📈📚 As always, if you're a beginner to the Stock Market in Canada and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/theinvestingacademy Join the Waitlist for our upcoming Retirement Course: www.theinvestingacademy.ca/retirement-waitlist
Great topic. As someone self employed like me ( cpp is not collected ) would you recommend me contribute separately to it if it s possible in Canada , like maxing out for the future?! I invest and I will reach my goal by 60 . Just wondering if would be any advantage paying CPP and OAS .thank you in advance .
Hi Carol. I'd check with your accountant on this... CPP isn't an 'optional' program, so even if you're self employed, you contribute to the plan, assuming you're paying yourself some salary. As for OAS, you don't pay into it directly, it's part of the overall tax system, so you will collect if you otherwise qualify. - Marc
Never thought I’d leave Canada but my wife and I have pretty well had enough. Cost of living and taxation is insane. Our current federal government has destroyed the future here.
About Tax Treaties...I have been fighting CRA for 3 years now about the treaty they have with South Korea. I have lived and worked in South Korea for 13 years. CRA are refusing to honor the treaty between Canada/South Korea enacted in 1977 and still in effect. They dock my OAS, again refusing to honor the 1977 treaty. And they refuse to ajust my CPP, again ignoring the 1977 treaty. So...In my opinion treaty or no treaty...If the CRA refuses to honor them; what are there use? In more blunt terms...this government does what ever the hell it wants. We are planning to go back to South Korea.
I just made the seniors list. Waiting on my first CPP/OAS/GIS direct deposit. SARS2 killed my savings after 2 years. Forget retiring in comfort I'm just hoping to survive. Your incite would've helped 3yrs ago but I'll take what I can get now. Liked, commented and SUBSCRIBED !!!
I just wanna say.. us Canadians are so damn lucky to have this channel. seriously, when I started to learn how to invest I couldn’t find one single Canadian UA-cam channel for investing, u guys are a blessing I’m learning so much, I’m always recommending ur channel when my friends ask me about investing
We moved our mom to the Philippines because of her illness the weather was better there for her. and her and my dad would come back to Canada for a month and go back, after my dad died , my mom got worse and could not travel. The Canadian Government took25% at first and after a year it was 0, My mom worked her whole life, never took any help from Government. they didn't care that she couldn't travel, we had letter from her Doctor there saying if she travelled it would kill her and they still didn't care. So nice to see our government care more about refugees than its old
Thanks Marc, very useful info. One point though that I think needs to be explained when describing the OAS clawback is the parameters are based on NET income. It is confusing when program thresholds for various programs differ between gross or net income, so it is very important in explantory videos such as yours that a clear distinction is drawn.
Great, I am also planning to buy some stock but I don’t know which is best for long term I am not use to stock investment, please help me or send me the best stock to buy for future at Least 1/2 yrs,btc is crashing before my pacient
Perfect season for this video! I like the Kaluha graphic. Although I plan on being on Vancouver Island, this video makes me think about living abroad for a year here and there. Thanks!
Great info! Thank you. My plan is to retire in Mexico because of the cheaper cost of living, no heating bill, no harsh winter and can garden all year around. Canada is too expensive to retire in.
It is also worth mentioning that people should not plan to retire on shoestring budgets, based on assumptions that life will always be smooth; they should make provisions for emergencies and costs of living to go up, especially for countries like Mexico, where many want to retire. One has to be realistic about these things. Many people have to return to Canada/USA sometimes due to health issues in their final years. During that time, if you don’t have sufficient funds saved up, you are at the mercy of the govt and/or family, some of whom may not even be able to take care of your expenses. We were painting in a seniors hospital in Edmonton once during a renovation project we had been awarded. Trust me, you don’t want to be in that place. It is horrible. One solution to avoid this horrible situation would be to live in a seniors housing, in a place like Thailand, where there are nurses available 24hrs per day, and you are taken care of. It is cheaper and more pleasant than Canadian retirement homes, but you have to still have to pay good rent, and you have to be ready to not be able to see family members any more, except online. This requires you taking your mind to the level of letting go of “family life” as you currently know it. Are you ready for that? You better be. This video is great, by the way. Excellent presentation by Marc. Takeoff Experts.ca
Excellent comment. I'm an expat in MX. We certainly miss CDA free healthcare. Private health care in other countries is very expensive. Might have to return to Cda if major health issues pop-up.
