Social Security vs Canadian Pension?

[DeClarke]

I am thoroughly confused by everything I have read so far on this subject, so was hoping someone here may have figured it out.

I am a UK citizen who held a US green card and worked in the US for 30 years before moving to Canada at age 50. As age 60 rapidly approaches I am now wondering how best to deal with my significant accumulation of Social Security benefits from that 30 years of full employment. I have read all kinds of stuff about the "totalisation agreement" and still cannot make head or tail of it. Basically I would like to know:

A) Is having my SocSec benefit paid to my US bank an option, even though I reside permanently in Canada and no longer have legal standing in the US?

B) Is it possible (I would actually prefer this I think) to convert my stake in the US SocSec system to an equivalent stake in the Canadian system, and draw benefits directly to my Canadian bank (much less hassle)?

Is there any advantage (other than hassle reduction) to either option A or B above, as in tax implications, earliest age of withdrawals, etc?

Whom would I call (on either side of the border) to find out?

It's all very confusing...

 

[drewinoakville]

I am thoroughly confused by everything I have read so far on this subject, so was hoping someone here may have figured it out.

I am a UK citizen who held a US green card and worked in the US for 30 years before moving to Canada at age 50. As age 60 rapidly approaches I am now wondering how best to deal with my significant accumulation of Social Security benefits from that 30 years of full employment. I have read all kinds of stuff about the "totalisation agreement" and still cannot make head or tail of it. Basically I would like to know:

A) Is having my SocSec benefit paid to my US bank an option, even though I reside permanently in Canada and no longer have legal standing in the US?

B) Is it possible (I would actually prefer this I think) to convert my stake in the US SocSec system to an equivalent stake in the Canadian system, and draw benefits directly to my Canadian bank (much less hassle)?

Is there any advantage (other than hassle reduction) to either option A or B above, as in tax implications, earliest age of withdrawals, etc?

Whom would I call (on either side of the border) to find out?

It's all very confusing...

I don't think the benefits transfer. There are some combo time periods for vesting but if you worked in US for 30 years and Canada for 10, I think you are vested. ServiceCanada (or ServiceOntario if in Ontario) would probably be your best first stop. Making an appointment with the SS office in the US will need to be on your list at some point but SC should be able to guide you. US SS benefits may be taxable but since you are not a US citizen, they probably won't get you on the global income side which could push you over. Chances are, you just have to file annual income tax returns to the IRS with no tax due. An accountant with cross border knowledge can help you with that. Alas, no easy way for this... I've paid into both systems as well.

 

[Regina]

Social Security benefits

What pension in Canada is an equivalent to US Social Security benefits?

 

[drewinoakville]

What pension in Canada is an equivalent to US Social Security benefits?

Canada Pension Plan (CPP) is what is being discussed I believe. Old Age Pension is only for those that live in Canada when they retire. CPP benefits are much lower than US SS benefits (650 CAD vs 1400 USD) but Canadians only pay in on the first ~55k where Americans pay in on first ~110k.

Some details in an old post here (https://www.canadavisa.com/canada-immigration-discussion-board/threads/ssn-benefits-and-sin-benefits.47607/) One of the first links doesn't work so I looked it up (see below). As long as OP is British or Canadian (other nationalities listed) citizen, should be able to get the $$$
https://www.ssa.gov/pubs/EN-05-10137.pdf