Bravo. The Best video that I have seen on UA-cam that I ever come across which explains in a nutshell retiring abroad with CPP & OAS. Many Thanks for your time. Congrats on 10K subs. ..!!!
The biggest issue is not the pension because this you may collect while abroad. The main problem is the healthcare insurance. In order to continue having the provincial healthcare coverage, you need to reside in that province for at least 6 months per year.
What is very important when you leave Canada, make sure you apply for OAS before you leave. My wife and I left and it took 4 years to get her OAS. The government drags its feet wants you to fill out 21 pages of reasons why you left and will not communicate with you. They even ask the country (my wife) where she is from and contract Germany to ask permission to give this OAS to us. Yea, get your pension before you leave.
The main reason most of use want to retire in another country (besides the weather) is because we can't afford to live in Canada. If you qualify for GIS you're poor as dirt in Canada. Makes no sense people are disqualified from GIS if you don't live in Canada.
With proper tax planning one can get GIS if not dirt broke. Assuming no work pension but savings in rrsp. Take $2k per year rrif (not rrsp) age65. Use tfsa savings between ages 65 and 71 keeping taxable income super low.
The GIS for pensioners is a top up for the cost of living. If you move to a cheaper country you no longer need the top up because you’ve found a lower cost of living.
Guarantee income supplement is for people who never contributed to Cpp and didn’t have residency for OAs. These are people who never worked in their lives usually.
Wow! I have watched countless videos on this very topic, and yet you have included a few very interesting facts that I had never come across. Thank you and well done.
This is a little bit confusing, when you get GIS you absolutely can live outside of Canada, but you also need to stay in Canada for period 6 months and 1week, the rest of the time 5 months & 3 weeks you can live abroad. It used to be that Revenue Canada didn't check closely the times and weeks, however since the computers at our airports are sending info to the gov't, they know exactly when you left and when did you arrive, your GIS will be suspended if you are 6 months abroad, it's automatically done by computer, so anyone with GIS must really watch that they stay abroad only 5 months & 3 weeks, even one day over and benefits will be suspended. Good luck everyone 😊
My interpretation, reading the Gov website "You cannot collect the Guaranteed Income Supplement if you are outside of Canada for more than 6 months." This means you can travel 5 months, come back to Canada for 2 weeks, travel for 5 months etc. It does not say you have to live in Canada for 6 months. Their words not mine.
You need to be resident of Canada to receive GIS Who is resident? For tax purposes 183 days is the magic number in a calendar year also known tax year. Very simple in one stretch or multiple doesn’t matter. You can’t collect GIS while away from Canada. This is based on Canadian cost of living and to support people from being very poor in old age.
@@Gypseygirls it’s already well documented. In Canada government and private pensions are transferable. You cannot deny a Canadian citizen their earned pension . That’s the definition of communism.
To recieve GIS and OAS the rules clearly state and i quote "You may not reside outside of Canada for more than 6 months". This DOES NOT say per year. Keep an Address in Canada, do not have your pension deposited into a foriegn bank account and return to canada once every 6 months.
@@frankcentofanti9317 You have to go to a country on the list to avoid a total clawback on your OAS. If you're broke and make nothing then you can retire to countries not on the list and still get your OAS.
I'm 66 my banks are in Canada . Been going to Colombia for 5 1/2 months a year the past two years . Currently getting my Quebec Pension, OAS and GIS. Worked over 35 years in Canada why would I live in Canada where it's unaffordable and rent is too high and currently paying 375 a months rent in Colombia. And see beautiful happy people everywhere. Gotta look into it.
Canada is a shithole the smartest thing to do is leave and go to one of the countries on the list so you don't get 100 percent on your OAS clawed back like in Canada. Mexico and Brazil have the best interest rates for retirees but only Mexico is on the list and the Peso has crushed the Canadian dollar the past 2 years. I like to have slaves but I'm sure I can hire slaves in Mexico. Monte Carlo is where I'd like to go to but its not on the list. I never worked a day in my life and would like to get my full OAS without a total clawback having lived in Canada all my life.
Remember to do your pushups and sit-ups and get in shape before leaving Canada. Remember to think about your heirs and how much more money and wealth they'll get once you leave this country. If you go to a country with gift taxes which is almost every country give 95 percent of your money to your heirs in Canada if they're 18 or older before you leave. Set aside enough money from what's left over to live on for the next 15 years if you're in your late 80's.
We were officially "Deemed Non Residents" while still in Canada, just before we retired to Mexico. Our CPP and OAS are deposited after tax into our Canadian bank. Since there is a tax agreement between Canada and Mexico, we are taxed federally at 15%. That includes my wife's super annuation. Given that we don't owe the tax man and the tax man doesn't owe us, we haven't filed in years, nor do we have to.
Treaty agreement between Romania and Canada it is said that even on territory of Romania you are entitled of GIC and if on territory of Romania is considered being on canada
I know a lot of people who retired to Mexico and all of them saw their annual income double or slightly more double due to the 11.25 bank rate there. Live like a king in Mexico just like the good old days in the late 1970's and very early 1980's in Canada. Sitting on the beach with a drink thinking about all the compound interest your money earns in Mexico.
@@parkerbohnn The problem is, everything is much more expensive than back in the day. The "super peso' arrived as Mexico's economy improved dramatically. Inflation is a real issue now and after 7 years in Mexico, we live for half the price on the beach in Vietnam.
@wellbuiltwealth I was following another channel but... my eyes would glaze over... quickly! Stumbled upon one of your videos and... unsubcribed the other and subscribed here! Thank YOU for explaining in everyday people lingo. I'll certainly share it with friends.
When I was preparing to retire I visited the local Service Canada office for information. The information they provided was quite informative, they said to talk to my bank.
The average wait time in the lineups for Service Canada is about seven hours. You have to bring a big meal with you and hope you don't piss your pants before you finally get to the front desk. What a stinking country Canada is.
I have a friend in Australia who lived in Canada for 12-13 years, he receives OAS and CPP, so 20 years is not a requirement. And he didn’t apply for OAS, they found him.
