Interesting and at the same time complex question. I assume the family would get some CPP or a family member could inherit and continue receiving it. Hopefully, will get more on this subject. Thank you
Timely topic. In a year or two my wife and I will be leaving Canada to retire abroad. The economy here is going to face significant challenges in the future with rising taxes, new types of taxes and higher interest rates. Most seniors on fixed incomes are going to be in a very bad way. We're getting out to enjoy better weather, cheaper cost of living, better health care and a much better lifestyle. Canada's future is bleak indeed.
@@davidgiles5030 my wife and I tried Philippines, weather was great, we lived in the provinces north of Manila but you’re right, we were glad to come back to Canada too. Health care there is nasty
@@davidgiles5030 now 2021 October do you think Canada is ok to be ? Because I’m planning to go to Philippines 🇵🇭 escaping the military take over in Saskatchewan etc
Thank you. I thought that I had to come back to Canada for six months to continue getting my benefits. This really updated my knowledge and took a lot of stress off my shoulders. I will now researched the other benefits like health care.
@@mactravel112 I have to respectfully disagree with you on that point. I was seriously ill twice and each time i got stellar life saving care. I agree that the wait time for non-urgent procedures is way to long but otherwise our health care system is generally quite good.
Topic is not relevant to me, but figured I’d stop by and drop you a like! I’ve been binge watching your content this past week and truly appreciate the knowledge you’re sharing with us Canadians! Thanks from Moncton NB!
I live in Spain full time and I get both CPP and OAS since age 65. I worked in Canada for over 20 yrs before I moved to EU for work back in 2000. Both CPP and OAS are subject to a 15% witholding tax but tax paid in Canada is a credit against income tax payable in Spain.
@@MsElke11 I am a fiscal resident of Spain, not Canada. So I only file income tax returns in Spain, based on my global income (which includes my Canadian pension and investment income). Any taxes paid in Canada on my Canadian income is a tax credit against taxes owed in Spain since Spain and Canada have a tax treaty and there´s no double taxation between Canada and Spain.
@@MelissaKellyHerStunts I live in the canary Islands. I like it alot. Relaxed pace of life. good food and wine, and great climate. I am not fluent but have adequate Spanish and this makes a BIG difference as it would be much harder to live in Spain without any Spanish (but not impossible).
I love these kind of videos Adam! Thanks 🙏 I am planning to retire in Europe and these information are beneficial as a starting point. Keep them coming, Sir! 😊
Thanks for this the great information Adam. Regarding getting payments from CPP/QPP and OAS, I live in Massachusetts and have been receiving QPP and OAS for about two years now. I was able to get direct deposit into my US bank account from both QPP and OAS. The amount fluctuation due to US/Canada currency fluctuations but seems to be well aligned with the foreign exchange rates. Its great, payments show up every month, no need for a Canadian bank account or making the transfers myself.
Does Canada have a Tax treaty with US ? Or how is it you can collect your OAS for past 2 yrs there ? Do you come back to Canada for a bit than go back and stay another 6 months ? Ty
We'still secure in Canada than any other countries i have a friend in Italy and she regretted that she didn't get much retirement pay there to the fact that she had worked there for ling ,long years!
So glad to see this topic as I am very seriously considering retiring in Mexico or, at the very least, being a snowbird as I'm not sure I'd want to give up my residency.
I follow a UA-cam channel called JC Travel Stories. An American couple have retired in Mexico. It may be interesting to view if you are not already a subscriber.
@@moewilson4605 I think the main difference between U.S. versus Canadian retirees when retiring out of country is that U.S. retirees keep their U.S. Medicare coverage as long as they keep making their monthly contributions. If U.S. retirees encounter a significant medical issue they can return to the U.S. for treatment under Medicare. Canadian medical coverage is based on residency and after a little over 6 months or so out of country Canadians lose their government medical coverage. Canadians can regain their medical coverage but you have to be resident back in Canada for about 3 months first and if your medical issue is urgent that's a problem. I would say this is why more Canadians (versus Americans) are snowbirds rather than moving out of Canada full-time. At least that's the case among the people I know in Mexico.
Great topic. In this video is now two years old and I’m sure it is due for an update. There must be many people you can interview on this subject, as there are so many of us that are retiring in the near future.
