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
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).
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!
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!
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
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 TH-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.
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! 😊
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
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.
@@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
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
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.
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.
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.
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.
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
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.
@@viewfromthehighchairr 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.
@@AlbertGReene-p8w 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.
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.
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
You better cover tfsa. .before and after moving...fill the tfsa before you leave..you can't contribute afterwards without huge penalties on contributions
@@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.
@@ParallelWealth our financial advisor stated that we might not get CPP and OAS if not returning ever 6 months even when we called service Canada they said same thing we have lived and worked all of our lives in CANADA but want to retire in DR what does it mean if DR isnt on treaty agreement would we also be able to collect my husband CPP disability and live abroad
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
I'm so glad I stumbled on this video, I'm 55 yrs.old been in Canada for 32yrs.,,(working) been in this company for 25yrs.,I would like to retire not necessarily abroad, so I guess my question is- will I've able to retire early and still get any or some kind of pension? Thank you so much💜💜💜
Hi, you say re: OAS payments, there will be no withholding tax if you retire to a country that has a tax treaty with Canada. I don't think that is correct unless OAS is treated differently than CPP or any other pension. That is because, when it comes to CPP and other pensions, the tax treaty will determine the withholding tax rate. For example, if you move to Mexico, our treaty sets a 15% withholding tax that will apply to your CDN pensions.
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
Hi Adam, another informative Video as usual my question for you how can a senior citizen like me finds out about Tax Treaty between Canada and Vietnam ??? I have lived in Canada more than 30 Years my CPP and Old age security is not enough to live in lower Mainland anymore .I need to know what is the steps to take before I move to Vietnam ? Please tell me DO I need to fly back to Canada every 6 months or No what is the maximum length of absence from Canada Am I allowed. thanks Adam.
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??
@@mactravel112 I've been in Thailand since 2004 and no regrets.We have all the things here we require. No ice,snow, high taxes and health care is top line.I have Aetna health Insurance. I can ride my Harley any day of the week.
What happens to old age pension if you have worked in Canada for 17 years, then you moved outside of Canada for 2 years then came back to Canada for rest of time. Will I qualify.
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, really useful. Is there a difference if you become nomad and don’t plan to stay in any country more then a few months but also not coming back to Canada?
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.
Really enjoy watching your channel. My wife and I were born and worked in England for a few years before emigrating to Calgary in 1993. We are a few years away from retirement, so have recently starting to put more firm plans in place. We both worked at big companies for 3 to 5 years in England (myself at a large bank, and my wife at a multinational manufacturing company), we've just discovered we have two defined benefit pensions with a fairly sizeable transferable balance on each. I'm reaching out to see if you know of a Canadian company that can help us with the transfer of these funds. I would assume they can be transferred to (I would assume locked in) RRSP account. We're about 10 years away from retirement age. Thank you in advance with any guidance you can offer.
I came to canada in 2002. I started collecting cpp and oas in 2018 at age 65.. So in 2022 when I complete 20 years in Canada, what changes? What happens?
I was considering moving to Thailand and I was told by several CPP/OAS agents that the tax deduction would go up to 25%. This is much higher than the rate being deducted now. I was told that I could recover the excess when I filed my taxes or I could apply to have a lower amount deducted at source but that may not be approved. My income is well below the threshold. I didn't get as far as speaking to anyone about tax treaties (I don't think there is one with Thailand) because I was unable to get reasonably priced health insurance at my age so my expat dream is over.
There are options: Many countries don't ask for or require medical insurance. Its up to you to find them. As stated previously I just turned 71 and my insurance co.(Thai) just informed me that they won't renew my policy. I have a Visa cc from a CDN bank that has a 22k limit, that's my new policy..I don't want to burn through my wife's inheritance. You can still retire abroad if you do more research.A lot of expats don't have insurance.
You can get reasonable health insurance in Thailand Just aware that there are several types of health insurance and level of service Also many rules you need to be aware of before they will cover you
I am a Canadian living in the US. I retired with the income from US ssa, cpp and oas ( starts in 2022). My question is do I have to file Canadian tax return for receiving cpp and oas. If yes, what form do I use? My retirement yearly income, of course will not exceed Can.$77,000. Thank you sir.
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.
