that, it comes to around 4K. But in India, you will be paying more like 7K as tax. With the double taxation avoidance treat and all, doesn't this mean that you won't have to pay any tax in Canada at all - even though you file the returns?
Quote:
Originally posted by desi-friend
Thanks a lot Kathiawadkesari.
I didn't understand why can't I use CC ouside Canada.
Also do we inform bank about the address in India or it is better to give some Canadian address of a friend/relative?
Banks usually don't care. Call them and give them your new foreign billing address. Usually it should be okay.
But for security reasons, your bank (CC bank) might disable your credit card after few foreign transactions or beyond certain amount in foreign currency.
Good idea is to inform your CC bank about your plans and give them an idea that your card will be used outside Canada.
Keep in mind that any foreign currency transaction is subject to currency-conversion fee. Check with your agreement, could be 2-2.5%. So, ask them if they can convert your account from Canadian to Indian.
Thanks all for the replies.
Since it takes two consecutive quarters to become an "official" recession.
It's official. Canada is in a recession.
Statistics Canada announced today the national economy contracted at an annualized rate of 5.4 per cent in the first quarter. A 5.4 per cent annualized drop is still nasty by any definition.
That follows a 3.7 per cent annualized drop in the fourth quarter of 2008 – formally meeting the technical definition of a recession with two consecutive quarters of declining real gross domestic product.
Porter is forecasting that second-quarter GDP will also decline but the drop will be "much, much less severe," coming in an annualized rate of 2.4 per cent. Diana Petramala, an economist with Toronto-Dominion Bank, believes the Canadian economy will continue to decline through the second and third quarters of 2009.
There still could be an extended period of high unemployment, warned Erin Weir, an economist with the United Steelworkers union.That means Canada's job market may not recover until the economy has seen at least two years of positive GDP growth. "In both the early '80s and the early '90s, it was a matter of years, not a matter of quarters, after the recession that the labour market remained extremely harsh," he added.
Statistics Canada will release its May employment report on Friday. The consensus forecast is for a net decline of 42,500 jobs, a move that could push the unemployment rate to 8.3 per cent.
How can the worst be over when those who have lost their jobs are still able to make mortgage payments because they either have received some for of buyout/compensation or are still receiving an unemployment cheque from the government. Once those funds run dry, are we not going to start seeing a lot of for-sale signs appearing in our neighbourhoods?
Remember unemployment and real estate prices are lagging indicators, not leading. That means that these two will get worse before getting better...
Keep well,
Even Wal-Mart Canada Corp. acknowledged its sales growth slowed as the economy dove into recession.
"The degree of change in behaviour has been a surprise," chief executive David Cheesewright said in an interview yesterday.
The overall market for big tickets items, such as big screen TVs and furniture, is shrinking, Wal-Mart said
Wal-Mart said it expects to see sales growth pick up in the second half of this year and continue to improve in 2010. Other retailers were cautious in their outlook, saying the recovery from the current recession is likely to be sluggish.
Even though data shows that consumer confidence levels are rising, "I have not see it translate into increased traffic across store thresholds," said Christine Magee, president of Sleep Country Canada, the nation's largest mattress specialty retailer.
As well, in communities, such as Oshawa and Windsor, where layoffs in the auto industry have hit hard, changes in consumer behaviour could become permanent, the conference heard.
Winnipeg-based national hardware retailer. "Any recovery is going to happen in 2010. It's going to continue to be sluggish."
Morrison cautioned that, as the loonie soars, more Canadians may resume shopping across the border.
Meanwhile, retail financiers said funding has become more difficult and expensive for retailers to get because many nonbank lenders left the field and the cost of credit soared.
"There's been a contraction in supply.
"I think we're underestimating the impact of the global downturn on Canada. The curve here may be shallower but it's pretty hard to imagine that it's going to get a lot better in the next 12 to 18 months," said Larry Stevenson, managing director of Callisto Capital LP, and former chief CEO of Chapters bookstores, now part of Indigo Books.
"Don't waste a crisis," Stevenson added, noting downturns are ideal times to close underperforming warehouses and lay off staff. "Nobody will question your motives in a downturn."
Keep well!