@@lb9007 I disagree with you. It *can* be but is not necessarily expensive let alone 'very expensive'. Medical care in Malaysia and India is very affordable and excellent value.
I have been following you over the last few months and want to thank you for some excellent content. I usually watch on TV, so this is my first comment - thank you and keep it going. This was an enlightening session
A word of caution, the Chinese Gov has withheld pensions of people feeing the country. This could happen in other countries as the Governments take more control and democracy weakens. Never would I have believed that we live in a country that can get people fired or withhold participation in society for not getting a medical treatment. The last 2 yrs should have taught all of us that we should never assume that things as we know it will not be taken away arbitrarily without our consent. Please don't attack me for my comment....I am making the point that we should hope for the best and plan for the worst.
In many provinces, measles, mumps, rubella, tetinus, polio, etc...... are all mandatory, and have been for your entire life. Necessary vaccines aren't new. Freedom has always come with the cost.
Retirement in Latin America. My dream place, yeah. That's why I moved to Canada from Latin America, over 20 years ago. That old adage that the grass always looks greener at the other side of the fence is timeless.
Thank you so much for all that information! My husband and I are retiring to Malaga, Spain next month, we are both Canadian Citizen and I would like to know if we can still contribute to our TFSA if we retire to Spain. Thank you again!
Great video thanks. What about the Departure Tax? As I understand it, Canada is one of only three countries in the world with such a tax which assumes you have disposed of all your assets the day you leave (20%). Clarification would be most welcome.
I have been waiting for over 2 years to get my OAS. I live in the US now and the problem is Canada is waiting to get my quarterly earnings from the US Social Security. Canada has made numerous requests but has not received any response back. Does anybody else have this problem?
I'm curious about whether the CDN government is going to give you a lousy rate (like a major bank would) to convert the C$ monthly payment into the currency of the country in which you have retired? Maybe it's better to receive the funds in C$ in Canada and then convert yourself using an online currency company with better rates. Anyone done this comparison?
Hi John. That's a great question, and I've never looked into that. I'd have to imagine that the rate would be competitive, but maybe your strategy would be better? Has anyone else dealt with this? - Marc
I would LOVE to know more about tax situations and advice for dual citizens of Canada and the US, there are barely any resources online that I can find!
I'm going to retire to a country that is not included in the 93 countries list to which CPP and OAS do arrive by direct deposit. Should I get a residence permit in a neighboring country that is on the 93rd list to open local bank account there? Does Service Canada require documents about the my new place of residence or do they only need a bank account number? Thanks.
Thanks for the great info? Can you do a video on what do Canadians do if they are abroad? Where do I get assistance if I’m in the UK, about retirement and pensions? Thank you
When living in Canada you can live on around 55k mostly tax free (taxes paid by publicly traded company) when receiving eligible dividends. Is there a way to get same treatment when filling NR5 and tax return each year to get credited for most of the withholding ? It make no sense to me to have to pay 25% tax rate when you wouldn't have any tax liability as a Canadian resident.
I also have company Penison plan but they won't let me transfer it to a bank out of country when I move. who could help me with moving my money to another country?
It would be nice if you include sound on your show. I put closed captions and still I don't know if i got the whole information. Please be aware that the captions provided by YOU TUBE are very bad. Greetings from Toronto.
Thank you so much for this great video! Could you please also let us know what are the impacts on our registered accounts if we choose to live abroad? Really appreciate it!
World income is taxed, and Canada signed in 2000 reciprocal tax information agreements with MOST Caribbean countries (especially Commonwealth members) and KNOW if you receive pensions from other countries.
Altogether Canada signed the agreements with 120 countries, I get my pension from Europe, but pay taxes in Canada and you can't hide it, so don't try...
Isn't the rule, you can't be out more than 6 continuous months for GIS? You could be out of Canada for 5 months, come back for two months and then be out for 5 months again and still get the GIS couldn't you?