My husband lived in uk 20 years his cpp was divided between him and first wife his cpp he claimed never changed because he .I've a road he was not entitled to get increased
Sir how to update our benefits pension cpp and survivors pension it been almost 4 yrs now no common cation or they never send us our pension since pandemic start
such a great video I had to subscribe ,,, frankly I'm just thinking about going where it is warm so I can avoid old man winter and spend months in the sun golfing and lying on a beach ...
The information you gave was very valuable. It was a great video. But I still have a question, I would be happy if you could answer it. If I decide to live abroad permanently after retiring from OAS, do I have to come to Canada every 6 months? By the way, I would like to point out that I have lived in Canada for 25 years. Thank You!
Hi again Adam! I'm very sorry, but I'm asking to fully understand. My country is Turkey, and I wonder if it covers me coming to Canada every 6 months? Thank you again.@@ParallelWealth
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.
@@ParallelWealth thanks for reply. I didn’t make my question clear. My question is if I move overseas and no longer a Canadian tax resident, which country’s tax rate they use to tax my rsp? Thanks
All depends on her age and if it's been used. We have a few videos on TFSA withdrawals and how they work, but here is the link for contribution room. www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributions.html
@@ParallelWealth My sister she has been on ODSP for more than ten years, so how much maximum money allowed for her in TFSA ? Without effective her Ontario disability support program?
@@HongNguyen-rz2uv Under ODSP, the asset ceiling is $40,000 for a single person, $50,000 for a couple and $500 for each dependant other than a spouse. All interest earned on assets within this ceiling is exempt from income under ODSP and may accumulate to the allowable asset limit for a particular benefit unit.
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?
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
thank you for your info, living on CANADA for 52 years, as a canadian we appreciate what canada offered to us
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
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).
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.
Me too
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!).
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!
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
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 TH-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.
Thanks for this topic, considering retirement in Europe in few years
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! 😊
Learn so much from this video i am from philippines planning to retired.
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
Thank you for confirming our research. That was a succinct summary of what we have learned about CPP/OAS.
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.
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
Great topic bud but I def am considering retiring abroad
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
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.
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!
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
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.
thanks for the good advice!
Any time!
Invaluable information!
You definitively have a new subscriber.
Thanks Nick. Appreciate the view and sub. Have a great weekend.
Very helpful! Trying to find information on the financial considerations on retiring overseas is so hard to find. Thanks, Adam.
One can collect CPP as early as 60 (reduced amount) & not 65 years old.
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.
Very informative and clearly explained. Thanks for this video.
You are welcome!
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.
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.
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
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.
@@viewfromthehighchairr 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.
@@AlbertGReene-p8w 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.
@@viewfromthehighchairr I just checked her out and I have sent her an email. I hope she gets back to me soon
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.
What if I retire on an Island like Jamaica ? Where it’s warmer all year
Thank you for this very informative video. Clear and concise!!
You're very welcome!
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
You better cover tfsa. .before and after moving...fill the tfsa before you leave..you can't contribute afterwards without huge penalties on contributions
That video will be coming next week or week after. RRSP abroad drops tomorrow.
Thanks for the great information on retirement abroad
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
More of the overseas stuff pls!! Fantastic
excellent presentation Adam
Very timely information, I retired at 55 last years and living abroad since 2020, but I lived in Canada for 31 years. Is there a treaty with Jamaica?
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.
All things considered, Where is the best best place for Canadians to retire that is warm?
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.
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 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.
Clear and concise! Thank you!
Only two countries where your cpp and oas is not raved is US and UK.
I was told if we retire in Dominican Republic we have to come back 6 months of year to continue getting OAS and CPP
You can stay there full time and get it.
@@ParallelWealth our financial advisor stated that we might not get CPP and OAS if not returning ever 6 months even when we called service Canada they said same thing we have lived and worked all of our lives in CANADA but want to retire in DR what does it mean if DR isnt on treaty agreement would we also be able to collect my husband CPP disability and live abroad
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 !!
Nice topic I'm watching from Italy 🇮🇹
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
topic on canadian expats and a N5 aplication for tax
I'm so glad I stumbled on this video, I'm 55 yrs.old been in Canada for 32yrs.,,(working) been in this company for 25yrs.,I would like to retire not necessarily abroad, so I guess my question is- will I've able to retire early and still get any or some kind of pension? Thank you so much💜💜💜
Yes, but check with your company what they offer.
@@ParallelWealth thank you so much💜💜💜
@Adam from 3:30 you mention CPP while speaking of OAS. Please correct this.
And thx, this is an important area!