20 years is not a requirement? Are u sure? We are waiting 2,4 years to make 20 years...but we will go tomorrow if it's right that 20 years is not a requirement to get OAS
@@adenicol9569 absolutely sure, but he does get a reduced amount because he was 7 years short of the 20. But why are you waiting anyways, he never even applied, I was there in Sydney when he received the letter from OAS. I was very surprised that Canada sends OAS cheques around the world, CPP of course, you and your employer contributed to CPP. Thing is, he didn’t apply for it, they found him, I had to explain what OAS is.
As you stated, If OAS is a social program, then yes I am entitled to it. Since all social programs are based on taxes, which I have been paying all my life. Hardly seems fair that those that do not pay taxes still get OAS.
I know it was 8 mos ago but this was super helpful. I left Canada just before my 40th birthday to move the USA. I am now in my early 50’s and paying much more attention to retirement planning.
My parents was getting about $1000/month each in OAS+GIS while living in Canada, got just $360/month when they moved back to Hong Kong. Now that they've returned back to Canada 7 months ago, they are still getting $360/month. I speculate they will need to stay in Canada for at least 1 year before they can apply to have their OAS+GIS readjusted.
Thank you for your video, I think it is really helpful for a lot of people. It is sad that many people have to leave to live better but at least thanks to you we have a better understanding of how to do it.
A guy I worked with took a private boat to St.Pierre from Newfoundland and took a flight from there to Paris and is living in Eurooe somewhere. Not sure if the government has figured out he is no longer in Canada or not.
@slowpoke1...It's true that the automatic border system crossing between all the countries apply to entries by land and plane and the crossings on water are more relaxed,and no one cares to check it before you retired.But as soon as you start getting your pension your passport will be flagged and registered automatically in Canada.I was in S.E. Asia last year and moved around three countries and each time I crossed the border I got an automatic email notice from Canada on advise and travel info and level of security!
Explain the Feb. '24 changes to OAS - If you haven't done so already. Also, the pros and cons of retiring overseas. In my situation I keep returning for 183 days in Canada just to get GIS. Otherwise I would kiss goodbye the high cost of rent. Never understood why OAS is affected by which country one retires to. Or why one is not eligible for GIS when one retires to Istanbul or Bangkok. Aren't we saving tax payers the cost of infrastructute and healthcare? Most of all, I do not understand why GIS is not assets (versus income)-dependent. I get it but see it as welfare for seniors.
With the release of the budet I'm rethinking my plans. And i was intouch we a family member that just did there taxes and they owe 690. At the age of 85 . I guess that's the thank you for working and never taking a penny of government money
He owed $690 because he had high enough income that it became taxable and the income tax deducted was just a downplayment, not covering the whole tax liability.
I lived in Asia for 12 years. Now back in Canada and (was) planning to retire overseas, especially with the 7% flat tax program in Italy and Greece (and since my biggest expense is wine... which is highly taxed in Qc). I say 'was' as I realized Canada (Qc) is a tax haven... if you don't have a wage. If you're income is strictly dividends, a couple can make up to $90,000 without paying taxes. Thanks to income splitting, each person in the couple can make $45,000 without paying income taxes, thanks to dividend credits. If fact, in Qc, if you make $62,575 in dividend income, your taxes are $2,575 leaving you with $60,000 net (or $120,000 for a couple)... a 4.3% income tax rate (for the couple). Then later, from 65yrs old, you can slowly sell your assets. Let say your portfolio doubled over time. You can sell up to 120,000 in shares without paying any taxes. First, the capital gains on $120,000 will be $60,000 (your portfolio doubled). You split the $60,000 with your spouse, which is $30,000 in capital gains, each. Only 50% is taxable (the inclusion rate), leaving you with capital gain income of $15,000... and in Canada, you don't pay income taxes when your income is below $15,000. So $120,000 income for the retired couple, with no, zero, nada taxes... So stay in Canada. Avoid the expenses and risk moving overseas (my friend just moved to Thailand for the low taxes and then the system changed... oops). Travel 6 month per year overseas and visit your Canadian neighboors the rest of the year :-)
When I retired I moved to the EU. I had myself declared a nonresident of Canada. I do collect my pension from where I worked and I do collect CPP and OAS. I have my pensions deposited directly into my bank account over here. I do my yearly taxes but being a nonresident I do not have to pay provincial tax and I pay less federal tax than if I lived in Canada. For me, it has worked out very well. Even if you are struggling in Canada I suggest looking into retirement elsewhere. It is a lot cheaper to live in the EU than in Canada even though I was told I was told I could not afford to live there. I have friends who have retired to Mexico and other countries in South America and said they are not sorry either. It does not cost anything to go online and check and do your homework. You would be very surprised. Canada has become a Sh*thole under this Liberal government.
Canadians just can't comprehand who bad they are fucked over with taxes and the health care. They are so worried about the health care which is not great at all and almost a lifesaver to avoid it having all these import doctors....
The problems of Canada today have as much to do with the conservatives as the liberals. It’s rich to retire into the social democratic european system and complain about liberals who are in many ways to the right economically of any number of european nations…
Thank you for this. The information is clear and I understand so much more now. Yes, of course, I need to work with an immigration lawyer in Argentina as well, but you have given me a lot more hope for an easy transition. cheers, or as they say in Buenos Aires, gracias y chau
Thanks for all this great info. My understanding is that when living abroad and collecting pension, you keep paying federal income taxes but no provincial tax. Only if you no longer own any property or assets (I.e. vehicle) in Canada. Any truth to that? I’m told since you’re not using the provincial level services like healthcare, you don’t pay provincial taxes. But you keep paying federal taxes as a Canadian … would like to know 👍🏻
I called these guys and they told me that if I wanted to leave Canada I would lose my pensions and not get money anymore. I was surprised when she said this but I thought she knew what she was talking about she was CPP after all. That was who I called.
That is some great info. What do you think about segregated funds being part of retirement planning? Many advisors are recommending these to take care of taxes. Thanks.
