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Bob Moss

Receiving canadian pensions in Philippines.

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looking for advice and experiences if I retire  and never go back to Canada??

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1 hour ago, Bob Moss said:

looking for advice and experiences if I retire  and never go back to Canada??

If you retire and leave Canada, and confirm with the tax and pension folks that you are never coming back, then all money paid to you from Canada (I'm thinking pension and RRSP money) will be taxed at a flat rate of 25%.  This may be good if you are currently in a higher tax bracket.  If you are like most retirees then you may want to maintain a residence, bank account, and other ties in Canada. This may also affect your OAS .

There are other advantages to maintaining a residence in Canada.  For example bank loans and credit cards are easier to get in Canada but the bank is not likely to give one to a known non-resident.  Simply checking into the bank once a calendar year keeps them happy and keeps credit available to you.

Such is my personal point of view.

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Thanks fellows. This is a great website for me. Cheers

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