I'm liquidating all my Canadian assets and getting the f out in the next 2 years hopefully. My question is to anyone doing this or at least having put thought into it is: what should I change my worthless CAD to until I establish myself elsewhere? I'm talking about sums >100k. Currency exchanges take huge cuts on every change from my experience and bullion can't be freely transported accross borders. I'm not comfortable holding large CAD sums for any amount of time because it's decomposing trash. Where I go will be mostly dependent on my work situation, but the eurozone seems probable. Any tips?
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I'm a few years ahead of you on a similar path.
Still own a business and properties in Canada, but now live in Central America half the year (let me know if you want more detail on how I do that).....2020 has shown me that I want to be in Canada even less now, and hold way less $CAD.
I use Toronto based KnightsbridgeFX to convert CAD to USD when in larger amounts. I have a USD account at a Canadian bank I park money in until I need it.
I fear the same currency devaluation that you do. Not interested in investing any more money in Canada, other than MAYBE a decent investment RE deal that may cross my path.
If you are moving abroad.....MAKE SURE that the new country you choose to reside in does NOT tax your income earned outside the country.
I'm in my early 40's. My wife has never been happier since we started this endeavor in 2016, she doesn't want to come back to Canada at all.
Thank you very much for the tips. I will look into using KnightsbridgeFX.