As a Canadian living abroad I really appreciated this video. It’s difficult to find information on this type of topic.

@chrave1956

2 жыл бұрын

Hire a fkn CA you cheap dude.

@JS-jh4cy

2 жыл бұрын

Government never tells us real information

@user-vc2hx3vy8y

9 ай бұрын

In case of death, how will cpp pay?

@mihajlolakicevic2631

22 күн бұрын

​ Interesting and at the same time complex question. I assume the family would get some CPP or a family member could inherit and continue receiving it. Hopefully, will get more on this subject. Thank you

Clear and concise! Thank you!

Thank you for confirming our research. That was a succinct summary of what we have learned about CPP/OAS.

I live in Spain full time and I get both CPP and OAS since age 65. I worked in Canada for over 20 yrs before I moved to EU for work back in 2000. Both CPP and OAS are subject to a 15% witholding tax but tax paid in Canada is a credit against income tax payable in Spain.

@ParallelWealth

Жыл бұрын

Larry, thanks for sharing!

@MsElke11

Жыл бұрын

did you have to deal with both your Canadian and Spanish taxes? 2 different accountants?

@MelissaKellyHerStunts

Жыл бұрын

How is living in Spain?

@larrybxl5406

Жыл бұрын

@@MsElke11 I am a fiscal resident of Sapin, not Canada. So I only fle income tax returns in Spain, based on my global income (which includes my Canadian pension and investment income). Any taxes paid in Canada n my Canadian income is a tax credit against taxes owed in Saoin since Spain and Canada have a tax teaty and there´s no double taxation between Canada and Spain.

@larrybxl5406

Жыл бұрын

@@MelissaKellyHerStunts I live in the canary Islands. I like it alot. Relaxed pace of life. good food and wine, and great climate. I am not fluent but have adequate Spanish and this makes a BIG difference as it would be much harder to live in Spain without any Spanish (but not impossible).

Fantastic content Adam, Thanks for sharing !

Thanks for the update !! Will do the research on the retirement tax verses location and tax offsets are concerned . Thanks for the heads up Sir !!

Thank you. Very informative. I have been looking for specific information on these matters. 👏🏽🙏🏽

Great topic, looking forward to more like this

Thanks for this topic, considering retirement in Europe in few years

To the point! Excellent!

Invaluable information! You definitively have a new subscriber.

@ParallelWealth

2 жыл бұрын

Thanks Nick. Appreciate the view and sub. Have a great weekend.

Timely topic. In a year or two my wife and I will be leaving Canada to retire abroad. The economy here is going to face significant challenges in the future with rising taxes, new types of taxes and higher interest rates. Most seniors on fixed incomes are going to be in a very bad way. We're getting out to enjoy better weather, cheaper cost of living, better health care and a much better lifestyle. Canada's future is bleak indeed.

@davidgiles5030

2 жыл бұрын

Depends on where you are going. I lived in the Philippines and Thailand. I was happy to come home after 3 years.

@marklundy6879

2 жыл бұрын

@@davidgiles5030 my wife and I tried Philippines, weather was great, we lived in the provinces north of Manila but you’re right, we were glad to come back to Canada too. Health care there is nasty

@josephrobi6806

2 жыл бұрын

@@davidgiles5030 now 2021 October do you think Canada is ok to be ? Because I’m planning to go to Philippines 🇵🇭 escaping the military take over in Saskatchewan etc

@josephrobi6806

2 жыл бұрын

@@marklundy6879 what is your thought about Canada 🇨🇦 October 2021 are you ok living in Canada or would like to go back in the Philippines 🇵🇭?

@josephrobi6806

2 жыл бұрын

I’m looking to go away from Canada 🇨🇦 because of the pandemic military take over in Saskatchewan. Are you seeing that also

Thanks for this information!

WOW. Great information Adam. Thanks so much.

Great stuff ! Thank you!

Very clear explanation; also informative, and thank you.

Thank you for this very informative video. Clear and concise!!

@ParallelWealth

2 жыл бұрын

You're very welcome!

Good presentation, thanks for the info, important to know if considering a move, for sure!

excellent presentation Adam

Very helpful! Trying to find information on the financial considerations on retiring overseas is so hard to find. Thanks, Adam.

I love these kind of videos Adam! Thanks 🙏 I am planning to retire in Europe and these information are beneficial as a starting point. Keep them coming, Sir! 😊

Thanks for the great information on retirement abroad

This is so informative. Thanks for sharing.

Thank you so much for all the informations.

This is great information!!!

@ParallelWealth

9 ай бұрын

Glad it was helpful!

Hey Adam. I think you’ve got a winning topic here. I’m looking forward to more in depth videos on this. Cheers!

@olgatamidles508

2 жыл бұрын

Thank you so much for the time sir

@lolitmiranda3514

2 жыл бұрын

We'still secure in Canada than any other countries i have a friend in Italy and she regretted that she didn't get much retirement pay there to the fact that she had worked there for ling ,long years!