Wow. Thank you so much. Without the possibility to own a home and cost of living way over income I don't see a future here. I am contemplating a move overseas and confused about a lot of things... including how to do a transaction if I were interested in purchasing a home overseas.
thank you so much for talking about Canadians retiring abroad. I am from Thailand, married a Canadian, and live in Canada. we plan to relocate to Thailand in about 10 years (my husband does not want to, but I do not want to let the govt takes 80% of his net income (if he moves in nursing home!) I plan to retire at 65. Its very complicated as we own a house in BC and my 71-year old husband has work pensions, CPP, Old Age, investment accounts, and I, who became a Canadian citizen, will start to collect those pensions when I reach 65. We know that Canadians will lose Canada’s health care if you have lived abroad more than 6 months. For example, if we sell the house, how can we transfer the money to Thailand? will there be taxed on those money? there are so many questions that need answers. I have started my research, but yet its still complicated!!. Hope for more info regarding this topic . thank u
Hello. Please adjust the wording regarding going to a Service Canada centre (SC) for answers on exactly how much money a client will receive for CPP or OAS etc. or for other scenarios because the Client Services Officer (CSO) in any Service Canada center doesn't do any calculations. If the pension department has already placed monetary amounts in the client's profile then a CSO can inform the client of the amount(s) but no CSO does any calculations because there are many factors that need to be considered and taken into account which takes times plus the CSO will not have access to all of the client's employment history etc. A CSO is there to inform and redirect clients to where they can get individualized information plus a CSO can set up a call back to have a pension agent call the client instead of the client trying to call the pension department.
Thank you, I plan on retiring abroad and had been looking into this. I was pretty sure I knew the answer but feel better now that you’ve confirmed it. And it looks like where I want to move to won’t have that OAS clawback.
Marco, I'm a retired CDN expat living in Thailand. I am a declared non-resident and pay no income tax on my pensions. Check out Form NR5 .Another is 217. You can apply to have your withholding tax reduced or in my case changed to zero. Before that they were withholding 25% tax. Doing some homework can save you lots. My income is about 34 k
@@jaideedave I've been thinking about retiring in Thailand but I'm having a problem finding health insurance. At my age, the only policy I've been able to find is very expensive. If you have health insurance, would you mind telling me who you deal with?
@@sharonla8071 As a matter of fact I'm 71 and have just been informed that they will not be renewing my medical policy. I have a credit card with 22 k limit as my new policy.
Planning retirement has never been this confusing! First SVB, then Signature bank and now First republic, these are all the signs of yet another 2008 market crash and recession 2.0, so my question is do I still save in the United States dollar, or could this be a good time to buy stocks? So I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here,
@@devereauxjnr true, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.
@@2024Red-j5t Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
@@Countstep0099 I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance wealth managers you could check out. I have been working with "NICOLE DESIREE SIMON" for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
The threashold for OAS is minimum 10 years in Canada and 20 years in Canada and treaty countries. Speak with Service Canada to get hopefully the latest and accurate information.
One thing that needs to be mentioned is that if let's say you only spent 18 years in Canada after turning 18 years of age, and lets say you spent 20 years in South Korea. Your time in South Korea would only give you the extra two years required to meet the 20 year minimum. However, you would still only receive payment for 18/40 years. So the time abroad only accounts for the application process not for increased benefits. Hope this is clear.
Years spent in Canada since turning 18, living in another country does not count. You qualify for the full OAS benefit if you lived in Canada for 40 years and don’t make more than the threshold.
Thank you so much for your topic n it's discussed properly .maybe pls don't speak too fast so everyone will be able to understand well n be able to catch up with you . Hope you don't mind. Thank you sooooo much sir appreciate it ..GODBLESSINGS TO YOU
@@Waddle584 Correct.I'm a retired CDN expat living in Thailand. I am a declared non-resident and pay no income tax on my pensions. Check out Form NR5 .Another is 217. You can apply to have your withholding tax reduced or in my case changed to zero. Before that they were withholding 25% tax. Doing some homework can save you lots. My income is about 34 k
Thank you so much for these useful information about oas n cpp n gsi.. .It helps a lot to me n 2 my countrymen who will be able to get in to their retirement benefits soon n plan to retire abroad . more info pls..ty
Hello Adam, Love your videos! You explain everything so easy and clear to understand! I have an MSP question. I know you can be away for up to 6 months and still keep your medical coverage. So, how long do you have to stay in the province in order to keep it before being able to travel again? Is the time you need to be in Canada counted by calendar year or from the date you are away and back? Hope you understand what I want to know. Thanks you so much. Keep on the great work!
Everything I read shows that you need to be in Canada for 6 months - so not sure there is a minimum days back requirement. Sounds more like if the total days you were in Canada are more than half the year then you are fine. I would recommend reaching out to msp directly to confirm though.
According to the Canadian snowbirds ' Association...you can be out of country 7 months a year except for Quebec...if you only do 6 months a year...in BC you can call Health services and opt out of Canada for 2 years..I know people doing it now
@@lolitmiranda3514 I am not there yet but hope to be by next March. Reason to go there well if I stay here CPP and OAP will cover my bills and chew up my RRSP faster than a beaver can cut down a tree. When I retire I would still like to eat and explore places. In the Philippines I can live on 1/3 of what it cost here. Easy choice.