As an immigrant you need to have stayed in Canada 20 yrs to receive the OAS abroad. If you stayed abroad for 10yrs before reaching 65 are those years counted in the number of years after coming to Canada or do they calculate the number of years you are physically in Canada.
I am a veteran with medical pensions and other benefits through Veterans Affairs Canada (VAC). When I was 59.5 I was encouraged to take my CPP early at 60, which I did 1st cheque arrived in Feb 2014. The downside was VAC contacted me IN JUNE 2014, and told me I owed them money (clawback) for the amount i had receiving for CPP. They reduced my benifits for the amount I was receiving for CPP. I never applied for OAS as it was the same deal with clawback for OAS. I contacted VAC in 2023 about moving back to Scotland (out in Canada on my own) got old and broken lol 😂, asked if there was any problems with doing that, they said I would lose 50% of my total (medical pensions/benefits) income, I’m assuming they meant Benefits rather than pensions?. Shelved moving out of Canada due to the potential financial loss.
Interesting. As an aside. Something most have not considered because they are too wrapped up in living abroad is aging. I know of family that retired abroad and loved it. Now in their final years they decided to return home. There are many factors why. No family, friends have moved or passed, healthcare is not adequate for their needs, being not fluent in the local langauge, etc.... Eveythings all roses until it' not.
I tried finding an explanation for what "maximum period of initial detachment" means and every hit I got made the assumption you already know what it means.
What happens to CPP if I move out of Canada after working and paying CPP for 18 years and work in US for 10 years? Do I get CPP from Canada and pension from US too?
Is cpp indexed for inflation if you leave Canads? My mother's British pension is not and since the uk and Canada do not have an agreement on this,, it never goes up as it would if she were still living in Britain.
What's the point of this useless, irrelevant comment? It contributed NOTHING to the discussion, and frankly, we do not know nor care about your aunt who is English or Canadian
Thank you much! retiring in 2024 and retiring in my native country. my native country have a social security agreement with Canada but have a dual citizenship. I can receive CPP, GIS (24yrs+ employed in Canada) N OAS when retiring in my native country, right? Planning on a farm business there too.
@@wellbuiltwealth wow! thanks much 4D reply. as you mentioned, CPP OAS GIS not enough (apartment rent alone takes about 2/3 of my CPP OAS GIS total budget) hence retiring in my native country.
I was thinking of moving too Hawaii when I turn 65 . I have been collecting my CPP since I turned 60 and I’m still working when I turn 65 I get a company pension I will be at my 40 years of at the company so would I still get OAS with my company pension . I only make 48,000 for the year .
I am Canadian of 16 years and planning to relocate to Cyprus. Because I have not lived ion Canada for 20 years my OAS and more importantly my GIS will stop after 6 months living in another country. I see that Canada has a social agreement with Cyprus so there may be creditable periods to bring it up to 20 years. I also see that there is a maximum period for "initial detachment' for Cyprus and it is 24 months. What does this mean??
If i have a pension for my contributions when i worked in my home country and then i moved to Canada and worked here. Am i entitled to collect my pension from back home and my cpp here. With it be duducted?
You can keep it, BUT, you may not want to if you are paying tax in another country because that country may charge you capital gains on proceeds from your TFSA.
@@keninvic2627 May I add that we're not supposed to contribute further to the TFSA while non resident for tax purposes, otherwise a penalty will be imposed by the CRA.
What happens to Canadians who have lived and worked abroad and are coming back to Canada for retirement? I have been living in France since 1999 and planning to come back to Canada. Canada and France apparently have an agreement for retirement paid in either countries when people go back and forth but not sure exactly how that plays out?
I am almost 55 and will be switching careers to be able to work from home/work longer! I will be spending part of the year in the US with my partner and part of the year here in Canada. I wonder how my pension will work doing this?
Awesome! As for the pension, I’d have to know more to able to speak competently about it all. Which is exactly the kind of thing we do for our clients :)
Keep detailed account of day of arrival and departure in both countries. When I moved to Florida in 2022 I found both cpp and oas extremely helpful when I called them.
@@adenicol9569 it depends where you are a resident. I left Canada to live in France and the USA since I wasn't a resident during those years outside Canada. I worked with OAS to establish those dates approximately. If you are vacationing it doesn't count. Now I am a dual national and have filed non resident of Canada paper work so not to pay Canadian taxes but I still receive OAS and CPP.. I have a friend in Toronto that has a house in Phoenix that keeps track of days in USA since you are only allowed 6 months in usa per year as a Canadian.
Excellent video content!! I still have 25 years to retirement but this video surely gives me a nice perspective in terms of planning and deciding where I want to go… good to know the country I was aiming at signed a tax treaty with Canada. Hoping it stays that way 25 years from now 😂
For me Monte Carlo isn't on the list. My niece finally got her degree just this month so the immediate family and most of my relatives are splitting for Monte Carlo.
I went through this process moving from Ontario to Florida as a dual national. I receive both CPP and OAS. My OAS is 60% since I didn't live in Canada for 20 years after age 18. I had to go through the evaluation process by the Canadian government. I also proved non Canadian residency for tax purposes. On hiccup was l left Canada Jan 7 2022 so I had to pay partial Canadian federal taxes for 2022. For 2023 I pay no Canadian federal tax and show my Canadian income on my USA taxes. It's sad how little CPP and OAS are. In the USA social security can be $3500 per month if you paid the max. You pay no federal tax on SS and you can earn up to 50% and still pay no tax. So I pay no federal taxes and there is no state income tax in Florida. I do miss the snow.
We have to wait 2 years from now to complete 20 years living in CA. Do u think is worthy to wait those 2 years? Are they calculating day by day? I mean minus vacations days when we were out of CA?
So true, canada and its leader Dildeau are an absolute abomination. OAS and CPP are now enough to survive in a two bedroom tent in this country. He gives himself a raise of 30% and some seniors actually got a reduction or a $5 a month cost of living raise per month.