You misspoke at about 3:33, when you said you can start getting CPP at 65. I believe you meant to say OAS
Yup, that's why OAS flashes on the screen!!
Thank you for a very useful info on retiring and where to get assistance with planning for it
Canadians can Live 6 Months abroad . All you have to do is fly back to Canada within the Six Months , stay a Day or a Week , and Fly back abroad.
Thank you so much for all the informations.
Good presentation, thanks for the info, important to know if considering a move, for sure!
Great video about important subject for Canadian retirees
I paid in for roughly 10 years. I don’t relinquish my PR due to this benefit. Hope I’m making sense. Cheers D
Hi, you say re: OAS payments, there will be no withholding tax if you retire to a country that has a tax treaty with Canada. I don't think that is correct unless OAS is treated differently than CPP or any other pension. That is because, when it comes to CPP and other pensions, the tax treaty will determine the withholding tax rate. For example, if you move to Mexico, our treaty sets a 15% withholding tax that will apply to your CDN pensions.
Cam, will range from 0-25% depending on Country
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 Great, thank you for the tip!
Hi Adam, another informative Video as usual my question for you how can a senior citizen like me finds out about Tax Treaty between Canada and Vietnam ??? I have lived in Canada more than 30 Years my CPP and Old age security is not enough to live in lower Mainland anymore .I need to know what is the steps to take before I move to Vietnam ? Please tell me DO I need to fly back to Canada every 6 months or No what is the maximum length of absence from Canada Am I allowed. thanks Adam.
I would like to find out this too for my family.
You can stay out of Canada for as long as you wish.BTW would you feel comfortable living overseas with your 2 pensions of ??1400$ or how 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??
People are saying Canada is good country then why they are retiring abroad amd running away?
Cheaper would be the #1 answer
@@ParallelWealth the countries which are cheaper but the living condition aren't so good. I think it is weather which make everyone runaway.
@@mactravel112 I've been in Thailand since 2004 and no regrets.We have all the things here we require. No ice,snow, high taxes and health care is top line.I have Aetna health Insurance. I can ride my Harley any day of the week.
What happens to old age pension if you have worked in Canada for 17 years, then you moved outside of Canada for 2 years then came back to Canada for rest of time. Will I qualify.
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, really useful. Is there a difference if you become nomad and don’t plan to stay in any country more then a few months but also not coming back to Canada?
Not as far as OAS and CPP go. Possibly for other tax considerations.
I wandered for 3 years. No problem from any of my pensions.
@@davidgiles5030, but you probably weren't getting the GIS were you?
@@davidgiles5030 didn't you have any problem with immigration, say at the airport?
@@MrJx4000 GIS is available for Canadian residents only.
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.
Very clear explanation; also informative, and thank you.
Really enjoy watching your channel. My wife and I were born and worked in England for a few years before emigrating to Calgary in 1993. We are a few years away from retirement, so have recently starting to put more firm plans in place. We both worked at big companies for 3 to 5 years in England (myself at a large bank, and my wife at a multinational manufacturing company), we've just discovered we have two defined benefit pensions with a fairly sizeable transferable balance on each. I'm reaching out to see if you know of a Canadian company that can help us with the transfer of these funds. I would assume they can be transferred to (I would assume locked in) RRSP account. We're about 10 years away from retirement age. Thank you in advance with any guidance you can offer.
Send us an email, we can get some details and get you going on this.
Thank you for the informations. Very helpful. Lot of researches before make the move but sure for the best.
I came to canada in 2002. I started collecting cpp and oas in 2018 at age 65.. So in 2022 when I complete 20 years in Canada, what changes? What happens?
Nothing if you are already collecting. This video is if you leave Canada, not come to
@@ParallelWealthhe probably meant, can he retire abroad and still receive oas ? without coming back to canada every 6 mnths?
What happens to my income from rental property if I become non resident of canada
I was considering moving to Thailand and I was told by several CPP/OAS agents that the tax deduction would go up to 25%. This is much higher than the rate being deducted now. I was told that I could recover the excess when I filed my taxes or I could apply to have a lower amount deducted at source but that may not be approved. My income is well below the threshold. I didn't get as far as speaking to anyone about tax treaties (I don't think there is one with Thailand) because I was unable to get reasonably priced health insurance at my age so my expat dream is over.
