If you paid in at least 1 CPP contribution, you are entitled to a benefit. OAS, on the other hand, comes out of the general tax revenues. I f you live in Canada for 40 years between the ages of you qualify for a full pension from OAS. If you decide to leave Canada to live elsewhere in the world your eligibility to receive the OAS pension is based on having lived in Canada for at least 20 years.
If you lived in Canada for less than 20 years then you will receive your pension cheque for 6 months after you have left and then it will terminate. However, if you decide to return to Canada, you can start receiving your OAS pension again.
It is possible to have your CPP or OAS pension "direct deposited" into your bank account in your new country of residence in the local currency. You can get a list of the countries where this is available from the government of Canada website.
If you did not live in Canada for long enough to get a full pension or you moved to Canada from another country you may also qualify to combine your pensions from both countries.
Canada has many International Social Security Agreements with other countries to help citizens co-ordinate their benefits. Check to see if the country you are moving to or from is one of them. Taxation of your benefits. You do need to be aware of this and look at ways you can reduce or eliminate the tax. Click here for more information.
You cannot benefit from what you do not know, so it pays to stay informed. If you want to learn more about CPP and OAS benefits then sign up to get your own online access to our complete seminar series. Click Here for more details and to register for our 6-part seminar series. We would like to become residents of Mexico. Will she still be able to receive it? She has lived in Canada all her life and is 57 years old. Thank you for any help you can offer on this matter.
I live in Canada since I am thinking 8 month… The country I want to go is Turkey. Anna: Based on the information you have provided, it does look like you would be able to receive OAS and CPP benefits while you are out of the country. Thanks for this, very helpful. I am a Canadian citizen living in the UK.
I shall soon have a CPP payment due. If not I am looking to open a fee free account in my own name. Dear Sir I like your Info and style. I and many of my friends are still very confused about OAS.
There is mass confusion between Fact and misinformation. I am 78 years old, lived and worked in Canada for all that. As a permanet non resident? WE a lot of aviation people would appreciate a simple answer. Many Thanks. KOOL 1. Good day Enoch I have left a message here and on one of your other sites.
I am retiring to Vietnam. I was born and worked all my life in Canada. Iam 78 Years old. It will make a huge difference in Life style. There seems tobe massive confusion on this at high levels.
Wayne: If you have lived in Canada for at least 20 years, you are eligible to receive your OAS payments while you are living abroad. If you do not meet the residency requirements, you could still get it if you live in a country that has a social security agreement with Canada. Hi Enoch I have been doing more research and reading. Vietnam also has a Social Security Agreement with Vietnam.
I do not know if they are the same. Getting more confused and frustrated Wayne. Thanks for a great article! My question — can you recommend good credit cards and banks?
Credit cards you can recommend for our situation? Are there Canadian banks that have foreign affiliates so we can transfer from our Canadian accounts to our foreign accounts and hopefully avoid unnecessary fees? Hi Enoch, thank you for this site and all that you do! I live and work in USA since I lived and worked in Canada for 18 years and 2 months after age I guess I would get CPP, is that correct? Are there taxes withheld or taxes due on any of these payments in Canada?
Greatly appreciate your help. Even if you did not spend 20 years, I believe the US and Canada have an arrangement that helps Canadian expats. You will file a US tax return. Can you tell me if I get the annual inflation benefit? Yasmin: Everyone eligible for the CPP enjoy the annual inflation increase i. My British pension is frozen, and will not see any annual adjustments for inflation.
If I move back to the UK I will then receive the current adjusted rate for my UK pension and would also receive annual adjustments thereafter. Many thanks. Can you please clarify the 20 year minimum residency requirement for OAS portability, ie, applying for OAS if no longer living in Canada.
Is one deemed to be resident in Canada if living here for six months in a 12 month period, or six months in a calendar year? Thank you so much. I have dual French and Canadian citizenship. Recently widowed our daughter lives in France. I am planning on moving there permanently. I also have access to some saved retirement funds although I collect after taxes less than 3, a month not a huge income. I would like to know if I have to file my Canadian income tax return every year.
I will e receiving no money from France never having worked there. I am worried about my greatly diminished pension with the switch to euro,inevitable I know. Hi Enoch I have just turned 65 May27th I was planning to move and live in Thailand for a few years with return tripback to Canada for a month or so once,twice a year…the accountant i deal with told me i would lose my OAS but that my CPP would carry on in full to be deposited but that unless i was back in Canada before 6 months where up i would lose my OAS,now i am reading that some people even get the GIS and live outside of Canada permanent.
I think i will be recieving OAS is My grandfather is planning to live in the Philippines and im asking what will happen to his pension? Will CPP stop after 6 months? OAS stop after 6 months? Rjay: It will depend on a bunch of factors, including how long he has lived in Canada as an adult for OAS.
CPP is paid regardless of where you live and is not subject to residency requirements. This is great information, thank you so much Enoch. I have started binge reading your articles in preparation for our upcoming retirement, they really are a fantastic ressource. You are doing us all a great favour, kudos. I plan on spending 9 months of the year in the UK and 3 months of the year in Canada.
Where do I pay taxes? I will have a residence in both countries. Are there any exceptions being made during Covid? She is scheduled to return Dec 5 but due to flight cancellations, will have to disembark 3 times…she is at high risk due to heart disease.
Are there exceptions being made now? Great article, thanks. Possibly I may be due a reduced OAS payment as well. If possible I would like to use the pension as savings for my son, who lives in Montreal, and is He is not a house owner yet. What would the most tax efficient method of effecting this and investing the funds please?
As further background I do have a UK state pension, but deliberately have never associated my Canadian contributions with my UK contributions to that scheme. There is another, minor related issue which is that I have read that my spouse also dual citizen should qualify for death benefit. I have read that I would have needed to have contributed for at least three years, which I did but my projections from CPP state that she does not qualify. I do have a SIN. Philip: The best investment account for your son to invest the funds gift would depend on a number of factors.
If I leave on a cruise ship from a Canadian port and I am away at sea for more than 6 months will I loose my government health benefits? But the provision is only given in a Canadian address format like Province, Postal Code etc. Hi — We are thinking of retiring full time to Aruba. We will be eligible for CPP in 4 years.
Can we keep a bank account in Canada and have our pension deposited there instead of directly to Aruba? Hi Enoch, Thank you for your website, it is easy to understand. My spouse and I were born in Canada and have worked and lived here all of our lives. Your email address will not be published.
I have been living in Canada for almost 18 years; all of these working in different areas, my question is if I decide to be retired in another country, how does my pensions work, how many years do I have to work to get my full pensions, such as rules about time to be outside the Canada. My destiny would be possibly Colombia or United estates. Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one.
We invite you to email your question to [email protected] , where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with a qualified advisor. Qualified Advice. Retired Money. Ask MoneySense. Home Insurance. Comments Cancel reply Your email address will not be published. Related Articles. Investing The trouble with overestimating your investing risk tolerance Instead of diving into equities, get your feet wet Retirement How to draw money out of your corporation in retirement When you have money saved in a corporation, retirement Ask a Planner Affordability tips for first-time home buyers to securing a mortgage Irene and her partner want to buy a house Qualified Advice What should I do with physical share certificates?
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