Hi Marc suggestion on a topic us etf and it’s tax implication specifically on tfsa .how much do we as Canadian pay on the dividends as well as short term capital gain?..thankyou
My mother has been residing in Canada since 1995 til now. Canada has denied OAS when she applied for it when she reached age 65. She is now 74 years old with zero income, and still not "qualified" for the OAS. Explain that! Our fearless and clueless leader has been pumping $$$ for refuges in $40,000 per annum per person. 74 year old Canadian gets denied OAS. I find this very strange. It has been 8 years of back and forth between Service Canada and my family, with no fruition. I have been supporting my mother with a single male income with the MAXIMUM tax bracket in MB. I do not qualify any tax benefit for supporting my family member who are denied of government benefits. I just do not believe this government will truly appreciate its citizens.
hi sir, I have worked on a work visa for 5 years in Canada, do you any idea if I can get my CPP that I have contributed for these 5 years back as I am planning to move back to my country? thanks in advance.
What is "business income"? You still on a salary or are you claiming dividend payments? A lot of options when you own a business that let you work around bullshit gov't "rules". Plus, once you hit a certain age, you start collecting CPP/OAS/QPP no matter what...
Thanks for the refresher, I want to go home home every two years for a few months. Due to circumstances cannot do that still pay taxes in Canada just cross the Ts and dot the Is.🤠
Flew over your head, you understood nothing. You can never lose CPP, whatever you contributed remains yours, no matter where you go. OAS is residency based and it depends on how long you lived in Canada. To get OAS abroad you need to have lived 20y in Canada at least.
Go on a short trip, then rent a place for one month. This way you get a feel for 'the lay of the land'. Do not believe anyone else 100%. Test the water yourself.
Do you happen to have any more info on this subject you touched on..don’t see a link below? You said the CRA will take into account monies paid into SSI towards your CPP benefit. Does this pertain to permanent residents of Canada as well. My spouse is American but we reside in Canada. Just curious if my spouse is entitled to CPP even though employment has been strictly US
If you have the 25% withholding tax taken for a year, do you get that back on your next tax return, if you have no income? Or is that tax just taken, and not given back?
Great question. It's a pre-payment, if you will, and then when you file your return it's all adjusted accordingly. It's an estimate, but ya, you get it back if that's your tax situation.
Thanks for the very nice videos on various investing and retirement info in Canada. If you ever have a chance to do a video on "Covered call ETFs" and applying a leverage or modest leverage. Dividends appear to be better than investing in regular ETS" (Example- HDIV) Thanks Your thoughts
@@robertz7294 Mexico is huge and has a variety of climate. Right now nights are cool in higher cities like CDMX, Guadalajara, Puebla. There is even the occasional snow in Sonora and Chihuahua. On the coasts it's beautiful right now, low humidity. But it is warm and humid during rainy season mid June to mid October.
I lived and worked in Quebec during the 70s, should I have filed separately for QPP? I have been living in Ontario from late 70s to current. I am now 10 years in retirement.
If you work for a non local business, i.e. you're paid by an employer in CDA/USA, you just don't declare anything to your short term host country. Here in MX, many digit nomads don't pay MX taxes unless you work for a MX employer.
Great video. Thanks. I’ve always wondered about this: What happens if a Canadian citizen age ~50, goes to reside in a country like Thailand. The only income this person has is capital gains and dividends from stocks that he owns in a margin account. How is this income taxed? I just can’t find any good info on CRA website. Thanks in advance
Not sure of the specifics of Thailand from every tax angle. So you're saying you wouldn't get CPP or OAS? If that's the case, and your only income is from your margin account, probably best to consult an international tax accountant just to be safe. - Marc
@@edh6062 Canada withholds 25 percent wht on all income from within Canada. This can be lowered with a tax treaty. Capital gains are not in the income category. Thailand taxes in country income, and certain funds you bring in.
@@beaviswealth I should have thought to add that although I tend to go into a trance when anything fiscal gets discussed, I really value your information and your presentation style. You are detailed by comprehensible, and cover a wide range of practical topics for regular folks. Keep up the good work.
also, wondering about you and your dad's thoughts on life insurance vs. investing... esp now that brandon is both expecting and carrying a mortgage (i assume).
