| Provider | Amount To Send | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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OFX (prev. OzForex) | AUD $10,000.00 | No Fee | 0.8816 | 1-3 days | more... |
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TorFX | AUD $10,000.00 | No Fee | 0.8838 | 1-3 days | more... |
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Smart Currency Exchange | AUD $10,000.00 | No Fee | 0.8816 | 1-3 days | more... |
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Australia and Canada are British Commonwealth members, close trading and political partners, and they share a number of reciprocal trade and study abroad agreements. There are no restrictions on transferring money from Australia to Canada. Canada is a popular destination for many Australians for both business and leisure.
Australian citizens and permanent residents who have a valid Australian passport and are in good standing do not need a visa to visit or travel through Canada. Australian citizens and permanent residents are generally allowed to work and live in Canada once they have applied for the required temporary work permits or permanent residency permits. If Canadian citizenship is the goal, certain criteria must be fulfilled before achieving citizenship status, including establishing permanent residence status, having lived in Canada for the past three of four years, and passing a citizenship test. We recommend consulting Canadian embassy resources for up-to-date information on visa requirements.
Australian citizens and permanent residents are largely free to acquire property and transfer money from Australia to Canada to fund the purchase. However, depending on where the property is located, some some restrictions will apply.
Australians who are not residents of Canada may purchase real estate, though if staying longer than six months, applying for immigrant status is required. Some Canadian Provinces limit the amount of property and/or land that a non-resident can purchase, or require additional permissions to purchase property or land that is over a certain size. In Saskatchewan, non-residents many not own land that exceeds 10 acres in size. Non-residents on Prince Edward Island who wish to purchase land over five acres in size or that is situated along a shoreline with shore frontage that is greater than 165 feet, must first apply to the Island Regulatory and Appeals Commission. In Alberta there is a restriction on owning plots of land: a non-resident may own no more than two plots of land, and total acreage cannot exceed 20 acres. Non-residents in Manitoba cannot own farmland unless they are planning on moving and living there within two years of the purchase date.
Before sending money from Australia to Canada to purchase property, it is recommended to seek the services of a Canadian realtor to help navigate the local real estate market and ensure all applicable rules are followed. It is common for Canadian real estate agents to insert clauses stating that the buyer is able to meet the financial obligations of the property purchase, and that the purchase is contingent upon a full building inspection.
Australian citizens and permanent residents earning global income while in Canada must declare their earnings and pay taxes on their earnings, but they may also be entitled to an Australian foreign income tax offset. This offset allows for the provision of credits if taxes have already been paid in Canada. The tax credit provision is the result of a treaty established between Australia and Canada, which seeks to prevent double taxation of citizens of both countries.
Australian citizens and permanent residents living in Canada are eligible to vote by absentee ballot in the Australian Federal Election, as long as they intend to return to Australia within six years. After six years, Australians can renew their status by filing an annual declaration that they intend to return to Australia ‘at some point.’ This allows them to continue voting by absentee ballot while living abroad.
Currently there are 310 agreements between Australian universities and Canadian institutions. Canada requires a study permit but not a student visa for Australian citizens and permanent residents who wish to study in Canada. There are no limits on the amount of money that may be transferred to Canada to support foreign students.
Canada provides publicly-funded healthcare to its citizens and permanent residents under the Canada Health Act, which is implemented by the 10 provincial governments. Australian citizens and permanent residents who are only temporarily visiting Canada are strongly advised to take out travel insurance to cover any overseas medical costs. Refugees or protected persons living in Canada may be eligible for the Interim Federal Health Programme, a type of temporary health insurance coverage.
Australia and Canada have a close economic relationship, with two-way trade amounting to AUD$3.3 billion in 2013. As of 2013, Canada was Australia’s 22nd largest merchandise trading partner. Under the Canada-Australia Trade Agreement (CANATA), preferential tariffs are guaranteed on a limited range of products. Both countries are currently participating in negotiations for the Trans-Pacific Partnership free trade agreement, which seeks to eliminate tariffs on all trade between the two countries. As of 2013, the top imports from Canada were railway vehicles, sulphur and iron pyrites. Australian exports included food processors, consumer products retailers, software, financial services, and energy and mining services and equipment.
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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
