JonboyE

I do, but it is not quite correct. For CPP the only eligibiliry requrement is that you have paid some CPP premiums. I am not aware that you have to be resident in Canada for any specific period of time. For OAS, if you meet the 20 year residency requirement you can live anywhere in the world and carry on claiming it. However, someone in the 10 - 20 year eligibility range must be resident in Canada when they apply. Also, if they leave Canada for six months or more the OAS will be susupended until they return. It does not work for someone planning to retire abroad if they don't have 20 years under their belt.

Dulciusexasperis

Aah, I wasn't aware they could not leave for more than 6 months once they started collecting JonBoyE. That definitely puts a spoke in the wheels. Can you provide a link to a where they clarify that?

So the question then is will Mike Gas or Novocastrian have the 20 years required before they leave.

Dulciusexasperis

On a related but somewhat humourous note re the OAS, a requirement that comes as a big surprise to many people is the 'proof of when you lived in Canada'.

"If you have not lived continuously in Canada since the age of 18, you must submit proof of all the dates you arrived in or left Canada for periods of over six months. You can do this by providing your passports, visas, airline, ship, and bus tickets, and other requested documents that prove your residence history in Canada."

I ran into this when I applied. Doing the math it's clear that someone hoping to claim the full pension could only be absent for 7 years after age 18in order to have 40 qualifying years. I admitted to having been absent for 7 years.

But who has airline boarding passes from a time 10 years ago when they went somewhere for 6 months? Who has old passports with visa stamps in them? I stated I had been absent but had no such 'proof'.

In their wisdom they sent me a letter saying, 'you must prove when you left Canada and when you entered Canada for those 7 years.' So I wrote back and said, 'Since I cannot prove when I left Canada, then I suppose I must allow you to assume the opposite. That is, that I never left.'

I got my full OAS pension. LOL

JonboyE

They make it hard to find but see here http://www.servicecanada.gc.ca/eng/s...ing.shtml#when

It is under the heading, "can my pension ever stop?"

Dulciusexasperis

Sneaky devils.

OK, time for plan B. Leave Canada on UK passport, no record of having left Canada. Pensions paid to Canadian bank account, tax returns filed yearly online, on Canadian income, money withdrawn in country X using ATMs. Hehehehe.

Novocastrian

Look dude, I've actually "worked" in Canada longer than you have. And like you I don't give a shit about OAS: it's trivial.

Dulciusexasperis

I don't know what has put a bee in your bonnet Novocastrian, but I think you should consider dialing it down a bit.

No amount of money is ever 'trivial' if it continues to add up over time and for many people who post here I am sure their OAS is far from trivial. If it won't constitute a major part of your retirement income, good for you.

I have to say that for someone who thought it couldn't be claimed if you moved abroad in retirement as you plan to do and apparently, having worked in Canada more years than I have, will be eligible for, it sounds rather foolish to say in affect, 'If they will pay me $6,000 a year when I am living in France, I don't plan to bother about claiming it, it's trivial.'

Having needed to work longer in Canada than I have means what? And where did you read that I don't give a shit about OAS? I quite happily take the money. I also plan to quite happily take a UK state pension next year. It all adds to the pot.

Yorkiechef

You might not give a shit, but others do. I suspect many will not be blessed with a super pension scheme and property in France and may be reliant upon OAS. Quite frankly I find you arrogant, the world does not revolve around you, others might have an interest in what we might have to live on, and in that case it is not trivial.

Martin the cdn expat

Thank you for that interesting tidbit Jon.

Mike Gas

Good thread may have more questions than answers now but that's why I started it. Some of these decisions require long term financial planning.


Personally I may go traveling sometime in the next few years , once I have sold my house I have already purchased a smaller residence in BC that I have tenants in at the moment.

May spend some of the colder months somewhere warmer maybe US maybe southern Europe

One train of fault was could you spend 7 months in the UK register for tax there, then return to Canada for 7 months also registering for tax and do this every few years would this keep get your UK pension increases.

bats

train of fault?? you mean thought.

Partially discharged

If you don't like his tone, put him on ignore. You won't be the first.

Dulciusexasperis

You are trying to cover a lot of separate topics in one thread Mike Gas. It might help to separate them.

For example, if you hit the road in a few years, before retirement age, what implications will that have for your pensions if you do A, B or C. That has to do with the 10 and 20 year OAS rules covered above. Would you have enough years of residence to qualify or will you lose out on that.

If you winter in the US or Europe what will you have to consider in that regard? Healthcare, the same 10-20 year OAS rule.

Your last thought about 7 months in Canada then 7 months in the UK, is kind of unclear as you say 'register for tax'. Are you talking about paying income tax in that country or about claiming the index linked pension for the 7 months in the UK? Different subjects.

It seems you do want to know about where might be best to pay income tax from an earlier comment. That answer to that is complicated and depends a great deal on each individual's situation. You would have to divulge a great deal of personal information to get any kind of real answers in that regard which is not a good idea of course in an online forum. You need to talk to a tax consultant about that.

If you keep the house in BC for example then Canada Revenue is probably going to 'deem you resident for tax purposes' and want to tax you on your world wide income. You can chose to pay your tax on your UK state pension in the UK instead because a tax treaty exists between Canada and the UK that avoids double taxation but whether you would be better off doing that or not depends on a lot of other things as well. It certainly won't get you a higher UK state pension whichever country you pay Income tax in.

JonboyE

Under the tax treaty a retiree pays tax on their pension in the country where they are resident.

Novocastrian

@Dulciusexasperis. It's poor netiquette to quote my own posts, but the first post I made on this thread was a reply to Mike whose original post I may have misread to imply that he would be leaving Canada before his retirement date. It didn't imply anything about my own status.

The second post may have been somewhat influenced by a surfeit of booze, but translates roughly to say that I will have lived (and worked) in Canada for 24 years when I retire next year. Since you make such a fuss about having retired at 43 and assuming you have at least a bachelors in some subject or other, then it seems that you have only worked in Canada for about 20 years (certainly you've resided here longer than me, but that's not what I meant.

The remark about my OAS entitlement being trivial was poorly phrased, but not untrue. The full OAS is as you say roughly $500 a month but it is prorated by years of residence, so for me, $300 per month or ~200 euro per month.

Let's just say this won't be a life changing amount.