Yorkiechef

Having read a few posts on here I am wondering if I can manage TO AFFORD to retire on VI. I have seen a property near fair winds golf club that I can afford to buy out right, I get a regular income of approx $30k per year from a business venture, that might deal with my day to day expenses, is this doable? If I buy my property and car outright when I arrive, is $30k pa enough to live on and retire in my 40's. I child in tow (16 nearly 17) me and mrs y.

Don't get me wrong, I might work once I see the right opportunity, but if I wanted to relax for 17 years and do leisure, is it a goer?

Incidentally, I may return to UK when I am 67 to get my uk state pension and live out my life, but then again I might not, I have a business in UK that I could release capital from if the going gets tough, but would prefer not to.

Incidentally, do I have to pay into a canadian pension fund to benefit from it? Mad question I know, I cAn only find the years to qualify, not what I have to pay to qualify, I suspect the Canadians will want some tax from me, does this entitle me to a pension?

Thanks, I look forward to your replies.

Tangram

Answers above

R I C H

If you were debt free in a similar situation in the UK, could you afford to retire? The cost of living on VI is comparable, so could you continue to support your family, pay for higher education if necessary, fix the house or car as needed, take a holiday etc etc? I can't see how it'd be a fun lifestyle, just subsistence living.

Yorkiechef

Yes to a pension or yes I have to pay something in?

Yorkiechef

Yes I could afford to retire in UK, but not paying for higher education. in UK you don't have to pay for higher ed, they get student loans and a little support from home.

Tirytory

Don't you have to pay for the whole course or are you in Scotland?

Simon Legree

You don't have to pay for higher ed in UK? Nonsense !
It's no different in Canada. They either get loans or,if they're lucky, assistance from home. Nothing is free, either in the UK or in Canada.

BristolUK

As 'hinted' at, I could and do. With less and more people to pay for when I was first new here.

I suspect you might, however, be used to a different lifestyle to the one I and the Canadian family I now have were used to.

On the other hand your teen may be independent of you soon, so maybe you have to think 'two' instead.

By the way, you don't need to return to the UK to qualify for your pension, you only need to be there for annual uprating.

There is a pension in Canada based on years residence rather than paying into (as a resident you will have contributed taxes anyway) but it's income related and your other income would likely rule it out.

Yorkiechef

I don't, the student does and they pay it back when they earn more than £23k pa.

R I C H

Fly at it then. I don't envy the lifestyle it'll afford you. By the time you've paid property and car insurances, property tax, utilities, TV, Internet, MSP premiums and all the usual bills each month, you're not going to have a great deal left over for gas, groceries and any luxuries or unexpected overheads. $2,500 per month for 3 adults isn't going to provide much scope for enjoying yourselves.

Tirytory

Oh right, so your child's problem then eh?

Tangram

I wasn't referring to you.

Yorkiechef

Why do I get the impression that you are trying to irritate me? Forgive me if I am wrong.

In the UK, that would be the case, her problem, it is the same for many going to uni. It is more likely that she will go to uni on Canada. So I will likely have to find some funding, notwithstanding this, I opened a thread about uni and funding in Canada, funding is dependant on parental income to some degree, if I am on a low income, she will receive more grants, and perhaps her grandparents may help with the fees. But that is a whole different can of worms..."

dbd33

Wrong, innit? To bring only a low income into the country when you could bring more, not to work, and then to claim benefits such as education subsidies because the income is low. Bloody immigrants, coming here, sponging off the country.

Yorkiechef

There are so many in the UK feel the same way, of course I do not feel that way, I suspect I will contribute like so many in Canada, I just don't want to be destitute soon After I arrive in Canada. I think we can just about get away with it and look for a business or job in the medium term, once I have made some connections where we live. Perhaps the area needs a great cook to make life more palatable.