@@lolitmiranda3514 I spend $500 a month for 2 people here in Philippines and that includes everything ie utility bills, internet, groceries etc. I like to eat healthy which means more expensive if you live in Canada.
I am going there in December (?), and trying to full prepare for the financial angle. Let me know if you want to compare notes; there isn't a lot of reliable info out there for Canadians.
Thanks for this general info. Obviously, one must consult a tax accountant for details. However, what I notice about your video and virtually all others your targeted viewers are NOT those living below the poverty line. Because I will lose provincial benefit of $200+, and GIS of $800+ moving overseas is not prudent. However, it is nice to be conscious I go on and off GIS, say take one year living overseas instead of being a snowbird doing my 'prison sentence' of 183 days per year resident in Canada. The withholding tax is unlikely a big issue if one has an income of only 24K. And many of the countries where I spend my winters (India, Turkey, Thailand) there is a tax treaty. so one year out of one's old age overseas is not a big deal if one has some savings. I look forward to seeing videos catering to low-income non-US snowbirds. The stereotype of snowbirds as owning property, vehicles (even travelling in very inefficient Winnebegos) and wintering in Mexico or the SW of the USA is not always true. Some of us mobile bachelors are on *very* low income and still manage to travel half the year or more. And I agree with you about advantages of overseas living - optional direct-pay healthcare (excellent in India and Vietnam), value of CAD (Turkey and Argentina), better weather (everywhere), and ability to eat out instead of always cook from scratch (Vietnam etc). I have found that it is better value to not spend all my time in Canada. And I am not drinking champagne on a yacht in the Bahamas. There is this strange image among many Canadians who have rarely travelled far or for long that snowbirds are millionaires. No, some of us are hobos (here anyway). In brief, there is a simple way to live a higher standard of living - leave Canada for extended periods. Even after airfare it is a better deal. And please do a video on how the situation in Canad compares to other developed Anglo countries. I have heard that Australia is more generous and less restrictive about travelling. If Canada changed the seniors income rules to eight months I would be gone for that length. Some provinces have already shortened the prison sentence for healthcare to fewer months.
Hi, great video and details! Just wanted to add that the clawback on OAS as you said is on net income but wanted to specify that it is per individual. Thx. I subscribed and liked.
Great video and Thank you so much! This was exactly what I was looking for answers for years when thinking about retiriment plan. My case is that I live in Canada for 8 years and I am a citizen for 4 years. Canada has a treaty with my mother country Serbia so that's something to consider. Since the cost of living would be much higher after I hit the pension, an obvious way out would be to return to Serbia. My question is if I retire before age of 65, is CPP would still be applicable or not. And Thank you again for the shared knowledge!!!
I could not afford to retire and stay in the U.S. At 58 I was divorced, so I had to split my retirement with my ex-wife. I was born in 1945 just at the end of the Silent Generation. In 2003, I had worked for the Federal Reserve Bank for 30 years. Because of a toxic work place, I had to retire to keep my sanity. My only option was to retire to the Philippines on $348 a month. It is very possible to do this. It was dicey until I was 62 and got Social Security, after that I started living very well and still do. Had I stayed in the States, I would have been homeless and on the streets. But you cannot depend on checks coming in the mail. I have many retirement checks I have not received. I believe they were stolen and cashed with fake IDs. The Fed will do nothing to help me in this regard because they show no checks unpaid. The logistics of where I live make it nearly impossible to even send a letter to the Fed. It takes two months for me to receive a letter from the States, the Fed will not entertain phone calls from retirees. They do have a company go between that takes care of retiree needs but again due to logistics, security issues, Etc, If you get locked out of your account online, it is very difficult to get any help. Even though the Fed calls itself the Federal Reserve Bank, it is not federal at all, but a commercial bank (private enterprise). Therefore, they do not direct deposit to any foreign country, unlike the federal government. All I'm saying is, you do not have to stay in the U.S. if you need to retire and cannot afford to stay in the States. Just make sure you are 62 so that you can get Social Security direct deposited to a foreign bank. A check in the mail may not work and will most likely get stolen, forged, and cashed without you or your bank knowing about it.
That’s rough…maybe ask “old dog” Paul , an American retired in the phillipines how he gets his ss deposited directly into his bank account…. I think through Charles Schwab…
Hello Adam. Wonderful stuff. I have always wanted to have these questions answered. Thank you. I have a question for you. How does one's TFSA money play into the effect on OAS and GIS supplements; seeing as we do not have to declare any TFSA as income?
@@JesseMgala Not exactly. Yes to your tfsa but if you deposit savings into a non registered account and it makes interest, that interest is considered a capital gain and must be added to your yearly gross income claim at tax time.
