Pay taxes with overseas Canadian account

ceril · February 28, 2021, 4:54pm

I want to pay taxes ASAP (tax lawyer here says you can do it early as a foreigner) so I can claim that as foreign tax credit for Canadian tax. To do that, I need to transfer a lot of money (100k’s of TWD). I don’t have a bank account here yet and I don’t know an easy way to transfer this money. My Canadian bank account doesn’t support sending money to Taiwan, only China. What’s the fastest way to send money to pay taxes here? If it requires me to first set up a bank account here to transfer funds to and then pay the Taiwan tax authority, I’m also ok with this option. Any ideas much appreciated!

Marco · February 28, 2021, 6:09pm

Transferwise

ceril · February 28, 2021, 6:12pm

I’ve seen Transferwise but they don’t have an option to transfer to TWD so I wasn’t sure if it works. Also, when transferring from Canadian dollars, there’s no wire option, only the following:

Direct debit
Debit card
Credit card
Domestic wire transfer
Bill payment

I don’t think any of these options will work, and on top of that, that was transfer to USD, which I don’t know if that will be able to be sent to Taiwanese banks/government.

Marco · February 28, 2021, 6:21pm

First, get bank account here. It’s easy.

Send CAD or USD to Taiwanese bank account. Cathay and Chinatrust simultaneously open a ‘foreign currency account’ and Taiwanese New Dollar account.

Send to foreign currency account.

Withdraw, and you’ll have Taiwanese money at local rates.

ceril · February 28, 2021, 6:23pm

Thanks a lot! So if I understand you correctly, I’m sending CAD/USD to Taiwanese bank account via Transferwise to a foreign currency account then converting that into TWD?

Marco · February 28, 2021, 6:23pm

Yea. No ‘paypal extortion rates’ either.

Bank book has swift code on it.

ceril · February 28, 2021, 6:24pm

Thanks Marco, you’re a life saver!

Marco · February 28, 2021, 6:24pm

No probs. It was about $300 (TWD) to receive it.

ceril · February 28, 2021, 6:26pm

I have one more question… which of those options I mentioned above works to send money to taiwan? Cause I don’t see a wire transfer option when transferring from CAD to USD.

I’m a bit new to Transferwise so maybe I chose the wrong option. I clicked on “Send Money” then chose CAD as to USD

Marco · February 28, 2021, 6:28pm

Let me ask my ozzie buddy who sent me $50 US as a test what he did.

Need a bit of time though. He is sleeping.