Pensions and Canada
 

One of the considerations on the move to Canada, is eventually growing old and retiring there.

So I am interested in understanding what is available regards pensions, care for elderly.

• Do people generally have private pensions?
• Is there such a thing as a state pension?
• How are care homes funded?

Or do they all just move to Florida :p

Re: Pensions and Canada
 

* Yes.
* Yes - but don't rely on it to provide anything more than subsistence living on its own.
* You pay your own way.

You can only live in Florida for 180 days or less at a time otherwise your Provincial Healthcare plan will expire.

Re: Pensions and Canada
 

From what I have seen, people generally have private pensions funded either from their employers or Registered Retirement Savings Plans (RRSPs) that they pay into every year. All employees also pay into the Canada Pension Plan (CPP) or for Quebec the Quebec Pension Plan (QPP) a contributions based state pension. Many people also buy property which they rent out.

There is also the Old Age Security Scheme (OAS) which is a state pesion you can receive at 65 provided you have lived in Canada for over 10 years.

Try https://srv111.services.gc.ca/INT_01.aspx this is a pension calculator that you can use.

Re: Pensions and Canada
 

A further question could be - Is it worth moving private pensions over from the UK? Or is it better to leave them until the exchange rate improves?

Re: Pensions and Canada
 

A search will find many threads of discussion on that subject. Pro's of moving a pension over would be ensuring your spouse/family get the maximum benefit in the event of you popping your clogs prior to drawing down the pension. Con's include the exchange rate &, if you have a final salary scheme, the upside of having that defined benefit as opposed to relying on investment performance of your RRSP fund.

I have 14 years or so contributions in two final salary schemes in the UK. I've been here since 2004 and have no plans to move those funds over anytime soon. YMMV.