📈📚 As always, if you're a beginner to the Stock Market in Canada and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/theinvestingacademy
Join the Waitlist for our upcoming Retirement Course: www.theinvestingacademy.ca/retirement-waitlist
Great topic. As someone self employed like me ( cpp is not collected ) would you recommend me contribute separately to it if it s possible in Canada , like maxing out for the future?! I invest and I will reach my goal by 60 . Just wondering if would be any advantage paying CPP and OAS .thank you in advance .
Hi Carol. I'd check with your accountant on this... CPP isn't an 'optional' program, so even if you're self employed, you contribute to the plan, assuming you're paying yourself some salary. As for OAS, you don't pay into it directly, it's part of the overall tax system, so you will collect if you otherwise qualify. - Marc
Never thought I’d leave Canada but my wife and I have pretty well had enough. Cost of living and taxation is insane. Our current federal government has destroyed the future here.
I retire in 2 years and can not wait to get out of this liberal woke hellhole. This country has been destroyed
@@julesvern-u4ewe did the same
ya...it was the current government....because it Liberals...such a pathetic take.
About Tax Treaties...I have been fighting CRA for 3 years now about the treaty they have with South Korea.
I have lived and worked in South Korea for 13 years.
CRA are refusing to honor the treaty between Canada/South Korea enacted in 1977 and still in effect.
They dock my OAS, again refusing to honor the 1977 treaty.
And they refuse to ajust my CPP, again ignoring the 1977 treaty.
So...In my opinion treaty or no treaty...If the CRA refuses to honor them; what are there use?
In more blunt terms...this government does what ever the hell it wants.
We are planning to go back to South Korea.
I just made the seniors list. Waiting on my first CPP/OAS/GIS direct deposit. SARS2 killed my savings after 2 years. Forget retiring in comfort I'm just hoping to survive. Your incite would've helped 3yrs ago but I'll take what I can get now. Liked, commented and SUBSCRIBED !!!
I just wanna say.. us Canadians are so damn lucky to have this channel. seriously, when I started to learn how to invest I couldn’t find one single Canadian UA-cam channel for investing, u guys are a blessing I’m learning so much, I’m always recommending ur channel when my friends ask me about investing
Also I would love to retire in the Philippines orrr alberta and British Columbia lol
@@leensalocin Philippines is hot not sure if you would like it. Unless you are with a partner from there
@@josephrobi6806 I was born there :) and yes I also have a significant other there too haha
@@leensalocin I’m there living with my Filipina. Philippines 🇵🇭 hot weather one of the worst in the world. Ac on all the time.
@@josephrobi6806 in the south, laguna it’s not that bad.. in the city tho it’s very hot.. lack of trees all around
We moved our mom to the Philippines because of her illness the weather was better there for her. and her and my dad would come back to Canada for a month and go back, after my dad died , my mom got worse and could not travel. The Canadian Government took25% at first and after a year it was 0, My mom worked her whole life, never took any help from Government. they didn't care that she couldn't travel, we had letter from her Doctor there saying if she travelled it would kill her and they still didn't care. So nice to see our government care more about refugees than its old
Thanks Marc, very useful info. One point though that I think needs to be explained when describing the OAS clawback is the parameters are based on NET income. It is confusing when program thresholds for various programs differ between gross or net income, so it is very important in explantory videos such as yours that a clear distinction is drawn.
Great point, Russ. I'm annoyed I forgot to mention that explicitly. Thanks for taking the time to leave your comment, and thanks for watching. - Marc
Great, I am also planning to buy some stock but I don’t know which is best for long term I am not use to stock investment, please help me or send me the best stock to buy for future at Least 1/2 yrs,btc is crashing before my pacient
you made a point, well investment over here so frustrating😥
surprised you are talking about same lady here?
@@dr.ervingalen1777 i lookup her name and found her webpage, thanks
Perfect season for this video! I like the Kaluha graphic. Although I plan on being on Vancouver Island, this video makes me think about living abroad for a year here and there. Thanks!
Just a reminder Robert, Vancouver Island is very expensive....
Great info! Thank you. My plan is to retire in Mexico because of the cheaper cost of living, no heating bill, no harsh winter and can garden all year around. Canada is too expensive to retire in.