Great video about important subject for Canadian retirees

Wow. Thank you so much. Without the possibility to own a home and cost of living way over income I don't see a future here. I am contemplating a move overseas and confused about a lot of things... including how to do a transaction if I were interested in purchasing a home overseas.

Awesome video...I just subscribed, looking forward to more info.

Thanks for this the great information Adam. Regarding getting payments from CPP/QPP and OAS, I live in Massachusetts and have been receiving QPP and OAS for about two years now. I was able to get direct deposit into my US bank account from both QPP and OAS. The amount fluctuation due to US/Canada currency fluctuations but seems to be well aligned with the foreign exchange rates. Its great, payments show up every month, no need for a Canadian bank account or making the transfers myself.

@cheryloday6593

Жыл бұрын

Does Canada have a Tax treaty with US ? Or how is it you can collect your OAS for past 2 yrs there ? Do you come back to Canada for a bit than go back and stay another 6 months ? Ty

Thank You 🙏 Your video is very informative ❤️❤️

Topic is not relevant to me, but figured I’d stop by and drop you a like! I’ve been binge watching your content this past week and truly appreciate the knowledge you’re sharing with us Canadians! Thanks from Moncton NB!

@ParallelWealth

2 жыл бұрын

Thanks for watching (and binge watching!).

very clear explanation and helpful information. thanks.

How has Your channel not exploded because You are awesome thank you for this wonderful information PS I'm Canadian from Toronto Ontario

@ParallelWealth

2 жыл бұрын

LOL, well it has grown and we are thankful for that!

Well done!!

Learn so much from this video i am from philippines planning to retired.

Thank you so much for the info.

Thank you for the informations. Very helpful. Lot of researches before make the move but sure for the best.

Thank you so much for these useful information about oas n cpp n gsi.. .It helps a lot to me n 2 my countrymen who will be able to get in to their retirement benefits soon n plan to retire abroad . more info pls..ty

Thank you for a very useful info on retiring and where to get assistance with planning for it

Thank you for educating me on CPP & OAS

@dr.wambuinjoroge7731

2 жыл бұрын

Well done. I have been looking for this info. I subscribed n liked without ado. Do more relevants.

Great information Thanks Adam

thank you for your info, living on CANADA for 52 years, as a canadian we appreciate what canada offered to us

very well presented relevant information with the supporting reference links thank you so much - one question though, in case of conversion of the OAS, CPP is the conversion applied by Canada or the local institution?

Your content is excellent!

@ParallelWealth

2 жыл бұрын

Thanks Brian.

Excellent video. Thank you!

Thank you. I thought that I had to come back to Canada for six months to continue getting my benefits. This really updated my knowledge and took a lot of stress off my shoulders. I will now researched the other benefits like health care.

@mohamedalkaboom

2 жыл бұрын

Don't worry about the health care. Just live like the natives do, there's a medicine man in every village

@bereleneyergaw3194

2 жыл бұрын

@@mactravel112 I have to respectfully disagree with you on that point. I was seriously ill twice and each time i got stellar life saving care. I agree that the wait time for non-urgent procedures is way to long but otherwise our health care system is generally quite good.

@barbarianarmwrestling8695

Жыл бұрын

Better comeback to Canada if you qualify)need substantial GIS payments.

I really like this channel. Really great info. , you really know your stuff. Thank you!

@ParallelWealth

2 жыл бұрын

I appreciate that! Thanks Peter.

Wow thank you so much for all this info. New subcriber here. Very informative.

@ParallelWealth

2 жыл бұрын

Thanks Jane! Welcome to the channel.

Very informative and clearly explained. Thanks for this video.

@ParallelWealth

6 ай бұрын

You are welcome!

Thank you. Learning a lot. Way to go. 👍

@ParallelWealth

2 жыл бұрын

Thanks Elizabeth

Great topic bud but I def am considering retiring abroad

Nice topic I'm watching from Italy 🇮🇹

Thank u Adam.. Interesting topics .

Great content and delivery. Thank you very much.

@ParallelWealth

2 жыл бұрын

You're very welcome!

subbed, glad I found you... thank you.

@ParallelWealth

2 жыл бұрын

Welcome aboard!

Good morning thank you for the information I found it a very informative topic have a great day!

@ParallelWealth

2 жыл бұрын

Thank you! You too!

Very informative👍

Great topic.

Hi, great video and details! Just wanted to add that the clawback on OAS as you said is on net income but wanted to specify that it is per individual. Thx. I subscribed and liked.

@ParallelWealth

2 жыл бұрын

Yes, based per individual.

Thank you so much for your topic n it's discussed properly .maybe pls don't speak too fast so everyone will be able to understand well n be able to catch up with you . Hope you don't mind. Thank you sooooo much sir appreciate it ..GODBLESSINGS TO YOU

Thanks for your help 👍

@ParallelWealth

8 ай бұрын

No problem 👍

Beneficial information, thanks!

Helpful points..New subscriber here. Thanks for sharing🙂

@ParallelWealth

2 жыл бұрын

Thanks Collin. Welcome to the channel

So glad to see this topic as I am very seriously considering retiring in Mexico or, at the very least, being a snowbird as I'm not sure I'd want to give up my residency.