I lived for 11 years in the Philippines and they deducted 25% clawback taxes and my total pension was less than $20,000.00 I have tried to get this money reimbursed but got a cold shoulder from CPP the amount is about 5/6000 dollars. What are my options?
you said the survivor benefits go with you wherever you go but under the old age security also has the survivor allowance which you said the person must live in Canada. Are they different the survivor benefits and survivor allowance?
Of course your CPP and OAS are available, you can take that money anywhere in the world. Canada has no control over that. The only consideration is the taxation.
Hello there, Another very interesting video.... I was wondering if you can suggest someone that could help with cross border taxes? David is my name and I intend to retire in Portugal, so that person should be someone that be familiarized with Canada/Portugal retirements.... Thanks in advance
As long as you file taxes you receive it. My son is in China at university and he’s received it since it started. But we file his Canadian tax return every year since he left 🤷♂️🤷♂️
Thanks for this, so if you are planning on living abroad in a country that does have a tax treaty but does not appear on that second list you showed (say Italy or France), it means the treaty doesn't apply to, or cover the clawback?
It's money automatically withheld for or by the CRA and is considered a final tax on your income (for example CPP, OAS, Interest income, etc) regardless if you are supposed to owe more or supposed to pay less.
lived experience 2024 : I am retiring in Europe, in return income Canada takes 25% of my Canadian retirement, so even if your retirement is 500.1000 per month, " income Canada" will take 25% of the amount. Not fair!
@@kkostadinof Thank you very much, I see for once that the comments on UA-cam bring added value and not just lol, ah! oh! wow! wonderful! I have no income in Canada, I have now put everything in Europe...But see, a system which obliges you, as a simple citizen, to be on the lookout for the 12,000 laws of "revenue Canada", which obliges you to produce declarations when they know that for 10 years you have no more income, it's the pot of earth against the pot of iron, it's the end of the free movement of Canadians, he's an authoritarian socialist, made up of a multitude of small state civil servants, a administrative nightmare for the elderly.
This is amazingly clear and succinct! I've never heard CPP/OAS/GIS explained so clearly. Thank you!!
Oh wow! Thanks :)
Bravo. The Best video that I have seen on UA-cam that I ever come across which explains in a nutshell retiring abroad with CPP & OAS. Many Thanks for your time. Congrats on 10K subs. ..!!!
Wow, thank you!
The biggest issue is not the pension because this you may collect while abroad. The main problem is the healthcare insurance. In order to continue having the provincial healthcare coverage, you need to reside in that province for at least 6 months per year.
Exactly, this put me on hold deciding to live abroad
What is very important when you leave Canada, make sure you apply for OAS before you leave. My wife and I left and it took 4 years to get her OAS. The government drags its feet wants you to fill out 21 pages of reasons why you left and will not communicate with you. They even ask the country (my wife) where she is from and contract Germany to ask permission to give this OAS to us. Yea, get your pension before you leave.
Wise words.
That's a potential issue for those that are planning leave long before becoming eligible for OAS
@@Gurkha9 Yes. Great point.
Great tip Thankyou!
What age can you start to apply for OAS? don't you have to be 65?
The main reason most of use want to retire in another country (besides the weather) is because we can't afford to live in Canada. If you qualify for GIS you're poor as dirt in Canada. Makes no sense people are disqualified from GIS if you don't live in Canada.
It makes sense the government doesn't give a shit and doesn't want to pay out pension money, so they invented the gis clawback
With proper tax planning one can get GIS if not dirt broke. Assuming no work pension but savings in rrsp. Take $2k per year rrif (not rrsp) age65. Use tfsa savings between ages 65 and 71 keeping taxable income super low.
The GIS for pensioners is a top up for the cost of living. If you move to a cheaper country you no longer need the top up because you’ve found a lower cost of living.
Guarantee income supplement is for people who never contributed to Cpp and didn’t have residency for OAs. These are people who never worked in their lives usually.
@msbossvlog1528 Sad thing is these people who never worked get more pension with the max GIS than people who worked and paid into CPP. Its unreal.
Wow! I have watched countless videos on this very topic, and yet you have included a few very interesting facts that I had never come across. Thank you and well done.
I was planning to return to Peru anyway when retirement age comes. This just gives me a logical reason. Thank you.
Yeah.... You're back! Enjoy your videos and thanks for creating them.
Thank you!
Very interesting and informative. My wife is Colombian and we are looking to retire to Colombia when the time comes.
Sounds awesome!
Sounds dangerous but super affordable.
This is a little bit confusing, when you get GIS you absolutely can live outside of Canada, but you also need to stay in Canada for period 6 months and 1week, the rest of the time 5 months & 3 weeks you can live abroad. It used to be that Revenue Canada didn't check closely the times and weeks, however since the computers at our airports are sending info to the gov't, they know exactly when you left and when did you arrive, your GIS will be suspended if you are 6 months abroad, it's automatically done by computer, so anyone with GIS must really watch that they stay abroad only 5 months & 3 weeks, even one day over and benefits will be suspended. Good luck everyone 😊
This is for the people who drank and gambled their entire life away and ended up with zilch or worse loan sharks on your back but it happens.
My interpretation, reading the Gov website "You cannot collect the Guaranteed Income Supplement if you are outside of Canada for more than 6 months." This means you can travel 5 months, come back to Canada for 2 weeks, travel for 5 months etc. It does not say you have to live in Canada for 6 months. Their words not mine.
You need to be resident of Canada to receive GIS
Who is resident? For tax purposes 183 days is the magic number in a calendar year also known tax year. Very simple in one stretch or multiple doesn’t matter. You can’t collect GIS while away from Canada. This is based on Canadian cost of living and to support people from being very poor in old age.
@@thehatfoodtruck3158 Seems the Gov uses two requirments of time in Canada.
@@parkerbohnn Maybe. I can guarantee that plenty of retirees are taking it despite being well off.
Romania has a treaty agreement on social security where it says you have to have equal rights with Canadians including GIC
Deci le vom lua pe toate 3?
I was looking for these information for a long time
100% agree! My husband and I have already purchased our home in Italy… now we are just putting in the time at work until we can leave…
Change may come tho
Governments pay might not go into your account to support another country..