I suspect the "living in Canada for 20 years to collect OAS" more like "collected income from a Canadian source while living in Canada for 20 years", otherwise living in a hotel for 20 years would allow you to meet the 20 year requirement.
This is soooo useful. Thank you so much!! :) Question - What about RSPP? Can it be paid directly to a local bank (tax treaty country) and are taxes pre-deducted, like the other CPP & OAS.
Watch out for the 5-year renewal issue if you’re planning to move to a country with no tax treaty. You’ll go from a 10% withholding to 25% and there’s no reminder notice…just a nasty assessment letter demanding a lot more money!
I'm a retired CDN expat living in Thailand. I am a declared non-resident and pay no income tax on my pensions. Check out Form NR5 .Another is 217. You can apply to have your withholding tax reduced or in my case changed to zero. Before that they were withholding 25% tax. Doing some homework can save you lots. My income is about 34 k
very well presented relevant information with the supporting reference links thank you so much - one question though, in case of conversion of the OAS, CPP is the conversion applied by Canada or the local institution?
Be aware medical insurance may be required if Europe is a choice , private ins.charge well above 500 month euros. I found.Greece requires you be insured for example.
there is an oas survivor benefit in very limited circumstances. to receive it 1) your spouse must have passed away and you haven't remarried, 2) you are between the ages of 60 - 64, 3) your income is below $25,920, and 4) you are living in canada.
As a Canadian living abroad I really appreciated this video. It’s difficult to find information on this type of topic.
Hire a fkn CA you cheap dude.
Government never tells us real information
In case of death, how will cpp pay?
Interesting and at the same time complex question. I assume the family would get some CPP or a family member could inherit and continue receiving it. Hopefully, will get more on this subject. Thank you
Timely topic. In a year or two my wife and I will be leaving Canada to retire abroad. The economy here is going to face significant challenges in the future with rising taxes, new types of taxes and higher interest rates. Most seniors on fixed incomes are going to be in a very bad way. We're getting out to enjoy better weather, cheaper cost of living, better health care and a much better lifestyle. Canada's future is bleak indeed.
Depends on where you are going. I lived in the Philippines and Thailand. I was happy to come home after 3 years.
@@davidgiles5030 my wife and I tried Philippines, weather was great, we lived in the provinces north of Manila but you’re right, we were glad to come back to Canada too. Health care there is nasty
@@davidgiles5030 now 2021 October do you think Canada is ok to be ? Because I’m planning to go to Philippines 🇵🇭 escaping the military take over in Saskatchewan etc
@@marklundy6879 what is your thought about Canada 🇨🇦 October 2021 are you ok living in Canada or would like to go back in the Philippines 🇵🇭?
I’m looking to go away from Canada 🇨🇦 because of the pandemic military take over in Saskatchewan. Are you seeing that also
thank you for your info, living on CANADA for 52 years, as a canadian we appreciate what canada offered to us
Thank you. I thought that I had to come back to Canada for six months to continue getting my benefits. This really updated my knowledge and took a lot of stress off my shoulders. I will now researched the other benefits like health care.
Don't worry about the health care. Just live like the natives do, there's a medicine man in every village
@@mactravel112 I have to respectfully disagree with you on that point. I was seriously ill twice and each time i got stellar life saving care. I agree that the wait time for non-urgent procedures is way to long but otherwise our health care system is generally quite good.
Better comeback to Canada if you qualify)need substantial GIS payments.
Topic is not relevant to me, but figured I’d stop by and drop you a like! I’ve been binge watching your content this past week and truly appreciate the knowledge you’re sharing with us Canadians! Thanks from Moncton NB!
Thanks for watching (and binge watching!).
I live in Spain full time and I get both CPP and OAS since age 65. I worked in Canada for over 20 yrs before I moved to EU for work back in 2000. Both CPP and OAS are subject to a 15% witholding tax but tax paid in Canada is a credit against income tax payable in Spain.
Larry, thanks for sharing!
did you have to deal with both your Canadian and Spanish taxes? 2 different accountants?
How is living in Spain?
@@MsElke11 I am a fiscal resident of Spain, not Canada. So I only file income tax returns in Spain, based on my global income (which includes my Canadian pension and investment income). Any taxes paid in Canada on my Canadian income is a tax credit against taxes owed in Spain since Spain and Canada have a tax treaty and there´s no double taxation between Canada and Spain.
@@MelissaKellyHerStunts I live in the canary Islands. I like it alot. Relaxed pace of life. good food and wine, and great climate. I am not fluent but have adequate Spanish and this makes a BIG difference as it would be much harder to live in Spain without any Spanish (but not impossible).