All the best! Don't forget to write! 😎 - Marc
👍
I retired in Puerto Vallarta Jalisco. Right now in January it's +27° vs -27 in QC 🇲🇽
It is also worth mentioning that people should not plan to retire on shoestring budgets, based on assumptions that life will always be smooth; they should make provisions for emergencies and costs of living to go up, especially for countries like Mexico, where many want to retire. One has to be realistic about these things. Many people have to return to Canada/USA sometimes due to health issues in their final years. During that time, if you don’t have sufficient funds saved up, you are at the mercy of the govt and/or family, some of whom may not even be able to take care of your expenses. We were painting in a seniors hospital in Edmonton once during a renovation project we had been awarded. Trust me, you don’t want to be in that place. It is horrible. One solution to avoid this horrible situation would be to live in a seniors housing, in a place like Thailand, where there are nurses available 24hrs per day, and you are taken care of. It is cheaper and more pleasant than Canadian retirement homes, but you have to still have to pay good rent, and you have to be ready to not be able to see family members any more, except online. This requires you taking your mind to the level of letting go of “family life” as you currently know it. Are you ready for that? You better be. This video is great, by the way. Excellent presentation by Marc. Takeoff Experts.ca
Thanks for your comment and adding so much detail. - Marc
Excellent comment. I'm an expat in MX. We certainly miss CDA free healthcare. Private health care in other countries is very expensive. Might have to return to Cda if major health issues pop-up.
@@lb9007 I disagree with you. It *can* be but is not necessarily expensive let alone 'very expensive'. Medical care in Malaysia and India is very affordable and excellent value.
Oh my God this was so helpful - current, immediately relevant and applicable. Thanks a million.
Glad it was helpful, Emanuel. Thanks for watching. - Marc
I have been following you over the last few months and want to thank you for some excellent content. I usually watch on TV, so this is my first comment - thank you and keep it going. This was an enlightening session
Truly appreciate you watching, and thanks for taking the time out to share your thoughts. Glad to have you as a regular viewer. Take care. - Marc
Great video and thank you so much for all the exceptional content you post for us Canadians !!
A word of caution, the Chinese Gov has withheld pensions of people feeing the country. This could happen in other countries as the Governments take more control and democracy weakens. Never would I have believed that we live in a country that can get people fired or withhold participation in society for not getting a medical treatment. The last 2 yrs should have taught all of us that we should never assume that things as we know it will not be taken away arbitrarily without our consent. Please don't attack me for my comment....I am making the point that we should hope for the best and plan for the worst.
No need to scare Canadians 🇨🇦
In many provinces, measles, mumps, rubella, tetinus, polio, etc...... are all mandatory, and have been for your entire life. Necessary vaccines aren't new. Freedom has always come with the cost.
Retirement in Latin America. My dream place, yeah. That's why I moved to Canada from Latin America, over 20 years ago. That old adage that the grass always looks greener at the other side of the fence is timeless.
So true, Oscar. Cheers. - Marc
Thank you so much for all that information! My husband and I are retiring to Malaga, Spain next month, we are both Canadian Citizen and I would like to know if we can still contribute to our TFSA if we retire to Spain. Thank you again!
I like this very direct and straightforward answer
Great video thanks. What about the Departure Tax? As I understand it, Canada is one of only three countries in the world with such a tax which assumes you have disposed of all your assets the day you leave (20%). Clarification would be most welcome.
I have been waiting for over 2 years to get my OAS. I live in the US now and the problem is Canada is waiting to get my quarterly earnings from the US Social Security. Canada has made numerous requests but has not received any response back. Does anybody else have this problem?
Nice I’m watching from Saskatoon Saskatchewan Canada 🇨🇦 thank you 🙏 for this.❤️💯🇨🇦
My left ear enjoyed this.
Haha I thought my headphones were broken.
I'm so sorry!!! Not sure what happened to the right channel.... Thanks for watching. - Marc
The knowledge learnt is what is important.
@@joebloggs339 Me too. Thanks for the heads up.
I usually have my right ear open and wouldn't have realized this without your comment.
As always great topic and useful information. Thanks guys,🤗
I'm curious about whether the CDN government is going to give you a lousy rate (like a major bank would) to convert the C$ monthly payment into the currency of the country in which you have retired? Maybe it's better to receive the funds in C$ in Canada and then convert yourself using an online currency company with better rates. Anyone done this comparison?
