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Sunday, May 22, 2011

Canadian Public Pension (CPP)


Wondering about your Canadian Public Pension Plan if you plan to move abroad? You definitely want to consult with your accountant before you plan on making your move.  You can receive your benefits even if you move to another country.  If you plan to retire in Ecuador your Canada Pension Plan, Quebec Pension Plan and Old Age Security (OAS) will be paid to you while you are living outside of your "home country" as long as you have met the conditions according to Revenue Canada.

Old Age Security is paid to you as long as you have lived in Canada for at least 20 years after you turned 18.  Guaranteed Income Supplement (GIS) and the Spouse's Allowance (SPA) benefits are paid to you for six months plus the month of your departure from Canada.  Canada's OAS system is intended to guarantee you a minimum income for retirees, and the benefits will be subjected to an income test. 

You can receive the OAS benefits outside of Canada, but you must file an annual income tax return reporting your worldwide income.  I would suggest that consulting with your accountant and contacting Revenue Canada is absolutely necessary as the situation may be different for you depending on your circumstances.  You may decide to give up your Canadian Citizenship if you move abroad cutting all contacts with Canada.  If this was the case your circumstances would change and you would not be eligible for any of the above.

Please contact www.canadabenefits.gc.ca for detailed information.

If you are a retiree and living abroad what situation have you come across?  Please post your comments, I would love to hear about your experience.
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