07 Feb Cal Murphy is emigrating from Canada to take up re
Cal Murphy is emigrating from Canada to take up residence in Jakarta, Indonesia. At the time of his departure, Cal will have the following Canadian assets: Cal has been impressed by the capital appreciation he has made on his residence, so he intends to keep it and rent it out for $1,500 monthly. He intends to sell it at some future opportune time but believes this will be many years from now. The expected expenses for the mortgage, taxes, repairs, insurance, and sundry for the house are expected to be about $1,200 a month. Cal s brother, Joseph, will be collecting the rents for him and depositing them to Cal s Canadian bank. This money will be kept at the bank in a savings account in case of any unanticipated expenses. His 20% shareholding in the CCPC is not easily liquidated, and so he is retaining it, for now, to earn about $5,000 in annual dividend income. He is anxious to dispose of the shares, but has not yet found a prospective purchaser, despite a fairly exhaustive attempt to do so. The $45,000 fair market value was determined by a chartered business valuator. Cal is not at all sure what to do with the RRSP. He can liquidate it either before or after his planned departure date. Cal intends to renew the GIC when it matures as he is uncertain as to the Indonesian banking system, and won t transfer the money to an Indonesian bank until he s done some research. Cal and his wife separated last year, and Cal has custody of their only child, who will be moving to Ind
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