Hi John. That's a great question, and I've never looked into that. I'd have to imagine that the rate would be competitive, but maybe your strategy would be better? Has anyone else dealt with this? - Marc
@@beaviswealth I recommend WISE
I would LOVE to know more about tax situations and advice for dual citizens of Canada and the US, there are barely any resources online that I can find!
Well done Mark .Thanks a lot for the accurate info
Thank you very much. - Marc
Very informative videos. Thanks
Thanks for the excellent, clear information / advice.
I'm going to retire to a country that is not included in the 93 countries list to which CPP and OAS do arrive by direct deposit. Should I get a residence permit in a neighboring country that is on the 93rd list to open local bank account there? Does Service Canada require documents about the my new place of residence or do they only need a bank account number? Thanks.
Thanks for the great info? Can you do a video on what do Canadians do if they are abroad? Where do I get assistance if I’m in the UK, about retirement and pensions? Thank you
This was very, very informative. Thanks, Marc.
Very welcome, Anne. Thanks for your support. - Marc
Wow! You made my day!!! Great information….
When living in Canada you can live on around 55k mostly tax free (taxes paid by publicly traded company) when receiving eligible dividends. Is there a way to get same treatment when filling NR5 and tax return each year to get credited for most of the withholding ? It make no sense to me to have to pay 25% tax rate when you wouldn't have any tax liability as a Canadian resident.
Watching from Saskatoon Saskatchewan Canada 🇨🇦 thank you 🙏 for this.❤️🇨🇦💯
Hope all is well in Saskatoon! - Marc
I also have company Penison plan but they won't let me transfer it to a bank out of country when I move. who could help me with moving my money to another country?
It would be nice if you include sound on your show. I put closed captions and still I don't know if i got the whole information. Please be aware that the captions provided by YOU TUBE are very bad. Greetings from Toronto.
Shared this with my parents! Thanks 😊
Awesome! Thanks for watching... and sharing! - Marc
Thank you so much for this great video! Could you please also let us know what are the impacts on our registered accounts if we choose to live abroad? Really appreciate it!
World income is taxed, and Canada signed in 2000 reciprocal tax information agreements with MOST Caribbean countries (especially Commonwealth members) and KNOW if you receive pensions from other countries.
Altogether Canada signed the agreements with 120 countries, I get my pension from Europe, but pay taxes in Canada and you can't hide it, so don't try...
Isn't the rule, you can't be out more than 6 continuous months for GIS? You could be out of Canada for 5 months, come back for two months and then be out for 5 months again and still get the GIS couldn't you?
No, it is not a matter of 'continuous'. It is a matter of number of days in the calendar year.
Amazing video, but voice was recorder on left audio only I think .
Great video!
Thanks. - Marc
Hi Marc suggestion on a topic us etf and it’s tax implication specifically on tfsa .how much do we as Canadian pay on the dividends as well as short term capital gain?..thankyou
I would like to move to the Philippines, the Problem of getting a flight now since covid
Hopefully you'll get there before too long, Tom. It's a beautiful country. - Marc
My mother has been residing in Canada since 1995 til now. Canada has denied OAS when she applied for it when she reached age 65. She is now 74 years old with zero income, and still not "qualified" for the OAS. Explain that! Our fearless and clueless leader has been pumping $$$ for refuges in $40,000 per annum per person. 74 year old Canadian gets denied OAS. I find this very strange. It has been 8 years of back and forth between Service Canada and my family, with no fruition. I have been supporting my mother with a single male income with the MAXIMUM tax bracket in MB. I do not qualify any tax benefit for supporting my family member who are denied of government benefits. I just do not believe this government will truly appreciate its citizens.
Very sad story, I came to Canada in 1992.. It’s scary for me when retired….
Truck Trudeau!
Watched and liked, thanks Marc!
Great video Marc!! Thank you so much!!
Thanks AB! - Marc
hi sir, I have worked on a work visa for 5 years in Canada, do you any idea if I can get my CPP that I have contributed for these 5 years back as I am planning to move back to my country? thanks in advance.
