Canada Pension Question

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Posted

It is likely that 'I Am Bob' will know of this as he is well researched on the Canada Pension.  But any Canadian with knowledge is free to add their view.

 

I was chatting with my brother in Canada and he said that when I get close to 65 years old I need to come back and live in Canada for 6 months.  He said I would qualify for O.A.S. but only if I had been residing in Canada for 6 months minimum prior to applying.  He said it would make a difference of about $600 a month in my income.

 

Yes, I could do a lot or Googling and find a lot of conflicting opinions but has anyone here 'been there, done that'??  I would like to hear more about what that is all about even though it is still 5 years away for me.

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Honestly, Dave, I haven't bothered to check any of the government pensions out... Why? Because as soon as I start collecting any, it's clawed back off my military pension! Freaking thieves!!! I used to know the numbers when I was doing Investments but I didn't bother retaining it.

Try googling "OAS Canadian outside Canada"... You should get a hit somewhere with that...

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Posted

Not an answer for your Canadian question but in Australia its a similar thing except I believe it's 12 months here. Beats me why they have these rules.  :(

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This is a plus for our countries signing up for the Social Security Agreement, It is so that you can draw the pension as if you were living in your own Country, at the time you ask for it.

 

Have to agree though what a bummer to have to go back for anytime just for something you have worked for and or entitled to.

 

Best of Luck all you members that fall into this sort of thing. :thumbsup:

 

JP :tiphat:

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Posted

It is likely that 'I Am Bob' will know of this as he is well researched on the Canada Pension.  But any Canadian with knowledge is free to add their view.

 

I was chatting with my brother in Canada and he said that when I get close to 65 years old I need to come back and live in Canada for 6 months.  He said I would qualify for O.A.S. but only if I had been residing in Canada for 6 months minimum prior to applying.  He said it would make a difference of about $600 a month in my income.

 

Yes, I could do a lot or Googling and find a lot of conflicting opinions but has anyone here 'been there, done that'??  I would like to hear more about what that is all about even though it is still 5 years away for me.

I believe that is correct. you must live in Canada 6 months per year to collect. Also you cannot collect if you continue to work after 65 even though you reached the retirement age of 65.

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From what I understand is you can receive you canada pension and live anywhere,  for the old age pension and the supplement you much reside in canada,. It is keeping me from retiring early. It would add approx.$600.00/month to my gross retirement income

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The maximum income to be eligible for the old age pension is $117954.00, you would receive  $564.87. With the income supplement the most would be $765.93. The maximum canada pension is $1065.00/month

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It is likely that 'I Am Bob' will know of this as he is well researched on the Canada Pension.  But any Canadian with knowledge is free to add their view.

 

I was chatting with my brother in Canada and he said that when I get close to 65 years old I need to come back and live in Canada for 6 months.  He said I would qualify for O.A.S. but only if I had been residing in Canada for 6 months minimum prior to applying.  He said it would make a difference of about $600 a month in my income.

 

Yes, I could do a lot or Googling and find a lot of conflicting opinions but has anyone here 'been there, done that'??  I would like to hear more about what that is all about even though it is still 5 years away for me.

He is fortunate, In Ox it is 2 years.

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for the old age pension and the supplement you much reside in canada,. It is keeping me from retiring early

There's the meat of the question.  Exactly how much time must you phyically be in Canada before they decide you do not reside their?  Residence is a tricky question.  Example:  Do I reside in Philippines?  I am here every day but merely as a tourist.  That means I have no residency here so Income tax in Canada accepts that my residence is still Canada.  Now will O.A.S. accept that same scenario in 5 years when I qualify?  Only time will tell so there is not a lot of point worrying about it now, merely questioning it.

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I believe if you reside outside the country for more than 183 days, in a calendar  year, you are considered a non-resident.

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