Pensions and Canada
#1
I am the other man....
Thread Starter
Joined: Jul 2003
Location: Glossop, England
Posts: 88
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.
Or do they all just move to Florida
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
#2
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: 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.
Or do they all just move to Florida
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
* 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.
#3
BE Enthusiast
Joined: Apr 2006
Posts: 829
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.
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.
#4
Forum Regular
Joined: Jun 2009
Location: Downtown Toronto
Posts: 270
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?
#5
Re: Pensions and Canada
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.