Here is how you can retire as an ex-pat without tax liability in Canada
Those who have lived in numerous countries and contributed to multiple national pensions can take advantage of Canada’s international social security accords and also keep an eye on tax liability in Canada, which can help coordinate pension schemes between countries. When determining whether or not you are eligible for Old Age Security, Canada may count periods during which you paid into a pension plan administered by a foreign nation as periods during which you paid into the Canada Pension Plan or the Quebec Pension Plan or as periods of residency.
Since the OAS eligibility requirement for minimum residency is twenty years, this is of utmost significance. You might be able to improve your chances of qualifying for social security by agreeing.
Eligibility Criteria to Receive Old Age Security Benefits
Employment history does not play any role in determining eligibility for the Old Age Security pension program or the number of benefits that can be drawn from it. Participants and their employers are not required to make direct payments to the program. The following criteria must be met to qualify for eligibility:
- Age 65 or older
- Canadian citizen or legal resident
- Have previous experience living in Canada:
- If you have been a permanent resident of Canada for the past ten years, starting when you were 18, you are eligible.
Suppose the applicant has been living outside Canada continuously since 18 for a minimum of 20 years. You had to be a citizen of Canada or a legal resident of Canada up until the day before you left the country, and either one of those things must have been true. You can hire a tax consultant in Toronto to help you with tax liability in Canada.
Healthcare
Expats who choose to retire in Canada will find that the country’s universal healthcare system is one of the most significant advantages they may take advantage of during their golden years. By funding such establishments, the Canadian government ensures that all of the nation’s facilities maintain a high standard of excellence across the board. The health care system is locally administered and managed locally within each province.
The costs of the system are paid for through taxes. Even while there will be a limited period—about three months—during which new entrants will not be protected by the provincial health insurance plan, as long as you possess a valid residency visa, you will be entitled to free healthcare.
Conclusion
Consider discussing retiring with a financial professional before making final decisions because of tax liability in Canada. You don’t need to have difficulty locating an International Tax Consultant in Toronto. Some websites will put you in contact with financial advisors in your area, and you will have the opportunity to have cost-free interviews with the potential advisors who have been matched with you so that you may choose the one who will best serve your needs.
Get started immediately if you are prepared to find a financial advisor who can assist you in achieving your objectives and if you are ready to do so.
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