RETIREMENT INFO

[LADY JANET]

HI EVERYBODY !
I would like to ask about the retirement in canada ?
I am canadian citizenship and after 11 years i'll go for retirement .
I LIKE CANADA  but I have a big issue with the weather  it is very cold  and to much winter for me , I have like a cold allergy ! During the winter I can not stay outside , just inside I can not take a walk outside or go to sky or skate , noting !!! Just shopping and stay inside ! It is very very hard and I 'll star to get deppresion !
That's why I am starting to think that  for retirement I should  move somewhere warm !!!
SO CAN I GET MY PENSION FROM CANADA   AND LIVE IN OTHER CONTRY ?
thank you very much !!!

[PMM]

Hi

HI EVERYBODY !
I would like to ask about the retirement in canada ?
I am canadian citizenship and after 11 years i'll go for retirement .
I LIKE CANADA  but I have a big issue with the weather  it is very cold  and to much winter for me , I have like a cold allergy ! During the winter I can not stay outside , just inside I can not take a walk outside or go to sky or skate , noting !!! Just shopping and stay inside ! It is very very hard and I 'll star to get deppresion !
That's why I am starting to think that  for retirement I should  move somewhere warm !!!
SO CAN I GET MY PENSION FROM CANADA   AND LIVE IN OTHER CONTRY ?
thank you very much !!!

Yes you can collect your CPP and OAS overseas.

[LADY JANET]

THANK YOU VERY MUCH !
SOMEBODY TOLD THAT IF I WANT TO GET PENSION FROM CANADA , I SHOULD LIVE 6 MONTHS /YEAR IN CANADA !
IS THIS TRUE ?

[newtone]

If you have been filing your income tax every year in Canada then you are eligible otherwise bye bye CPP and OAS.

[LADY JANET]

So , what you mean ? I can not get my pension if I live in other country ?
I do my tax every year here in Canada because here I work and  I liver now .

[newtone]

Depends on which country you are in.
Canada has international social-security agreements with many countries. These agreements can help you get pensions or benefits from either country. For example, if you did not live or work long enough in another country to qualify under its rules, the time you spent there and the contributions you made may be added to your time and/or contributions in Canada to allow you to meet the eligibility requirements.

If you have lived or worked in another country, you should contact us for more information.

Please have a look at this link hopefully it will help resolve some of your questions

http://www.servicecanada.gc.ca/eng/isp/pub/factsheets/retire.shtml#cpp_retirement_pension

[toby]

Here are other considerations  when choosing a country to live in.

While you live in Canada, you are taxed on your OAS and CPP payments. If you live in another country, there will be a withholding tax on these payments -- usually 25% unless there is a tax treaty stating a different percentage.  For example, if you live in Mexico, withholding tax is only 15%, not 25%.

If you simply move to the new country, you will be a non-resident, and may be required to leave the country every (say) 90 days to renew your visa. Some countries don't like "perpetual tourists", and at some point you could be barred from re-entering unless you apply for permanent residence. So check the residency requirements before choosing a country.  Some are quite strict, others less so. Costa Rice is getting stricter; Belize is relatively easy at this point. But things change.

In the new country what will you do, and with whom?  Belize may be relatively easy to gain residency, for example, but beyond swimming and diving, what is there to do?

Do you like the weather? That balmy beach you visited for two weeks in Canada's winter might become a sweaty humid inferno in the summer.

Do you speak the local language, so you can mix with locals?  Or will you be reliant on ex-pats, and if so try to mix with them a while to see if you'd fit in.

Definitely visit and rent before considering buying a house -- no matter how attractive the deal may seem.  Once you've bought, the house may be very difficult to sell at your price.  And by renting you get to change places easily, and try out different locations options.   

Good luck.  Moving offshore has many details to take care of, but it is a wonderful adventure.





 

[Leon]

Another issue for retirees moving out of Canada is health care.  You can usually not keep your provincial health care if you are living in another country more than 6 months a year.  Even if you do live in Canada 6 months a year to keep your health care, something could happen where you need emergency care and do not have the option to fly back to Canada right away so you would either need extra insurance or take the risk and pay yourself if something happens.

[steaky]

I know many people retires in Vancouver and Victoria, BC.

[Leon]

Many people also go south for 6 months a year but I suppose they have emergency insurance.  Travel insurance isn't that expensive.

[steaky]

They were used to be called "snowbirds" - to escape the harsh winters of Canada.

[toby]

Many people also go south for 6 months a year but I suppose they have emergency insurance.  Travel insurance isn't that expensive.

It is expensive for older people, and usually unavailable to those over 70 or 75.  So get your travelling done while you're young, folks.  Once you're over the hump, you're meant to stay put in a retirement home and play shuffleboard.

[steaky]

An article from yahoo listing 5 places to retire for under $500 per month:

http://ca.finance.yahoo.com/news/5-Places-to-Retire-for-Under-usnews-4126515771.html