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Decision to stay or leave HK

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  1. #1

    Join Date
    Jul 2010
    Posts
    10

    Decision to stay or leave HK

    Hi guys- Me and my wife are considering leaving HK to head back to my home country Canada. But I'm having a lot of thoughts on the pros/cons of the decision.

    Pros of moving:
    - Perhaps better work/life balance
    - Cheaper housing
    - Better environment/air/nature
    - Better and more relaxed education system in Canada for future children (public school in HK takes a lot to get into a good school, very costly if international school)

    Cons of moving:
    - Much higher tax rate in Canada (both income tax and GST)
    - Lower gross salary for comparable job positions (due to differences in cost of living)
    - The move itself will take some work and leaving a dependable friend/family base in HK (established in the last 5+ years to join a defunct friend-base back home- will need to establish again)
    - Less work opportunities/ climb the corporate ladder (especially with the increasing tax rate the more you make, I'm not sure how much more I want to climb)

    Has anyone else made this decision before? What was the key factor that influenced your decision?

    By the way, 6 years ago as a fresh graduate, this site helped me make the decision to come to HK and it has been the best decision I've ever made. I can't say I love HK (but I'm quite fond of HK other than the insane housing cost and the overcrowdedness), but I've met my wife here, I've made significant progress with work and have developed some life-long friendships here that I will treasure for a long time. So, I'm really grateful for this site

    Last edited by wakeup; 04-12-2017 at 12:59 PM.
    HK_Katherine and Mrs. Jones like this.

  2. #2

    Join Date
    Dec 2013
    Location
    Hong Kong
    Posts
    12,323

    How old are your children? If it were me, the decision would be "stay in HK until kids are about 6-7 years old, then go somewhere with better air/education". That would be, earn more while they are small, go somewhere else just before the "important" schooling years.

    Finally, if you stay for 7 years you can become a PR, which may give you more options in the future.

    wakeup, Mrs. Jones, spode and 4 others like this.

  3. #3

    Join Date
    Jul 2010
    Posts
    10

    Thanks, very helpful.


  4. #4

    Join Date
    Jul 2010
    Posts
    10

    We actually don't have them yet, but planning to in the near future. Actually, I want to take her to Toronto because my wife is a HK local - we're almost 30 and I just want to get her exposed to the western world and be in an English speaking country earlier in her life because I feel it is easier for her to adapt to the society there at a younger age. Her English definitely needs to improve if we move there and I feel the later we move, the harder it is for her to adjust.

    Also, another concern is jobs: we both work in public accounting right now, which gives us easy access to move to different countries without any demotions. But we're not planning on doing this too much longer (very bad work/life balance).

    The final reason I want to go soon is because I feel the Toronto housing market is going to boom soon (like Vancouver before it), and I want to enter the market before that happens.

    But I definitely agree that HK is much better at making the $$$. I am a HK citizen- so the 7 years doesn't apply to me.


  5. #5

    Join Date
    Jun 2010
    Location
    Tri-State
    Posts
    11,644

    No advice, but some suggested background music as you decide.

    https://youtu.be/xMaE6toi4mk

    Cheeky Kiwi likes this.

  6. #6

    Join Date
    Sep 2012
    Location
    香港
    Posts
    1,162

    Canada is cold. Canada is cold. Canada is cold. I'd never swap Hong Kong for Canada. And this is despite the high cost of living and air pollution. If you don't like HK anymore, move to SG


  7. #7

    Join Date
    Sep 2012
    Location
    Hong Kong
    Posts
    75

    To me, the below two are non-issues:
    1. Your wife's English - surely that can improve if she hangs out with your westerner friends? There are many English courses (online or actual classes) she can take.
    2. Canada property market - You can still buy a property now (before the market booms further), rent it out and then take it back whenever you decide to go back.
    You are a PR now, if your kids are born here they get HK PR too and they are still Canadian coz of you right?

    Also, have you checked what conditions and/or restrictions might be imposed by Canada immigration on your wife who is not got Canadian citizenship yet (I presume)? For example, can she work there immediately?


  8. #8

    Join Date
    Sep 2016
    Posts
    30

    Write the push and pull factors down on a piece of paper, then discuss them with your partner.
    For me and my partner issues of residency and visa etc were the utmost importance.
    I have met a number of people (teachers) who have pulled up roots to return home ....only to come back again within a few years. For them it's a costly mistake (and one I had to suffer for the benefit of my partner).


  9. #9

    Join Date
    Feb 2009
    Posts
    687

    My belief is that to TO housing market is at a precarious peak. Way overpriced. It has held on but I believe there is signs of prices starting to drop.
    We have thought about the Canada move a lot, and we have stayed.
    My opinion is HK is great for work / life balance when kids are young. Helpers are great. Friends in Canada even hire Filipino helpers and pay a lot more than here.
    I would recommend like HK-Katherine that you stick it out in HK longer, have the kids, get them out of the needy / messy toddler years with the valuable help of a helper, and make / save as much money as you can.
    Then go to Canada. With a chunk of $ in your pocket you can have a good standard of living and not have to stress about the job prospects. Possibly with only 1 of you working, then the taxes don't hurt as much and you can enjoy your kids. I think kids actually need more parental attention when they are older.


  10. #10

    Join Date
    Feb 2017
    Posts
    12

    Visas aren't going to be an issue since your wife will get a PR.

    As someone contemplating the move in the other direction, I can assure you that the cost of living in major cities is not easier here. Your salary will go down but your rental costs will still be huge. In Vancouver a 1 bedroom rents for $1800 CAD. If you're making 60K a year, that's about $3500 a month in take home pay which means that half your money is in housing. In Toronto the situation isn't much better since a 1 bedroom even in North York rents for 1900-2000 a month. Keep in mind, you need a car here, insurance on that car, gas, childcare, property taxes, income taxes, sales tax, EI and CPP, health insurance... the list goes on.

    Also, finding a job is not easy if you don't have "Canadian experience" as employers call it. They like to freeze out the foreigners and use this as an excuse to keep you out or underemployed.

    shri likes this.