@@Gypseygirls it’s already well documented. In Canada government and private pensions are transferable. You cannot deny a Canadian citizen their earned pension . That’s the definition of communism.
@@Gypseygirls also, you continue to pay Canadian taxes on your Canadian income despite where you live
@@cherylbower6639 You sell all your businesses and leave Canada so there's no income coming in from Canada.
To recieve GIS and OAS the rules clearly state and i quote "You may not reside outside of Canada for more than 6 months". This DOES NOT say per year. Keep an Address in Canada, do not have your pension deposited into a foriegn bank account and return to canada once every 6 months.
He is correct about OAS
he said you get CPP & OAS even if you live abroad who is right
@@frankcentofanti9317 I said GIS and if you live abroad you may get a reduced amount. of OAS. THe cpp is not a problem.
@@frankcentofanti9317 You have to go to a country on the list to avoid a total clawback on your OAS. If you're broke and make nothing then you can retire to countries not on the list and still get your OAS.
you are incorrect, stop spewing garbage. The guy making the video is not making stuff up, you clearly are, quotation marks or not.
You have given me an idea of living back home without any hassle and having peace of mind
I'm 66 my banks are in Canada . Been going to Colombia for 5 1/2 months a year the past two years . Currently getting my Quebec Pension, OAS and GIS. Worked over 35 years in Canada why would I live in Canada where it's unaffordable and rent is too high and currently paying 375 a months rent in Colombia. And see beautiful happy people everywhere. Gotta look into it.
Canada is hard enough to work in. It is almost impossible to retire in
Really good advice thanks. To avoid all this simply go on longer vacations. Canada is a slice of heaven on earth. Don’t leave!! 😊
governments change every 10 years too.
Canada is a shithole the smartest thing to do is leave and go to one of the countries on the list so you don't get 100 percent on your OAS clawed back like in Canada. Mexico and Brazil have the best interest rates for retirees but only Mexico is on the list and the Peso has crushed the Canadian dollar the past 2 years. I like to have slaves but I'm sure I can hire slaves in Mexico. Monte Carlo is where I'd like to go to but its not on the list. I never worked a day in my life and would like to get my full OAS without a total clawback having lived in Canada all my life.
It sucks can't wait to leave
Remember to do your pushups and sit-ups and get in shape before leaving Canada. Remember to think about your heirs and how much more money and wealth they'll get once you leave this country. If you go to a country with gift taxes which is almost every country give 95 percent of your money to your heirs in Canada if they're 18 or older before you leave. Set aside enough money from what's left over to live on for the next 15 years if you're in your late 80's.
We were officially "Deemed Non Residents" while still in Canada, just before we retired to Mexico. Our CPP and OAS are deposited after tax into our Canadian bank. Since there is a tax agreement between Canada and Mexico, we are taxed federally at 15%. That includes my wife's super annuation. Given that we don't owe the tax man and the tax man doesn't owe us, we haven't filed in years, nor do we have to.
Treaty agreement between Romania and Canada it is said that even on territory of Romania you are entitled of GIC and if on territory of Romania is considered being on canada
I know a lot of people who retired to Mexico and all of them saw their annual income double or slightly more double due to the 11.25 bank rate there. Live like a king in Mexico just like the good old days in the late 1970's and very early 1980's in Canada. Sitting on the beach with a drink thinking about all the compound interest your money earns in Mexico.
@@parkerbohnn The problem is, everything is much more expensive than back in the day. The "super peso' arrived as Mexico's economy improved dramatically. Inflation is a real issue now and after 7 years in Mexico, we live for half the price on the beach in Vietnam.
@@simonamoste3668 ...You're right,as long as you don't spend more than 182 days in a calendar year in Romania!
Was considering moving back to Scotland when i retired and wondered about this
Don't!! They have new hate speech laws and they seem to be under the spector of the WEF.
Thanks for uploading. Really appreciate the info provided and how well you present it. Cheers
You’re welcome. And thank you!
@wellbuiltwealth
I was following another channel but... my eyes would glaze over... quickly! Stumbled upon one of your videos and... unsubcribed the other and subscribed here! Thank YOU for explaining in everyday people lingo. I'll certainly share it with friends.
@@lesliejackson149 Well, I think that might be about the best compliment I could get. Thank you!!
@wellbuiltwealth Your welcome. The truth doesn't always hurt. Sometimes, it gives you a pat on the back.
What about medical services?
Great video! I think by the time I retire many of these rules just might change!!
OAS helps for tip money when you leave Canada. I hope the rules never change.
When I was preparing to retire I visited the local Service Canada office for information. The information they provided was quite informative, they said to talk to my bank.
Sheesh!!
The average wait time in the lineups for Service Canada is about seven hours. You have to bring a big meal with you and hope you don't piss your pants before you finally get to the front desk. What a stinking country Canada is.
@@parkerbohnn And this is after fearless leader has massively increased the size of the civil service.
Wow. This was helpful. Can't believe there is help for Canadians out there.
I have a friend in Australia who lived in Canada for 12-13 years, he receives OAS and CPP, so 20 years is not a requirement. And he didn’t apply for OAS, they found him.
20 years is not a requirement? Are u sure? We are waiting 2,4 years to make 20 years...but we will go tomorrow if it's right that 20 years is not a requirement to get OAS
@@adenicol9569 absolutely sure, but he does get a reduced amount because he was 7 years short of the 20. But why are you waiting anyways, he never even applied, I was there in Sydney when he received the letter from OAS. I was very surprised that Canada sends OAS cheques around the world, CPP of course, you and your employer contributed to CPP. Thing is, he didn’t apply for it, they found him, I had to explain what OAS is.
Already semi retired living 5 months a year in Thailand. Unfortunately I don't think they're on the treaty list.
As you stated, If OAS is a social program, then yes I am entitled to it. Since all social programs are based on taxes, which I have been paying all my life. Hardly seems fair that those that do not pay taxes still get OAS.
OAS is guaranteed and paid to you based on years you resided in Canada. You can move wherever you like in the world and take it with you.