Interesting topic. What would happen to your CPP/OAS if you retired from your 9-5 but owned a business with business income coming in?
What is "business income"? You still on a salary or are you claiming dividend payments? A lot of options when you own a business that let you work around bullshit gov't "rules". Plus, once you hit a certain age, you start collecting CPP/OAS/QPP no matter what...
What about the OPB pension - do you have to stay in ON or can you move anywhere in Canada or can you move to another country?
Thanks for the refresher, I want to go home home every two years for a few months. Due to circumstances cannot do that still pay taxes in Canada just cross the Ts and dot the Is.🤠
All the best, Gary! - Marc
Canadian but planning to retire to the Philippines 🇵🇭 someday. This helps a lot. God bless.
Best of luck with your plans. Thanks for watching - Marc
Great video; thanks! FYI the link to your Living Abroad Guide doesn't work right now...
What happens if you leave Canada and you draw from your RRSPs? You are no longer a Canadian resident so do you still have to pay taxes?
Withdrawls from rrsp is taxed at the institution you with draw from. In other words they will hold back a tax amount. Rrsp is drawn out as income.
Marc this is very good information and education. I'm thinking to retire somewhere else. God Bless.
Thanks, Angelina. Hope you find a nice, warm spot to spend your retirement years. - Marc
So if I lived for example in Canada let’s say 20 to 30 years and I move to Thailand I loose CPP but still get OAS? Correct?
My understanding based on above video is you can get cpp and oas but not is. If you make more than 79k they start clawing back oas
@@crippledgenius thank you 🙏
Flew over your head, you understood nothing. You can never lose CPP, whatever you contributed remains yours, no matter where you go. OAS is residency based and it depends on how long you lived in Canada. To get OAS abroad you need to have lived 20y in Canada at least.
Thanks Marc, this was really helpful information.
You're welcome, Gary. Thanks for watching. - Marc
Hello. Can you please advise if we can keep the Canadian healthcare when you retire in mexico ? TIA.
I can see Justinflation changing those rules.....
Very helpful information Thank you I am planing to retire soon
Thanks, and all the best with retirement! - Marc
Very useful info! Thanks Marc.
Glad it was helpful Marlene. Cheers. - Marc
Could I still receive my old pension plan for a straight 12 months in a country which in treaty Canada ?
how does one figure out or even start to learn about the funds needed to retire in a place like mexico?
Go on a short trip, then rent a place for one month. This way you get a feel for 'the lay of the land'. Do not believe anyone else 100%. Test the water yourself.
Great video thank you for sharing with us
My pleasure, Jovy. Thanks. - Marc
Do you happen to have any more info on this subject you touched on..don’t see a link below? You said the CRA will take into account monies paid into SSI towards your CPP benefit. Does this pertain to permanent residents of Canada as well. My spouse is American but we reside in Canada. Just curious if my spouse is entitled to CPP even though employment has been strictly US
Great info, thank you.
Gracias, Roberto. - Marc
Amazing work. Thank you so much.
Thanks for watching and for your comment. - Marc
Can you receive your work pensions if you move to another country or would that depend on the specific pension or country?
It would depend on the pension plan, but I've never heard of one where you can't. Best to check with the pension plan administrator.
If you have the 25% withholding tax taken for a year, do you get that back on your next tax return, if you have no income? Or is that tax just taken, and not given back?
Great question. It's a pre-payment, if you will, and then when you file your return it's all adjusted accordingly. It's an estimate, but ya, you get it back if that's your tax situation.
Thanks for the very nice videos on various investing and retirement info in Canada. If you ever have a chance to do a video on "Covered call ETFs" and applying a leverage or modest leverage. Dividends appear to be better than investing in regular ETS" (Example- HDIV) Thanks Your thoughts
Can you cover lump-sum vs monthly pension.? And pro and cons. Thank you
Hello, I am wondering if this would apply to a Canadian forces pension as well. Thanks, Rob.
Yes. I am a retired RCAF living in Mexico.
I receive my monthly CF pension and 15% is taxed by Ottawa, no provincial taxes.
@@lb9007 Thank you Sir. I will look into it. This sounds promising. How is the weather?
@@robertz7294 Mexico is huge and has a variety of climate.