I love these kind of videos Adam! Thanks 🙏
I am planning to retire in Europe and these information are beneficial as a starting point. Keep them coming, Sir! 😊
Thanks for this the great information Adam. Regarding getting payments from CPP/QPP and OAS, I live in Massachusetts and have been receiving QPP and OAS for about two years now. I was able to get direct deposit into my US bank account from both QPP and OAS. The amount fluctuation due to US/Canada currency fluctuations but seems to be well aligned with the foreign exchange rates. Its great, payments show up every month, no need for a Canadian bank account or making the transfers myself.
Does Canada have a Tax treaty with US ? Or how is it you can collect your OAS for past 2 yrs there ? Do you come back to Canada for a bit than go back and stay another 6 months ? Ty
Hey Adam. I think you’ve got a winning topic here. I’m looking forward to more in depth videos on this. Cheers!
Thank you so much for the time sir
We'still secure in Canada than any other countries i have a friend in Italy and she regretted that she didn't get much retirement pay there to the fact that she had worked there for ling ,long years!
So glad to see this topic as I am very seriously considering retiring in Mexico or, at the very least, being a snowbird as I'm not sure I'd want to give up my residency.
I follow a UA-cam channel called JC Travel Stories. An American couple have retired in Mexico. It may be interesting to view if you are not already a subscriber.
@@moewilson4605 Thanks for the recommendation. I have watched few of their videos.
@@moewilson4605 I think the main difference between U.S. versus Canadian retirees when retiring out of country is that U.S. retirees keep their U.S. Medicare coverage as long as they keep making their monthly contributions. If U.S. retirees encounter a significant medical issue they can return to the U.S. for treatment under Medicare. Canadian medical coverage is based on residency and after a little over 6 months or so out of country Canadians lose their government medical coverage. Canadians can regain their medical coverage but you have to be resident back in Canada for about 3 months first and if your medical issue is urgent that's a problem. I would say this is why more Canadians (versus Americans) are snowbirds rather than moving out of Canada full-time. At least that's the case among the people I know in Mexico.
@@ddavidson5 great point about the medical
@@ddavidson5 yes you are right bout that ...I'm Cdn citizen living in the US.
Learn so much from this video i am from philippines planning to retired.
Thanks for this topic, considering retirement in Europe in few years
Great topic. In this video is now two years old and I’m sure it is due for an update. There must be many people you can interview on this subject, as there are so many of us that are retiring in the near future.
Wow. Thank you so much. Without the possibility to own a home and cost of living way over income I don't see a future here. I am contemplating a move overseas and confused about a lot of things... including how to do a transaction if I were interested in purchasing a home overseas.
Thank you for confirming our research. That was a succinct summary of what we have learned about CPP/OAS.
How has Your channel not exploded because You are awesome thank you for this wonderful information PS I'm Canadian from Toronto Ontario
LOL, well it has grown and we are thankful for that!
Great topic bud but I def am considering retiring abroad
Invaluable information!
You definitively have a new subscriber.
Thanks Nick. Appreciate the view and sub. Have a great weekend.
thank you so much for talking about Canadians retiring abroad. I am from Thailand, married a Canadian, and live in Canada. we plan to relocate to Thailand in about 10 years (my husband does not want to, but I do not want to let the govt takes 80% of his net income (if he moves in nursing home!) I plan to retire at 65. Its very complicated as we own a house in BC and my 71-year old husband has work pensions, CPP, Old Age, investment accounts, and I, who became a Canadian citizen, will start to collect those pensions when I reach 65. We know that Canadians will lose Canada’s health care if you have lived abroad more than 6 months. For example, if we sell the house, how can we transfer the money to Thailand? will there be taxed on those money? there are so many questions that need answers. I have started my research, but yet its still complicated!!. Hope for more info regarding this topic . thank u
Hello. Please adjust the wording regarding going to a Service Canada centre (SC) for answers on exactly how much money a client will receive for CPP or OAS etc. or for other scenarios because the Client Services Officer (CSO) in any Service Canada center doesn't do any calculations. If the pension department has already placed monetary amounts in the client's profile then a CSO can inform the client of the amount(s) but no CSO does any calculations because there are many factors that need to be considered and taken into account which takes times plus the CSO will not have access to all of the client's employment history etc. A CSO is there to inform and redirect clients to where they can get individualized information plus a CSO can set up a call back to have a pension agent call the client instead of the client trying to call the pension department.
Thank you, I plan on retiring abroad and had been looking into this. I was pretty sure I knew the answer but feel better now that you’ve confirmed it. And it looks like where I want to move to won’t have that OAS clawback.
Marco, I'm a retired CDN expat living in Thailand. I am a declared non-resident and pay no income tax on my pensions. Check out Form NR5 .Another is 217. You can apply to have your withholding tax reduced or in my case changed to zero. Before that they were withholding 25% tax. Doing some homework can save you lots. My income is about 34 k
@@jaideedave I've been thinking about retiring in Thailand but I'm having a problem finding health insurance. At my age, the only policy I've been able to find is very expensive. If you have health insurance, would you mind telling me who you deal with?