Just came across your channel. Very informative, thanks. I subscribed.
I know it was 8 mos ago but this was super helpful. I left Canada just before my 40th birthday to move the USA. I am now in my early 50’s and paying much more attention to retirement planning.
Americans are much more friendly than Canadians and now for the most part more intelligent.
My parents was getting about $1000/month each in OAS+GIS while living in Canada, got just $360/month when they moved back to Hong Kong. Now that they've returned back to Canada 7 months ago, they are still getting $360/month. I speculate they will need to stay in Canada for at least 1 year before they can apply to have their OAS+GIS readjusted.
GIS is only payable if residing in Canada for at least 6 months a year, it's residency based.
Thank you for your video, I think it is really helpful for a lot of people. It is sad that many people have to leave to live better but at least thanks to you we have a better understanding of how to do it.
My problem with the 6 months in Canada rule, is how expensive the flights are.
A guy I worked with took a private boat to St.Pierre from Newfoundland and took a flight from there to Paris and is living in Eurooe somewhere. Not sure if the government has figured out he is no longer in Canada or not.
@slowpoke1...It's true that the automatic border system crossing between all the countries apply to entries by land and plane and the crossings on water are more relaxed,and no one cares to check it before you retired.But as soon as you start getting your pension your passport will be flagged and registered automatically in Canada.I was in S.E. Asia last year and moved around three countries and each time I crossed the border I got an automatic email notice from Canada on advise and travel info and level of security!
Explain the Feb. '24 changes to OAS - If you haven't done so already. Also, the pros and cons of retiring overseas. In my situation I keep returning for 183 days in Canada just to get GIS. Otherwise I would kiss goodbye the high cost of rent.
Never understood why OAS is affected by which country one retires to. Or why one is not eligible for GIS when one retires to Istanbul or Bangkok. Aren't we saving tax payers the cost of infrastructute and healthcare? Most of all, I do not understand why GIS is not assets (versus income)-dependent. I get it but see it as welfare for seniors.
Thank you for explaining this so thoroughly. Now following for more :)
born and raised in CANADA. Best country EVER!! If you are on disabilty your money goes into your bank which you can access anywhere in the world
With the release of the budet I'm rethinking my plans. And i was intouch we a family member that just did there taxes and they owe 690. At the age of 85 . I guess that's the thank you for working and never taking a penny of government money
He owed $690 because he had high enough income that it became taxable and the income tax deducted was just a downplayment, not covering the whole tax liability.
I lived in Asia for 12 years. Now back in Canada and (was) planning to retire overseas, especially with the 7% flat tax program in Italy and Greece (and since my biggest expense is wine... which is highly taxed in Qc).
I say 'was' as I realized Canada (Qc) is a tax haven... if you don't have a wage. If you're income is strictly dividends, a couple can make up to $90,000 without paying taxes. Thanks to income splitting, each person in the couple can make $45,000 without paying income taxes, thanks to dividend credits. If fact, in Qc, if you make $62,575 in dividend income, your taxes are $2,575 leaving you with $60,000 net (or $120,000 for a couple)... a 4.3% income tax rate (for the couple).
Then later, from 65yrs old, you can slowly sell your assets. Let say your portfolio doubled over time. You can sell up to 120,000 in shares without paying any taxes. First, the capital gains on $120,000 will be $60,000 (your portfolio doubled). You split the $60,000 with your spouse, which is $30,000 in capital gains, each. Only 50% is taxable (the inclusion rate), leaving you with capital gain income of $15,000... and in Canada, you don't pay income taxes when your income is below $15,000.
So $120,000 income for the retired couple, with no, zero, nada taxes...
So stay in Canada. Avoid the expenses and risk moving overseas (my friend just moved to Thailand for the low taxes and then the system changed... oops). Travel 6 month per year overseas and visit your Canadian neighboors the rest of the year :-)
Solid advice, I just can’t believe the amount of people that think we got it so bad in Canada, it’s pretty darn good country
When I retired I moved to the EU. I had myself declared a nonresident of Canada. I do collect my pension from where I worked and I do collect CPP and OAS. I have my pensions deposited directly into my bank account over here. I do my yearly taxes but being a nonresident I do not have to pay provincial tax and I pay less federal tax than if I lived in Canada. For me, it has worked out very well. Even if you are struggling in Canada I suggest looking into retirement elsewhere. It is a lot cheaper to live in the EU than in Canada even though I was told I was told I could not afford to live there. I have friends who have retired to Mexico and other countries in South America and said they are not sorry either. It does not cost anything to go online and check and do your homework. You would be very surprised. Canada has become a Sh*thole under this Liberal government.
How do you declare that you've become a nonresident?
Canadians just can't comprehand who bad they are fucked over with taxes and the health care. They are so worried about the health care which is not great at all and almost a lifesaver to avoid it having all these import doctors....
The problems of Canada today have as much to do with the conservatives as the liberals. It’s rich to retire into the social democratic european system and complain about liberals who are in many ways to the right economically of any number of european nations…
We moved to Czech Republic and saved thousands.
@@lattakia3812First line on your income tax - Were you a resident of Canada as at Dec. 31? No.
Thank you for this. The information is clear and I understand so much more now. Yes, of course, I need to work with an immigration lawyer in Argentina as well, but you have given me a lot more hope for an easy transition. cheers, or as they say in Buenos Aires, gracias y chau
Great info.we all want to leave camada cuz the money we reveivecant even pay rent.in another country thismoney will go a far way.
Thanks for all this great info. My understanding is that when living abroad and collecting pension, you keep paying federal income taxes but no provincial tax. Only if you no longer own any property or assets (I.e. vehicle) in Canada. Any truth to that? I’m told since you’re not using the provincial level services like healthcare, you don’t pay provincial taxes. But you keep paying federal taxes as a Canadian … would like to know 👍🏻
I considered retiring abroad, but I couldn't go through with the operation.
I called these guys and they told me that if I wanted to leave Canada I would lose my pensions and not get money anymore. I was surprised when she said this but I thought she knew what she was talking about she was CPP after all. That was who I called.
