Dual citizen: Is it better to retire in Canada or the US?
I was asked by a friend, who is a dual citizen of both Canada and the US, who is currently living in the US, whether I think it is better to retire in Canada or the US. He is eligible for full social security in the US and has a small amount in addition coming in from the Canada Pension Plan. He has a RRSP (equivalent to an IRA) in Canada, but most of the IRA money is from him working in the US. He is not sure whether he'll get Old Age Security from Canada if he go back to Canada and retire there, but it would amount to less than $200 a month anyway. He is renting and has no housing to tip the scale. Family tie also does not play in the decision. I said I do not know, being not too familiar with Canada other than having some visits there, and found her to be a nice place to live. I told him I can refer his question to this board. I had seen some posters from Canada, and there were also some ex-pats. So, aside from social considerations, what do you think from a pure financial, taxation or logistic perspective? Are there other dual citizens who had made a choice? If they did, can they expand on the pros and cons?
I was asked by a friend, who is a dual citizen of both Canada and the US, who is currently living in the US, whether I think it is better to retire in Canada or the US. He is eligible for full social security in the US and has a small amount in addition coming in from the Canada Pension Plan. He has a RRSP (equivalent to an IRA) in Canada, but most of the IRA money is from him working in the US. He is not sure whether he'll get Old Age Security from Canada if he go back to Canada and retire there, but it would amount to less than $200 a month anyway. He is renting and has no housing to tip the scale. Family tie also does not play in the decision. I said I do not know, being not too familiar with Canada other than having some visits there, and found her to be a nice place to live. I told him I can refer his question to this board. I had seen some posters from Canada, and there were also some ex-pats. So, aside from social considerations, what do you think from a pure financial, taxation or logistic perspective? Are there other dual citizens who had made a choice? If they did, can they expand on the pros and cons?
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