In this video I go over the rules the Government of Canada uses to decide your entitlement to Canadian pensions if you decide to live outside of Canada in retirement.

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Leaving Canada to Retire: Does the Government Cancel My Pension?

Retirement is a time awaited eagerly by many, where individuals can finally kick back, relax, and enjoy the fruits of their labor. For some, this may involve leaving their home country, such as Canada, to retire elsewhere. While retirement in a different country may seem like an enticing prospect, many retirees often have concerns regarding their pension and whether the government cancels it in such cases. In this article, we’ll take a closer look at the implications of retiring abroad and their impact on Canadian pensions.

Canada offers various pension programs to its citizens, including the Old Age Security (OAS), Canada Pension Plan (CPP), and Guaranteed Income Supplement (GIS). These programs are designed to provide financial support during a person’s retirement years. However, there are certain considerations to keep in mind when deciding to retire abroad.

The OAS is a monthly payment available to Canadian residents who have reached the age of 65 or older. It is funded by Canadian tax dollars and is administered by the Government of Canada. Those who have lived in Canada for at least 10 years after turning 18 are eligible for the full OAS pension.

When it comes to retiring outside of Canada, the OAS is generally not affected. As long as you meet the eligibility criteria, such as having lived in Canada for the required years, the government will continue to provide your OAS payments, regardless of your residency. However, it is important to note that if you have lived abroad for an extended period, you may need to submit additional documents or fulfill specific requirements to continue receiving your OAS.

The CPP is another pension program offered by the Canadian government. It is a contributory plan where individuals and their employers make contributions throughout their working years. The amount received during retirement depends on the contributions made. Similar to OAS, the CPP is generally not canceled when retiring outside of Canada. As long as you have contributed to the plan and meet the eligibility requirements, you will continue to receive your CPP benefits, regardless of your country of residence.

Lastly, the GIS is a supplement paid to low-income OAS pensioners who reside in Canada. It is income-tested, and the amount received depends on an individual’s income. Unlike OAS and CPP, the GIS can be affected if you decide to retire abroad, depending on your circumstances. If you qualify for GIS and choose to live in another country, your GIS may be reduced or potentially canceled entirely. This is due to the GIS being designed to support low-income individuals residing in Canada.

To summarize, retiring abroad does not necessarily cancel your OAS and CPP pensions. As long as you meet the eligibility criteria and have fulfilled the necessary contributions or residency requirements, you can continue to receive your pension payments. However, the GIS may be impacted if you decide to live outside of Canada.

Before making any decisions regarding retiring abroad, it is essential to understand the specific rules and regulations surrounding pensions for each country. Consulting with a financial advisor or reaching out to the relevant government agencies can provide clarity and ensure that you make informed choices regarding your retirement plans.

While retiring in a different country can offer exciting new experiences and a change in lifestyle, it is crucial to consider the financial implications and ensure that you are well-informed about the potential impact on your Canadian pensions. By taking the necessary steps and understanding the rules, you can enjoy a fulfilling retirement, no matter where you choose to spend it.