That is some great info. What do you think about segregated funds being part of retirement planning? Many advisors are recommending these to take care of taxes. Thanks.
Thanks!
They have a time and place. Usually pretty high fees though so it definitely needs to be the right situation.
ya why are they docling me on my comp when i have to go fer therpy that costs money
Thanks! Wasn't there a six month thing?
As an immigrant you need to have stayed in Canada 20 yrs to receive the OAS abroad. If you stayed abroad for 10yrs before reaching 65 are those years counted in the number of years after coming to Canada or do they calculate the number of years you are physically in Canada.
The government’s website said you cant be out of the country more then 6 months or the GIS payments will stop
Great job Rhys!
Thank you :)
I am a veteran with medical pensions and other benefits through Veterans Affairs Canada (VAC). When I was 59.5 I was encouraged to take my CPP early at 60, which I did 1st cheque arrived in Feb 2014. The downside was VAC contacted me IN JUNE 2014, and told me I owed them money (clawback) for the amount i had receiving for CPP. They reduced my benifits for the amount I was receiving for CPP. I never applied for OAS as it was the same deal with clawback for OAS. I contacted VAC in 2023 about moving back to Scotland (out in Canada on my own) got old and broken lol 😂, asked if there was any problems with doing that, they said I would lose 50% of my total (medical pensions/benefits) income, I’m assuming they meant Benefits rather than pensions?. Shelved moving out of Canada due to the potential financial loss.
In what line number of my tax return form is my GIS shown?....pls.
Interesting. As an aside. Something most have not considered because they are too wrapped up in living abroad is aging. I know of family that retired abroad and loved it. Now in their final years they decided to return home. There are many factors why. No family, friends have moved or passed, healthcare is not adequate for their needs, being not fluent in the local langauge, etc.... Eveythings all roses until it' not.
Canada - easy to leave, hard to come back. Esp. when on a limited budget and let go of your rent control apt.
I'm a Canadian in HK. Don't miss Canadian Healthcare at all, not even close
As of this month (April 2024), Costa Rica is not on that list. Dammit!
Neither is Panama. Yaiks
Where I can see the list of those countries?
I'm surprised that New 🇳🇿 Zealand and Canada 🇨🇦, have reached an agreement(?).....
.
What about this exit tax Trudeau wants to or has?? Applied. I heard as high as 25,000.00$ is this true?
How long do you have to stay back in Canada to keep qualifying for the pissing gis.
Every 6 months a year?
I tried finding an explanation for what "maximum period of initial detachment" means and every hit I got made the assumption you already know what it means.
What happens to CPP if I move out of Canada after working and paying CPP for 18 years and work in US for 10 years? Do I get CPP from Canada and pension from US too?
How big is this OAS? If I move to e.g. Germany, does Canada have treaty with this country?
Thank you. This is very helpful👍
Is cpp indexed for inflation if you leave Canads? My mother's British pension is not and since the uk and Canada do not have an agreement on this,, it never goes up as it would if she were still living in Britain.
My aunt was born in England and she had to become a Canadian citizen and was here for 60 years.
What's the point of this useless, irrelevant comment? It contributed NOTHING to the discussion, and frankly, we do not know nor care about your aunt who is English or Canadian
@@madyhappy5623😂😂😂😂😂😂😂😂😂😂😂
Thank you , very good information.
Why am I paying 25% witholding tax when Canada has a tax treaty with Brazil!
Look up the treaty. It must contain a relieving provision to reduce the rate. If not, it’s 25%.
what those 36 or 60 months exactly mean, please, thank you
Thank you much! retiring in 2024 and retiring in my native country. my native country have a social security agreement with Canada but have a dual citizenship. I can receive CPP, GIS (24yrs+ employed in Canada) N OAS when retiring in my native country, right? Planning on a farm business there too.
Good work! But you cannot GIS if you’re a non-resident.
@@wellbuiltwealth wow! thanks much 4D reply. as you mentioned, CPP OAS GIS not enough (apartment rent alone takes about 2/3 of my CPP OAS GIS total budget) hence retiring in my native country.
Thank u thats all I wanted to know u answered my questions.
Thank you for the info!
I was thinking of moving too Hawaii when I turn 65 . I have been collecting my CPP since I turned 60 and I’m still working when I turn 65 I get a company pension I will be at my 40 years of at the company so would I still get OAS with my company pension . I only make 48,000 for the year .
Not sure 48K would get you vert far in Hawaii. It’s pretty expensive there and our Canuck buck won’t buy much.
Well I’m glad I was informed thank you .. I have a friend that lives there and he invited me out there to visit ..Still nice too visit I guess
There is a great migration coming. People of European descent will be moving back to Europe over the next few decades as they retire.
Where can I move, so I don't lose a nickel???
Very awesome and helpful straight forward advice and or information,,thankyou so much
I am Canadian of 16 years and planning to relocate to Cyprus. Because I have not lived ion Canada for 20 years my OAS and more importantly my GIS will stop after 6 months living in another country. I see that Canada has a social agreement with Cyprus so there may be creditable periods to bring it up to 20 years. I also see that there is a maximum period for "initial detachment' for Cyprus and it is 24 months. What does this mean??
What happens to TFSA’s?
If i have a pension for my contributions when i worked in my home country and then i moved to Canada and worked here. Am i entitled to collect my pension from back home and my cpp here. With it be duducted?
A bit off topic. Can I keep my TFSA account when I leave Canada? Or do I have to close it prior to leaving?
You can keep it!
You can keep it, BUT, you may not want to if you are paying tax in another country because that country may charge you capital gains on proceeds from your TFSA.
@@keninvic2627 May I add that we're not supposed to contribute further to the TFSA while non resident for tax purposes, otherwise a penalty will be imposed by the CRA.
@@GarthVonMaraner good point!
thank you for this content
My pleasure!
What happens to Canadians who have lived and worked abroad and are coming back to Canada for retirement? I have been living in France since 1999 and planning to come back to Canada. Canada and France apparently have an agreement for retirement paid in either countries when people go back and forth but not sure exactly how that plays out?
