And remember: Canadian medical insurance finally expires for expats. According to the CRA, your health plan within the province could cover a few of your medical expenses outside the country in case you get injured or sick, but you will have to pay these fees prematurely. And after six to eight months, their cover becomes invalid.
“I always talk to people about health insurance, disability insurance and life insurance. In Canada, disability insurance is often part of their employment package, but that is not the case for many people who work abroad.” Find a broker who will help with expat insurance. “
Set up an emergency fund that covers three to 6 months. This is advisable for everybody, including Canada, of Canada, but much more for expats which might be exposed to higher risks. “And if you don’t have a job, depending on your situation, you will provide a significant emergency fund,” Hiscock suggests.
Talk to other expats
The more information and lessons you collect from other expats, the higher you go, says Judith Asher, an executive and management trainer born in Montreal who moved to Italy 20 years ago together with her husband, born in Däen. The language barrier and never understand how Italy’s tax system worked when establishing its own consulting company, proved to be a challenge.
“When I moved to Italy for the first time, there were much less information and advice on the sorting of financial problems Idital for his bureaucratic and often changing financial rules,” she recalls.
“Until my Italian language skills improved, I could not understand the official government websites myself and had to rely on others to explain the rules to me what frustrated and driven me.”
Asher also incorrectly assumed that she would receive options and financial advice that was in her best interest when talking to local bookholders.
“I wish I would know how to ask questions like:” What else could I do to scale back my tax burden? “And” What sort of documentation do I actually have to maintain to say deductions? “She says.