@@sharonla8071 As a matter of fact I'm 71 and have just been informed that they will not be renewing my medical policy. I have a credit card with 22 k limit as my new policy.
Planning retirement has never been this confusing! First SVB, then Signature bank and now First republic, these are all the signs of yet another 2008 market crash and recession 2.0, so my question is do I still save in the United States dollar, or could this be a good time to buy stocks? So I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here,
@@devereauxjnr true, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.
@@2024Red-j5t Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
@@Countstep0099 I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance wealth managers you could check out. I have been working with "NICOLE DESIREE SIMON" for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
@@2024Red-j5t I just checked her out and I have sent her an email. I hope she gets back to me soon
The threashold for OAS is minimum 10 years in Canada and 20 years in Canada and treaty countries. Speak with Service Canada to get hopefully the latest and accurate information.
One thing that needs to be mentioned is that if let's say you only spent 18 years in Canada after turning 18 years of age, and lets say you spent 20 years in South Korea. Your time in South Korea would only give you the extra two years required to meet the 20 year minimum. However, you would still only receive payment for 18/40 years. So the time abroad only accounts for the application process not for increased benefits. Hope this is clear.
Thanks Wallace, appreciate the knowledge shared
Years spent in Canada since turning 18, living in another country does not count. You qualify for the full OAS benefit if you lived in Canada for 40 years and don’t make more than the threshold.
Very informative and clearly explained. Thanks for this video.
You are welcome!
Thank you so much for your topic n it's discussed properly .maybe pls don't speak too fast so everyone will be able to understand well n be able to catch up with you . Hope you don't mind. Thank you sooooo much sir appreciate it ..GODBLESSINGS TO YOU
My mother is getting her CPP and OAS pay in Spain. Of course, she paid more or les 15% Canadian taxes.
Great to hear! Thanks for sharing Paul.
The withholding tax for non residents is 25%
@@sandywhite1550 I think it depends on the country
@@rapier1954 Yes it depends on your country, but you need to file a NR5 to get the tax break otherwise they automatically take 25%.
@@Waddle584 Correct.I'm a retired CDN expat living in Thailand. I am a declared non-resident and pay no income tax on my pensions. Check out Form NR5 .Another is 217. You can apply to have your withholding tax reduced or in my case changed to zero. Before that they were withholding 25% tax. Doing some homework can save you lots. My income is about 34 k
excellent presentation Adam
Thank you for this very informative video. Clear and concise!!
You're very welcome!
Thanks for the great information on retirement abroad
Very helpful! Trying to find information on the financial considerations on retiring overseas is so hard to find. Thanks, Adam.
More of the overseas stuff pls!! Fantastic
Nice topic I'm watching from Italy 🇮🇹
Good presentation, thanks for the info, important to know if considering a move, for sure!
Clear and concise! Thank you!
Thank you so much for these useful information about oas n cpp n gsi.. .It helps a lot to me n 2 my countrymen who will be able to get in to their retirement benefits soon n plan to retire abroad . more info pls..ty
Thank you for the informations. Very helpful. Lot of researches before make the move but sure for the best.
Very clear explanation; also informative, and thank you.
Fantastic content Adam, Thanks for sharing !
I know that flag😅 do you spend your time in Thailand? I was thinking there was a tax treaty between Canada and Thailand? Do you agree?
thanks for the good advice!
Any time!
Great video about important subject for Canadian retirees
very clear explanation and helpful information. thanks.
I paid in for roughly 10 years. I don’t relinquish my PR due to this benefit. Hope I’m making sense. Cheers D
wow thanks for the info...moving to the Philippines
Hello Adam,
Love your videos! You explain everything so easy and clear to understand!
I have an MSP question. I know you can be away for up to 6 months and still keep your medical coverage. So, how long do you have to stay in the province in order to keep it before being able to travel again? Is the time you need to be in Canada counted by calendar year or from the date you are away and back? Hope you understand what I want to know. Thanks you so much. Keep on the great work!
Everything I read shows that you need to be in Canada for 6 months - so not sure there is a minimum days back requirement. Sounds more like if the total days you were in Canada are more than half the year then you are fine. I would recommend reaching out to msp directly to confirm though.
In Ontario you need to be only 5 months a year. Counting in days.
According to the Canadian snowbirds
' Association...you can be out of country 7 months a year except for Quebec...if you only do 6 months a year...in BC you can call Health services and opt out of Canada for 2 years..I know people doing it now
Great info thanks will be checking into all this soon as I plan to move to the Philippines once travel is allowed
Glad it was helpful!
Why are you secured in the Phil.?
