How to make your military move a financial success

SISIP Financial, Esquimalt — You’ve got your posting message, setting the ball in motion for your move. Prioritizing the financial implications and budgeting your relocation is the first step to reducing what Canadian Armed Forces (CAF) members say is one of the most significant pressure points of moving.

We’ve got you covered! Check out the tips below to help you get a head start so you can guarantee a financially successful move.

Five steps to taking control of your finances as you prepare for relocation:

1. Register with BGRS

As soon as you receive your posting message, ensure your Brookfield Global Relocation Services (BGRS) account is active. You’ll track your move through the BGRS app, which includes costing out your house-hunting trip, knowing how you’ll be reimbursed for moving costs, and what’s covered – and what’s not – for you and your family.

2. Understand your eligible relocation costs

Every move is unique. Most moving costs are covered, but there are monetary and time limits on reimbursements. Get clear on what you can and cannot claim. Remember to keep all receipts for your move, starting now. It’s recommended you designate a tabbed folder to save every proof of purchase as you go. Remember, BGRS now provides much of your reimbursement up front as a lump sum. Whatever you don’t spend – or cannot prove you’ve spent with eligible receipts – you’ll have to pay back.

3. Compare current and future income

Get a sense of how much money will come into your house each month at your new location. Look at variations in provincial income tax deductions as part of this exercise, which affects your net pay. Examine any benefits you receive where you currently live – for example, childcare subsidies, caregiver or child tax benefits – and determine if you’ll receive comparable benefits when you move. Consider the following:

• Will your spouse work after your move?
• Will there be a period that you’ll rely on a single income?
• Do you need to apply for employment insurance?
• Are salaries for your partner’s work equivalent in your new location?
• Is remote work a possibility?

4. Compare the cost of living

Determine how much you’ll pay for necessary expenses at your new location. If you plan to buy a house, is the real estate market similar to where you live now? If you’re renting, what can you expect to pay at your new location? Try to compare household bills, such as hydro, natural gas, and internet fees, which vary by province and even by municipality. Look at the prices of fuel and transit to understand how your daily commute might be affected. Compare grocery flyers between your current and new location and the accessibility of stores. This will give you a general idea of the difference in cost for items you buy frequently.

5. Book an appointment with a SISIP specialist

Every CAF member is eligible to receive free financial advice. SISIP specialists can guide the financial side of your move. We can:

• Help to understand the costs associated with your move;
• Assist you with comparisons of current and future income and expenses;
• Develop a budget that works for your circumstances;
• Discover ways you can pay down debt faster and save for the future;
• Update your life insurance policies to ensure they keep pace with your lifestyle.

Benefit from confidential advice from financial specialists who are part of the military community and understand how relocation works.