Right now nights are cool in higher cities like CDMX, Guadalajara, Puebla. There is even the occasional snow in Sonora and Chihuahua. On the coasts it's beautiful right now, low humidity. But it is warm and humid during rainy season mid June to mid October.
@@lb9007 One day I would like to live somewhere else, at least some of the time. Thanks.
@@lb9007 quite a difference from what Qc would have taxed you then!
great video Marc. thanks again
-momo
hey, what happened to the free online ETF comparison resources video?
Hi, can u plz post a link detailing list of countries where Canadians can retire as mentioned in the video. TIA!
I lived and worked in Quebec during the 70s, should I have filed separately for QPP? I have been living in Ontario from late 70s to current. I am now 10 years in retirement.
HOW ABOUT IF AM GOING BACK IN PHILIPPINES---YOU THINK I WILL GET ALL MY PENSION JUST ASKING THANKS ALOT
Very cool info!
What if you want to retire in Great Britain
The link doesn't work anymore
Thank you great info
Very welcome, Claudette. - Marc
Can I move to Orlando,Florida when I am 65.? Thanks.
Is South Africa covered by the treaty?
How and when should I take my rrsp
Does the rule change if you become nomad? Planing to change country every few months.
I'm pretty sure it would... you'd have to check every different country's tax treaty status... etc. - Marc
If you work for a non local business, i.e. you're paid by an employer in CDA/USA, you just don't declare anything to your short term host country. Here in MX, many digit nomads don't pay MX taxes unless you work for a MX employer.
enjoyed this
Thanks. - Marc
Answer... don't worry about it, they aren't going to be around much longer at this rate
This agreement is called the Convention
Is there any way of getting gis when retireing abroad?
Yes, remain out of Canada no more than 182 days. I do this now. I live bi-continentally.
how do u get the sound
Great video. Thanks.
I’ve always wondered about this: What happens if a Canadian citizen age ~50, goes to reside in a country like Thailand. The only income this person has is capital gains and dividends from stocks that he owns in a margin account. How is this income taxed? I just can’t find any good info on CRA website.
Thanks in advance
Not sure of the specifics of Thailand from every tax angle. So you're saying you wouldn't get CPP or OAS? If that's the case, and your only income is from your margin account, probably best to consult an international tax accountant just to be safe. - Marc
@@beaviswealth This would be quite a few years before I even turn 65. All my stocks would still be held in my Canadian margin account.
If non resident, capital gains no tax, dividends 25 percent withholding
@@Pablo-or1jo Really? Zero tax on capital gains for non residents? Any reason why they have 25% withholding tax on dividends? That sounds like a lot.
@@edh6062 Canada withholds 25 percent wht on all income from within Canada. This can be lowered with a tax treaty. Capital gains are not in the income category. Thailand taxes in country income, and certain funds you bring in.
Philippines is the best . 600- 800 $ monthly pension is more than enough. Main City Manila has places that's high end.
Tell me if I am wrong. The Philippines requires a $10,000usd / yr. security deposit to live there permanently as an Expat. ?
Is it possible to retire in Ghana and get your pension?
WOW - THANKS A LOT.
Marc which Is the best book on real estate and tax in Canada
Panama is not in the treaty.Stange .
You have a typo in your TFSA worksheet. Misspell of against in the small print at bottom. Forgive me for being such a stickler.
No need for forgiveness... : ) I'll get it fixed up. Thanks! - Marc
@@beaviswealth I should have thought to add that although I tend to go into a trance when anything fiscal gets discussed, I really value your information and your presentation style.
You are detailed by comprehensible, and cover a wide range of practical topics for regular folks.
Keep up the good work.
also, wondering about you and your dad's thoughts on life insurance vs. investing... esp now that brandon is both expecting and carrying a mortgage (i assume).
What do u think of annuities???
someone else having problem with the audio?
Looks like only one audio channel went through for the voice. It's not just you. 🙂 - Marc
hello i retired at 63 because of a stroke and only receive 173 $ a month what did i do wrong
You have to work 39 years and make over 60,000 a year the whole time. If you did that you should get the full amount.
i worked 13 yrs, contributed max yearly on cpp and retired at 60 ... received $270 only....not even enough to pay my epcor bill lol!