Moving to Canada

Settling in Canada, with savings still back in Europe

When I arrived in Vancouver in 2022, I had accounts, investments and property in several countries, and once again I had the feeling that nobody really knew the rules of both countries at once, unless you were ready to pay a lot for it. This page is for families who have arrived from Europe in recent years, or are about to, and want to put things in order on both sides of the Atlantic.

Vancouver at golden hour, with the mountains behind the city — Vancouver, where I settled with my family in 2022.

Already in Canada

Launch prices for bookings made before June 30, 2027.

Cross-border check-up

CAD 1,150

90 minutes and a 4 to 6 page report within 5 business days

We bring together in one view everything you own on both sides: bank and investment accounts, life insurance policies and property, including anything held through a company. We then look at what is best kept, closed or brought over, and I note the tax points your accountant will need to check before any decision is made. You leave with a map of what is taxed in each country and the order in which to open and fund your RRSP, TFSA, FHSA and RESP.

Points such as FAPI for a company held abroad or the T1135 form are flagged for your accountant, who will act on them. The session can be held in English or French.

Check-up and portfolio review

CAD 1,800

instead of CAD 2,050

We start by taking stock of what you brought with you, then look at how what you hold today could work better for you. The same questionnaire is used for both sessions.

Still in Europe

Pre-arrival plan

CAD 1,150 · €720

90 minutes by video and a written report

This service is for families planning to move within the next 6 to 18 months. We look at which Canadian accounts to open first and when, the budget for your first year, including rent deposits and a credit history to build from scratch, and how and when to transfer your savings. I also note what will change for your savings, insurance policies and property back home once you become resident in Canada; your notary or adviser there will then act on these points.

My advice covers the Canadian side of your move. The service can be paid in Canadian dollars or in euros.

Three things I wish I had known before moving

Companies held abroad and the FAPI rules

If you control a company outside Canada that earns passive income, such as rent or investment returns, Canada can tax that income every year as if you had received it, even when the money stays in the company. These rules are called FAPI, and many newcomers only hear about them after their first tax return.

The value of your assets on the day you arrive

When you become resident in Canada, most of your foreign assets are treated as if you had bought them on that day at their market value, so only the gains made afterwards are taxed here. That only works in your favour if you can show what they were worth, which is why it is worth keeping statements and valuations from around the date you arrived. Once the total cost of what you own abroad exceeds CAD 100,000, you also have to declare it every year on form T1135.

When and how you change your money

The exchange rate has a bigger effect than most people expect. If you move €200,000 at a time when the euro is 5% weaker, you arrive with the equivalent of €10,000 less, and the margin charged by a traditional bank, often 2 to 3%, comes on top of that. Planning the timing and choosing how you convert can make a real difference.

This is general information rather than tax advice; your accountant can confirm what applies to your situation.

Worth reading first

GuideTFSA, RRSP or FHSA: where to save in your first years in Canada

How it works in practice

It starts with the short contact form, where you tell me about your situation and what you'd like help with. I reply within two business days with the service I'd suggest and its price. Once you've paid the invoice, I send you a questionnaire and ask for your recent statements, so that I can prepare the session properly.

We then meet by video, or in person if you live in Vancouver, and go through everything together. You can take the time to ask the questions you've been putting off, including the ones that feel basic.

About a week later you receive a written report with your figures, a dated list of the steps I recommend and, where needed, the points I have identified, which your accountant or notary will then act on.

Getting in touch

The simplest way is to describe your situation in a few lines using the contact form. I read every message myself and reply within two business days, telling you which service seems right for you and what it costs. You can also write to me directly if you prefer.

Open the contact form contact@filiawealth.ca