There are options: Many countries don't ask for or require medical insurance. Its up to you to find them. As stated previously I just turned 71 and my insurance co.(Thai) just informed me that they won't renew my policy. I have a Visa cc from a CDN bank that has a 22k limit, that's my new policy..I don't want to burn through my wife's inheritance. You can still retire abroad if you do more research.A lot of expats don't have insurance.
You can get reasonable health insurance in Thailand
Just aware that there are several types of health insurance and level of service
Also many rules you need to be aware of before they will cover you
No insurance in Thailand for any foreigner after age 70
But don’t let that stop you
What about Pacific Cross insurance ?? Anybody know of costs and availability?
@@beautyofthailand7393that is not actually true.
I am a Canadian living in the US. I retired with the income from US ssa, cpp and oas ( starts in 2022). My question is do I have to file Canadian tax return for receiving cpp and oas. If yes, what form do I use? My retirement yearly income, of course will not exceed Can.$77,000. Thank you sir.
Reach out to your tax accountant for this.
You are required to file a Canadian tax return.
@@mactravel112 If you derive taxable income in Canada, you have to pay taxes; hence you have to file a tax return.
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.
What is max OAS amount. A Canada citizen worked those 20 years.
wow thanks for the info...moving to the Philippines
This is so informative. Thanks for sharing.
very clear explanation and helpful information. thanks.
My husband lived in uk 20 years his cpp was divided between him and first wife his cpp he claimed never changed because he .I've a road he was not entitled to get increased
Sir how to update our benefits pension cpp and survivors pension it been almost 4 yrs now no common cation or they never send us our pension since pandemic start
Can't find the list not knowing the exact date such list isn't available 😖🤦🏽
such a great video I had to subscribe ,,, frankly I'm just thinking about going where it is warm so I can avoid old man winter and spend months in the sun golfing and lying on a beach ...
Thanks for the sub!
13:23 So, why does the Canadian gov’t take the witholding tax in the first place if after you file, you will receive all or most of it back?
I assume because many don't file
I guess so. ;-)
The information you gave was very valuable.
It was a great video.
But I still have a question, I would be happy if you could answer it.
If I decide to live abroad permanently after retiring from OAS, do I have to come to Canada every 6 months?
By the way, I would like to point out that I have lived in Canada for 25 years.
Thank You!
I dont see a need if you hit 20+ years, but always confirm with your Service Canada center.
Hi again Adam! I'm very sorry, but I'm asking to fully understand.
My country is Turkey, and I wonder if it covers me coming to Canada every 6 months?
Thank you again.@@ParallelWealth
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.
what happened to those overseas retirees if they withdrew from their RSP account in Canada? what tax rate will be charged ? Thanks
Marginal tax rate
@@ParallelWealth thanks for reply. I didn’t make my question clear. My question is if I move overseas and no longer a Canadian tax resident, which country’s tax rate they use to tax my rsp? Thanks
Great video, will one get full max OAS if he has lived 25 years in Canada after age 18, or will he just get a pro-rated OAS? Thxs
Partial. 40 years for full.
@@ParallelWealth would they get 25/40 th ?
Great video, thanks. And my sister want to know how much maximum can a single person have in her TFSA ? Please We are waiting for your response
All depends on her age and if it's been used. We have a few videos on TFSA withdrawals and how they work, but here is the link for contribution room. www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributions.html
@@ParallelWealth My sister she has been on ODSP for more than ten years, so how much maximum money allowed for her in TFSA ? Without effective her Ontario disability support program?
@@HongNguyen-rz2uv Under ODSP, the asset ceiling is $40,000 for a single person, $50,000 for a couple and $500 for each dependant other than a spouse. All interest earned on assets within this ceiling is exempt from income under ODSP and may accumulate to the allowable asset limit for a particular benefit unit.
@@fjohn8985 great helpful information, thanks
@@ParallelWealth thanks for video link
Wow thank you so much for all this info. New subcriber here. Very informative.
Thanks Jane! Welcome to the channel.
Just let it go to a Canadian bank account and make withdraws from an ATM machine in the country you are in.
I thought Canada had a tax treaty with Thailand as well, no?
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?
I am a Permanent Resident (not a Citizen) of Canada for almost 20yrs. Will i receive my CPP and OAS if i lived (and retire) in the Philippines?
You around, but inquire with a my service canada center
Great topic, looking forward to more like this
I really like this channel. Really great info. , you really know your stuff. Thank you!
I appreciate that! Thanks Peter.