@@lolitmiranda3514 I am not there yet but hope to be by next March. Reason to go there well if I stay here CPP and OAP will cover my bills and chew up my RRSP faster than a beaver can cut down a tree. When I retire I would still like to eat and explore places. In the Philippines I can live on 1/3 of what it cost here. Easy choice.
@@lolitmiranda3514 I spend $500 a month for 2 people here in Philippines and that includes everything ie utility bills, internet, groceries etc. I like to eat healthy which means more expensive if you live in Canada.
I am going there in December (?), and trying to full prepare for the financial angle.
Let me know if you want to compare notes; there isn't a lot of reliable info out there for Canadians.
Thank you for educating me on CPP & OAS
Well done. I have been looking for this info. I subscribed n liked without ado. Do more relevants.
Thank You 🙏
Your video is very informative ❤️❤️
One can collect CPP as early as 60 (reduced amount) & not 65 years old.
Well done!!
Thanks for this general info. Obviously, one must consult a tax accountant for details. However, what I notice about your video and virtually all others your targeted viewers are NOT those living below the poverty line. Because I will lose provincial benefit of $200+, and GIS of $800+ moving overseas is not prudent. However, it is nice to be conscious I go on and off GIS, say take one year living overseas instead of being a snowbird doing my 'prison sentence' of 183 days per year resident in Canada. The withholding tax is unlikely a big issue if one has an income of only 24K. And many of the countries where I spend my winters (India, Turkey, Thailand) there is a tax treaty. so one year out of one's old age overseas is not a big deal if one has some savings.
I look forward to seeing videos catering to low-income non-US snowbirds. The stereotype of snowbirds as owning property, vehicles (even travelling in very inefficient Winnebegos) and wintering in Mexico or the SW of the USA is not always true. Some of us mobile bachelors are on *very* low income and still manage to travel half the year or more. And I agree with you about advantages of overseas living - optional direct-pay healthcare (excellent in India and Vietnam), value of CAD (Turkey and Argentina), better weather (everywhere), and ability to eat out instead of always cook from scratch (Vietnam etc). I have found that it is better value to not spend all my time in Canada. And I am not drinking champagne on a yacht in the Bahamas. There is this strange image among many Canadians who have rarely travelled far or for long that snowbirds are millionaires. No, some of us are hobos (here anyway). In brief, there is a simple way to live a higher standard of living - leave Canada for extended periods. Even after airfare it is a better deal.
And please do a video on how the situation in Canad compares to other developed Anglo countries. I have heard that Australia is more generous and less restrictive about travelling. If Canada changed the seniors income rules to eight months I would be gone for that length. Some provinces have already shortened the prison sentence for healthcare to fewer months.
Hi, great video and details! Just wanted to add that the clawback on OAS as you said is on net income but wanted to specify that it is per individual. Thx. I subscribed and liked.
Yes, based per individual.
Wow thank you so much for all this info. New subcriber here. Very informative.
Thanks Jane! Welcome to the channel.
This is so informative. Thanks for sharing.
Great video and Thank you so much! This was exactly what I was looking for answers for years when thinking about retiriment plan.
My case is that I live in Canada for 8 years and I am a citizen for 4 years. Canada has a treaty with my mother country Serbia so that's something to consider. Since the cost of living would be much higher after I hit the pension, an obvious way out would be to return to Serbia.
My question is if I retire before age of 65, is CPP would still be applicable or not.
And Thank you again for the shared knowledge!!!
Thanks for this information!
Great stuff ! Thank you!
I retired a broad once but I ended up getting remarried again a few years later.
😂
😂😂😂❤️
So you're working again??
@@wulfychen3058 I never stopped working.
LOL
Great topic, looking forward to more like this
Great information Thanks Adam
Thanks for the update !! Will do the research on the retirement tax verses location and tax offsets are concerned . Thanks for the heads up Sir !!
Your content is excellent!
Thanks Brian.
To the point! Excellent!
I really like this channel. Really great info. , you really know your stuff. Thank you!
I appreciate that! Thanks Peter.
Thank you. Very informative. I have been looking for specific information on these matters. 👏🏽🙏🏽
Helpful points..New subscriber here. Thanks for sharing🙂
Thanks Collin. Welcome to the channel
Awesome information and thanks for sharing 🙏🙏
My pleasure
Great content and delivery. Thank you very much.
You're very welcome!
Beneficial information, thanks!
WOW. Great information Adam. Thanks so much.
Thank you for a very useful info on retiring and where to get assistance with planning for it
Best way
This is great information!!!
Glad it was helpful!
Thank you so much for the info.
