Any Ex Pat members here?

[gryphonv]

I'm curious if we have any Ex Pat members on this forum.

MY plan later in life is to retire to somewhere warmer in Asia most likely. Somewhere where our dollar goes much further and not having to deal with our winters anymore.

I'm just curious if its hard to transfer our pensions and benefits to foreign bank accounts. Also if anyone has gone full time and became a tax resident of their chosen country, how that would apply.

Thanks all in advance.

 

[QV]

Following... very interested. I've been considering this as well - maybe on a part-time basis at first as a test run.

 

[Blackadder1916]

I'm curious if we have any Ex Pat members on this forum.

MY plan later in life is to retire to somewhere warmer in Asia most likely. Somewhere where our dollar goes much further and not having to deal with our winters anymore.

I'm just curious if its hard to transfer our pensions and benefits to foreign bank accounts. Also if anyone has gone full time and became a tax resident of their chosen country, how that would apply.

Thanks all in advance.

If you think that by becoming a resident elsewhere, you can avoid paying taxes on your pension, you have another think coming. And depending on the "chosen country", there may or may not be a tax treaty that acknowledges you've already paid to Canada. But be assured, especially with a CF Pension, CPP/OAS, and/or RRSP/RRIF, that Canada will take its cut first.

Non-residents of Canada - Canada.ca

Information about the income tax rules that apply to non-residents of Canada.

www.canada.ca

Your tax obligations
As a non-resident of Canada, you pay tax on income you receive from sources in Canada. The type of tax you pay and the requirement to file an income tax return depend on the type of income you receive.

Generally, Canadian income received by a non-resident is subject to Part XIII tax or Part I tax.

Part XIII tax
Part XIII tax is deducted from the types of income listed below. To make sure the correct amount is deducted, it's important to tell Canadian payers:

• that you're a non-resident of Canada for income tax purposes
• your country of residence

The most common types of Canadian income subject to Part XIII tax are:

• dividends
• rental and royalty payments
• pension payments
• old age security pension
• Canada Pension Plan and Quebec Pension Plan benefits
• retiring allowances
• registered retirement savings plan payments
• registered retirement income fund payments
• annuity payments
• management fees

As for direct deposit to a foreign bank.

Direct deposit for individuals with a foreign bank account - Direct deposit - Receiver General for Canada - PSPC - Canada.ca

Direct deposit information for Canadians with a foreign bank account, including how to enrol in payments or change information on file

www.tpsgc-pwgsc.gc.ca

Edited to add

"any Ex Pat members" -- I was wondering why you were looking for ex PPCLI until I had the light bulb moment.

 

[gryphonv]

If you think that by becoming a resident elsewhere, you can avoid paying taxes on your pension, you have another think coming. And depending on the "chosen country", there may or may not be a tax treaty that acknowledges you've already paid to Canada. But be assured, especially with a CF Pension, CPP/OAS, and/or RRSP/RRIF, that Canada will take its cut first.

Non-residents of Canada - Canada.ca

Information about the income tax rules that apply to non-residents of Canada.

www.canada.ca

Thanks, some good info there.

I knew a little bit about the withholding tax. It's not so much I want to avoid paying taxes(not against that) but the risk of double taxation (very against that).

Maybe some of the questions are more apt for a accountant who specializes in those things. AFAIK there is a withholding tax of 25% regardless, so that actually can be slightly higher than your current taxes in Canada(Provincial+ Federal).

 

[Remius]

I guess it depends on where you want to go and the infrastructure there. Also likely the visa requirements.

I know someone who is planning on moving to Costa Rica. Stable, good health care but not sure it’s that much cheaper. She already has a house she had built there recently that she rents out when she isn’t visiting. Likely her retirement destination.

Thailand or Malaysia I hear are good options and low entrance requirements.

I was recently in Spain and it is pretty affordable, modern and good infrastructure/health care etc. But the visa requirements are fairly hard to get. Lots of Brits move (or did before brexit) there.

I’m no expert on this though.

 

[KevinB]

Medical/Disability Pensions aren’t taxed, or at least in the US they are not, which has a tax treaty with Canada.

Because I’m a petty person I have mine mailed just to cost the GoC more money each month

After denying my hearing claim (from H1 to H4, but apparently that ‘wasn’t service related’…) I figured I’ll take little satisfactions where I can.

 

[Rifleman62]

If for any reason you file a US tax return, IRS considers world wide income.

 

[KevinB]

If for any reason you file a US tax return, IRS considers world wide income.

There is zero escape from the ISR if you are a US taxpayer. Living abroad over 300 days gets you a 90k taxable exemption, but that’s it.

 

[GR66]

There is zero escape from the ISR if you are a US taxpayer. Living abroad over 300 days gets you a 90k taxable exemption, but that’s it.

Well I guess it's their use of ISR assets that makes the IRS so good at tracking down taxpayers!

 

[KevinB]

Well I guess it's their use of ISR assets that makes the IRS so good at tracking down taxpayers!

Hey I’m at SOFWeek in Tampa. My phone picked the most logical arrangement for that.

 

[OldSolduer]

Well I guess it's their use of ISR assets that makes the IRS so good at tracking down taxpayers!

I was informed by people in other areas that if you want to really get someone, notify the Canada Revenue Agency.