US/Canada Dual Citizen Retirement

[Home Addict]

I am a US/Canada dual citizen. The two countries have different retirement system, and I qualify for them in different ways. But since the US Social Security increases as your withdrawal date is postponed, I would like to first start collecting from Canada's Old-Age Security first at age 65. Then upon hitting age 70, move back to US and start collecting Social Security.

Is this legal? Does Canada allow you to back out of their retirement programs and join the US one? Are there dual citizens who are contemplating similar strategies?

Thanks, and happy Labor Day weekend!

 

[Meadbh]

As a citizen of a country, you should be able to enter and leave at will.

 

[Coolius]

I am in the same situation, except that my Canada Old-Age pension is going to be very small; I left for the US after only 4 years of full time work in Canada ( Intra Company transfer in the mid 80's ).

Fortunately, I closed out all my RRSP plans when I left, I hear that the IRS is now putting pressure on Canadian banks to disclose RRSP accounts whose owners are dual citizens. Sure hope that does not affect you - it would be a reporting and accounting nightmare.

Looking forward to hearing from other forum members on this topic.

 

[itsmyparty]

I am a US/Canada dual citizen. The two countries have different retirement system, and I qualify for them in different ways. But since the US Social Security increases as your withdrawal date is postponed, I would like to first start collecting from Canada's Old-Age Security first at age 65. Then upon hitting age 70, move back to US and start collecting Social Security.

Is this legal? Does Canada allow you to back out of their retirement programs and join the US one? Are there dual citizens who are contemplating similar strategies?

Thanks, and happy Labor Day weekend!

In Canada, aren't there two retirement plans....1) Canada Pension and the other - "Old Age Security". I have duel citizenship as well, live in the US, and collect Canada Pension. But I believe you have to be actually living in Canada and meet other qualifications to get the "Old Age Security". You can live in Canada and still get your US Social Security check whenever your are qualified and apply - sent to you. I will be interested in hearing from others say. I'm sure the Canada Pension website has some useful info. The above is my understanding...I'm looking forward to seeing what information you get from people who are actually 'in the know'.

 

[Meadbh]

A Reference Guide - Old Age Security and Canada Pension Plan