Very informative👍
I could not afford to retire and stay in the U.S. At 58 I was divorced, so I had to split my retirement with my ex-wife. I was born in 1945 just at the end of the Silent Generation. In 2003, I had worked for the Federal Reserve Bank for 30 years. Because of a toxic work place, I had to retire to keep my sanity. My only option was to retire to the Philippines on $348 a month. It is very possible to do this. It was dicey until I was 62 and got Social Security, after that I started living very well and still do. Had I stayed in the States, I would have been homeless and on the streets. But you cannot depend on checks coming in the mail. I have many retirement checks I have not received. I believe they were stolen and cashed with fake IDs. The Fed will do nothing to help me in this regard because they show no checks unpaid. The logistics of where I live make it nearly impossible to even send a letter to the Fed. It takes two months for me to receive a letter from the States, the Fed will not entertain phone calls from retirees. They do have a company go between that takes care of retiree needs but again due to logistics, security issues, Etc, If you get locked out of your account online, it is very difficult to get any help. Even though the Fed calls itself the Federal Reserve Bank, it is not federal at all, but a commercial bank (private enterprise). Therefore, they do not direct deposit to any foreign country, unlike the federal government. All I'm saying is, you do not have to stay in the U.S. if you need to retire and cannot afford to stay in the States. Just make sure you are 62 so that you can get Social Security direct deposited to a foreign bank. A check in the mail may not work and will most likely get stolen, forged, and cashed without you or your bank knowing about it.
That’s rough…maybe ask “old dog” Paul , an American retired in the phillipines how he gets his ss deposited directly into his bank account…. I think through Charles Schwab…
Thank you. Learning a lot. Way to go. 👍
Thanks Elizabeth
What if I retire on an Island like Jamaica ? Where it’s warmer all year
excellent video. very useful
Glad it was helpful!
There are places in Thailand & Mexico worth looking at.
Just going by info on YT.
Thank you. An awesome video.
Glad you liked it Karim!
I recently applied for oas & GIS I will be turning 65 years old in December 19th I was born in Canada and lived in Canada all my life
Hello Adam. Wonderful stuff. I have always wanted to have these questions answered. Thank you. I have a question for you. How does one's TFSA money play into the effect on OAS and GIS supplements; seeing as we do not have to declare any TFSA as income?
It shouldn't at all
@@ParallelWealth Well that is terrific news.
TFSA and any savings come from net income. It means, they are already taxed if I get it right.
@@JesseMgala Not exactly. Yes to your tfsa but if you deposit savings into a non registered account and it makes interest, that interest is considered a capital gain and must be added to your yearly gross income claim at tax time.
@@ParallelWealth Thank you sir. That's what I thought.
I suspect the "living in Canada for 20 years to collect OAS" more like "collected income from a Canadian source while living in Canada for 20 years", otherwise living in a hotel for 20 years would allow you to meet the 20 year requirement.
This is soooo useful. Thank you so much!! :)
Question - What about RSPP? Can it be paid directly to a local bank (tax treaty country) and are taxes pre-deducted, like the other CPP & OAS.
great video!thanks!👍👍
Thanks Chad.
Watch out for the 5-year renewal issue if you’re planning to move to a country with no tax treaty. You’ll go from a 10% withholding to 25% and there’s no reminder notice…just a nasty assessment letter demanding a lot more money!
Great point David! Thanks for the tip for our viewers.
I'm a retired CDN expat living in Thailand. I am a declared non-resident and pay no income tax on my pensions. Check out Form NR5 .Another is 217. You can apply to have your withholding tax reduced or in my case changed to zero. Before that they were withholding 25% tax. Doing some homework can save you lots. My income is about 34 k
very well presented relevant information with the supporting reference links thank you so much - one question though, in case of conversion of the OAS, CPP is the conversion applied by Canada or the local institution?
Awesome video...I just subscribed, looking forward to more info.
@Adam from 3:30 you mention CPP while speaking of OAS. Please correct this.
And thx, this is an important area!
Be aware medical insurance may be required if Europe is a choice , private ins.charge well above 500 month euros. I found.Greece requires you be insured for example.
Not all… certainly not in Portugal!
@@JenShea, how much is it in Portugal?
As far as l am aware, once an OAS recipient dies, the OAS benefit ceases. There is no survivor benefit. SV works only with the CPP.
there is an oas survivor benefit in very limited circumstances. to receive it 1) your spouse must have passed away and you haven't remarried, 2) you are between the ages of 60 - 64, 3) your income is below $25,920, and 4) you are living in canada.
@@richardcrompton9067 very limited indeed, but good to know.
Thanks
Thank you 🙏🏻 ❤
Thanks for your help 👍
No problem 👍
Excellent information. Thank you very much
Glad it was helpful!
Thank u Adam.. Interesting topics .
Excellent video. Thank you!
All things considered, Where is the best best place for Canadians to retire that is warm?
Thanks for the info. Its nice to know a person can leave over taxed Canada, due to the liberals, and still qualify for cpp and oas.