lawman3966
Recycles dryer sheets
- Joined
- Jan 8, 2008
- Messages
- 84
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.
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.