What would happen if i clean out my RRIF and then just skip the country??
I am almost 55 and will be switching careers to be able to work from home/work longer! I will be spending part of the year in the US with my partner and part of the year here in Canada. I wonder how my pension will work doing this?
Awesome! As for the pension, I’d have to know more to able to speak competently about it all. Which is exactly the kind of thing we do for our clients :)
Keep detailed account of day of arrival and departure in both countries. When I moved to Florida in 2022 I found both cpp and oas extremely helpful when I called them.
@@stuarthutt3740For 20 years are they calculating day by day - I mean if they consider vacations days spent away of CA
@@adenicol9569 it depends where you are a resident. I left Canada to live in France and the USA since I wasn't a resident during those years outside Canada. I worked with OAS to establish those dates approximately. If you are vacationing it doesn't count. Now I am a dual national and have filed non resident of Canada paper work so not to pay Canadian taxes but I still receive OAS and CPP.. I have a friend in Toronto that has a house in Phoenix that keeps track of days in USA since you are only allowed 6 months in usa per year as a Canadian.
About people who are disabled and receiving odsp after 65?
Excellent video content!! I still have 25 years to retirement but this video surely gives me a nice perspective in terms of planning and deciding where I want to go… good to know the country I was aiming at signed a tax treaty with Canada. Hoping it stays that way 25 years from now 😂
For me Monte Carlo isn't on the list. My niece finally got her degree just this month so the immediate family and most of my relatives are splitting for Monte Carlo.
I went through this process moving from Ontario to Florida as a dual national. I receive both CPP and OAS. My OAS is 60% since I didn't live in Canada for 20 years after age 18. I had to go through the evaluation process by the Canadian government. I also proved non Canadian residency for tax purposes. On hiccup was l left Canada Jan 7 2022 so I had to pay partial Canadian federal taxes for 2022. For 2023 I pay no Canadian federal tax and show my Canadian income on my USA taxes. It's sad how little CPP and OAS are. In the USA social security can be $3500 per month if you paid the max. You pay no federal tax on SS and you can earn up to 50% and still pay no tax. So I pay no federal taxes and there is no state income tax in Florida. I do miss the snow.
We have to wait 2 years from now to complete 20 years living in CA. Do u think is worthy to wait those 2 years? Are they calculating day by day? I mean minus vacations days when we were out of CA?
So true, canada and its leader Dildeau are an absolute abomination. OAS and CPP are now enough to survive in a two bedroom tent in this country. He gives himself a raise of 30% and some seniors actually got a reduction or a $5 a month cost of living raise per month.
I lived for 11 years in the Philippines and they deducted 25% clawback taxes and my total pension was less than $20,000.00 I have tried to get this money reimbursed but got a cold shoulder from CPP the amount is about 5/6000 dollars. What are my options?
you said the survivor benefits go with you wherever you go but under the old age security also has the survivor allowance which you said the person must live in Canada. Are they different the survivor benefits and survivor allowance?
if I retire to Argentina in 2025, my CPP and OAS will not be available to me?
Im planing to olso retire in Argentina,, next year i wander wat implications I face,
Of course your CPP and OAS are available, you can take that money anywhere in the world. Canada has no control over that. The only consideration is the taxation.
What is the Allowance? My parents are living CPP,OAS & GIS and I don't think I have heard of this allowance.
You can find out more here: ua-cam.com/video/kzrb3qqvBuE/v-deo.htmlsi=eaGliZj53dXWMeNt
Love these videos.
Great video 🎉 How much tax should one pay on rental income after becoming a non resident if that was their only income?
How in the wide wide world of sports can Canada not have a social agreement with the UK????
Hello there,
Another very interesting video....
I was wondering if you can suggest someone that could help with cross border taxes? David is my name and I intend to retire in Portugal, so that person should be someone that be familiarized with Canada/Portugal retirements....
Thanks in advance
Thank you! But unfortunately, I do not have someone I love in this space. Yet…
what about the GST rebate and the carbon tax rebate if you are out of Canada?
As long as you file taxes you receive it. My son is in China at university and he’s received it since it started. But we file his Canadian tax return every year since he left 🤷♂️🤷♂️
@@colingoldthorpe5918 So you basically lied that he is still a resident if he emigrated permanently.
@kkostadinof he is Canadian citizen anyway, dual citizenship
@@visnjalivancic3953 Being a citizen doesn't entitle you to a GST credit, being a resident does.
Thanks for this, so if you are planning on living abroad in a country that does have a tax treaty but does not appear on that second list you showed (say Italy or France), it means the treaty doesn't apply to, or cover the clawback?
What exactly is withholding tax?
It's money automatically withheld for or by the CRA and is considered a final tax on your income (for example CPP, OAS, Interest income, etc) regardless if you are supposed to owe more or supposed to pay less.
lived experience 2024 : I am retiring in Europe, in return income Canada takes 25% of my Canadian retirement,
so even if your retirement is 500.1000 per month, " income Canada" will take 25% of the amount.
Not fair!
25% deducted to pension 25 % deducted to OAS that’s the rule I suppose
@@hercc6155 that's the rule ? Having 25% of the fruits of your life's work stolen! you are really a Canadian socialist-communist
It's called withholding tax. File a Canadian tax return and you may get some of it back depending on your Canadian income.
@@kkostadinof Thank you very much, I see for once that the comments on UA-cam bring added value and not just lol, ah! oh! wow! wonderful! I have no income in Canada, I have now put everything in Europe...But see, a system which obliges you, as a simple citizen, to be on the lookout for the 12,000 laws of "revenue Canada", which obliges you to produce declarations when they know that for 10 years you have no more income, it's the pot of earth against the pot of iron, it's the end of the free movement of Canadians, he's an authoritarian socialist, made up of a multitude of small state civil servants, a administrative nightmare for the elderly.
You might not get your government pay, to support another country..change is coming..
What about military and veteran affairs pension
Much needed info. Thank you for the information. So we'll explained
You can't take your child benefit payment abroad. It only applies to children living in Canada.