Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Former Canuck dreams of the tropics
Old 01-08-2008, 09:28 PM   #1
Recycles dryer sheets
 
Join Date: Jan 2008
Posts: 82
Former Canuck dreams of the tropics

I'm 48, single, and looking to retire in my early to mid fifties.

In case anyone knows about this. I have questions pertaining to Can-US cross-border retirement issues. I left Canada at 19 and should eligible for Canadian OAS in addition to U.S. social security (although I will wait a while for both: 65 for OAS, and 67 or 70 for SS).

In fairness, this is a pretty obscure area of retirement benefits. And, many people, even some Canadian lawyers who've advertised on the Internet, seem to be misinformed on the subject.

My question is directed to how partial year employment in the U.S. is credited as Canadian residency for OAS benefit purposes. The pertinent web sites just refer to "periods of contribution" to the US pension system counting as residency in Canada. Another site refers to "social security credits" being counted. But, that vague formula, and the information included on my annual SS statement aren't really enough to determine whether, for example, $4,000 subject to US SS tax in 1980 counts as a year, a half year, or a quarter of Canadian residency.

The outcome will determine how many more years I'll have to either a) work in the U.S. and/or b) reside in Canada, to ensure future eligibility for OAS.

In general, the plan for retirement is to be a U.S. tax resident, a Canadian "legal resident", and a physical resident of some sunny spot in SE Asia, all of which is completely workable and legal from what I've read.
__________________

__________________
lawman3966 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-09-2008, 11:36 PM   #2
Full time employment: Posting here.
 
Join Date: Oct 2007
Location: Willamette Valley, Oregon
Posts: 831
Welcome to the forums.

Your question on Candian OAS----seems best if you go straight to the responsible Canadian agency administering the program. Ask them the questions, and get the best scoop straight from the horse's mouth, eh?

As a US person, I have no idea the name of the Canadian agency responsible, but they must have a website with FAQ's, I would think.

Again, welcome.
__________________

__________________
Dreams Worth Dreaming are Dreams Worth Planning For. I Spent a Career Planning for Early Retirement.
RetireeRobert is offline   Reply With Quote
Old 01-10-2008, 12:41 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Ed_The_Gypsy's Avatar
 
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,293
The mind boggles.

My credentials: I am a US citizen working in Canadistan for several years. I read about this stuff, but it gets murky very quick to me and my head hurts.

I do not know what OAS is. I know what CPP (Canadian Pension Plan) is. CPP is well-funded. However, if you have not been paying into it, don't expect to get any benefits.

I cannot imagine why you might want to be a US tax resident if you are living outside the US or Iceworld. As I understand it, Canada is more lenient to its citizens if you live outside of the country than the US is. Any money you make outside is up to you.

Uncle Sam sees it differently with respect to his citizens. US citizens are taxed on their income no matter where they live--even ten years after they renounce their citizenship.

If you qualify for SS you have paid because of US income, it is a good deal. I know that Uncle will pay you SS if you qualify but are not a US citizen, even if you live outside the US of A--tax treaties and so forth.

Best advice: Get a green card, earn in the US, pay SS in the US, then retire in Mexico and take your SS.
__________________
my bumpersticker:
"I am not in a hurry.
I am retired.
And I don't care how big your truck is."
Ed_The_Gypsy is offline   Reply With Quote
Old 01-10-2008, 07:23 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,717
Send a message via Skype™ to kcowan
Quote:
Originally Posted by lawman3966 View Post
In general, the plan for retirement is to be a U.S. tax resident, a Canadian "legal resident", and a physical resident of some sunny spot in SE Asia, all of which is completely workable and legal from what I've read.
You can be a Canadian citizen and receive CPP and OAS no matter where you live. The only thing you sacrifice is medicare. I know a Canadian who has lived in Mexico for 10 years. He does not even have a Mexican bank account. Does all his banking online and at the ATM. Pays all his bills in cash.

But he pays income tax in Canada. When retired, Canadian income tax is pretty reasonable. I have only paid some in 2 of the last 5 years. In the other years I get rebates.
__________________
For the fun of it...Keith
kcowan is offline   Reply With Quote
Old 01-10-2008, 08:07 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Ed_The_Gypsy's Avatar
 
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,293
Maybe the green card is not a good idea after all. See DangerMouse's comments here:

http://www.early-retirement.org/foru...g-32285-4.html
__________________
my bumpersticker:
"I am not in a hurry.
I am retired.
And I don't care how big your truck is."
Ed_The_Gypsy is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
retirement dreams and reality Khan Life after FIRE 7 04-13-2007 02:51 PM
Recurring dreams after ER ? Lsbcal Life after FIRE 21 01-29-2007 08:47 AM
Sweet Dreams or Endless Nightmares? mickeyd FIRE and Money 0 04-30-2006 11:43 AM
Give life to your dreams dex Young Dreamers 14 09-19-2005 09:28 AM

 

 
All times are GMT -6. The time now is 11:25 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.