@moewilson4605

2 жыл бұрын

I follow a KZread channel called JC Travel Stories. An American couple have retired in Mexico. It may be interesting to view if you are not already a subscriber.

@jovicrazed

2 жыл бұрын

@@moewilson4605 Thanks for the recommendation. I have watched few of their videos.

@ddavidson5

2 жыл бұрын

@@moewilson4605 I think the main difference between U.S. versus Canadian retirees when retiring out of country is that U.S. retirees keep their U.S. Medicare coverage as long as they keep making their monthly contributions. If U.S. retirees encounter a significant medical issue they can return to the U.S. for treatment under Medicare. Canadian medical coverage is based on residency and after a little over 6 months or so out of country Canadians lose their government medical coverage. Canadians can regain their medical coverage but you have to be resident back in Canada for about 3 months first and if your medical issue is urgent that's a problem. I would say this is why more Canadians (versus Americans) are snowbirds rather than moving out of Canada full-time. At least that's the case among the people I know in Mexico.

@junkhill

2 жыл бұрын

@@ddavidson5 great point about the medical

@deedeeseyer3263

2 жыл бұрын

@@ddavidson5 yes you are right bout that ...I'm Cdn citizen living in the US.

great video!thanks!👍👍

@ParallelWealth

Жыл бұрын

Thanks Chad.

Very timely information, I retired at 55 last years and living abroad since 2020, but I lived in Canada for 31 years. Is there a treaty with Jamaica?

Very good info. Thanks

wow thanks for the info...moving to the Philippines

Planning retirement has never been this confusing! First SVB, then Signature bank and now First republic, these are all the signs of yet another 2008 market crash and recession 2.0, so my question is do I still save in the United States dollar, or could this be a good time to buy stocks? So I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here,

@sherryie2

11 ай бұрын

Everyone needs a different stream of income , unfortunately having a job doesn't mean security due to the high rate of tax , one needs to move ahead their expectation, I would recommend refraining from investing in stocks for now. Instead, it would be prudent to consider retaining a portion of your assets in gold. Alternatively, seeking advice from a financial advisor could provide valuable guidance in this matter.

@kurttSchuster

11 ай бұрын

@@sherryie2 true, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.

@tonicruger

11 ай бұрын

@@kurttSchuster Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.

@kurttSchuster

11 ай бұрын

@@tonicruger I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance wealth managers you could check out. I have been working with "NICOLE DESIREE SIMON" for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.

@tonicruger

11 ай бұрын

@@kurttSchuster I just checked her out and I have sent her an email. I hope she gets back to me soon

Hello Adam, Love your videos! You explain everything so easy and clear to understand! I have an MSP question. I know you can be away for up to 6 months and still keep your medical coverage. So, how long do you have to stay in the province in order to keep it before being able to travel again? Is the time you need to be in Canada counted by calendar year or from the date you are away and back? Hope you understand what I want to know. Thanks you so much. Keep on the great work!

@ParallelWealth

2 жыл бұрын

Everything I read shows that you need to be in Canada for 6 months - so not sure there is a minimum days back requirement. Sounds more like if the total days you were in Canada are more than half the year then you are fine. I would recommend reaching out to msp directly to confirm though.

@mstefa007

2 жыл бұрын

In Ontario you need to be only 5 months a year. Counting in days.

@Chap17

Жыл бұрын

According to the Canadian snowbirds ' Association...you can be out of country 7 months a year except for Quebec...if you only do 6 months a year...in BC you can call Health services and opt out of Canada for 2 years..I know people doing it now

thanks for the good advice!

@ParallelWealth

Жыл бұрын

Any time!

Thank you. An awesome video.

@ParallelWealth

Жыл бұрын

Glad you liked it Karim!

Awesome information and thanks for sharing 🙏🙏

@ParallelWealth

2 жыл бұрын

My pleasure

Great video and Thank you so much! This was exactly what I was looking for answers for years when thinking about retiriment plan. My case is that I live in Canada for 8 years and I am a citizen for 4 years. Canada has a treaty with my mother country Serbia so that's something to consider. Since the cost of living would be much higher after I hit the pension, an obvious way out would be to return to Serbia. My question is if I retire before age of 65, is CPP would still be applicable or not. And Thank you again for the shared knowledge!!!

excellent video. very useful

@ParallelWealth

2 жыл бұрын

Glad it was helpful!

For people receiving the GIS , you mentioned : if you leave Canada for more than 6 months you lose it. Is it 6 months ‘consecutive’ or ‘accumulated in a year’?

Thank you, I plan on retiring abroad and had been looking into this. I was pretty sure I knew the answer but feel better now that you’ve confirmed it. And it looks like where I want to move to won’t have that OAS clawback.

@jaideedave

2 жыл бұрын

Marco, I'm a retired CDN expat living in Thailand. I am a declared non-resident and pay no income tax on my pensions. Check out Form NR5 .Another is 217. You can apply to have your withholding tax reduced or in my case changed to zero. Before that they were withholding 25% tax. Doing some homework can save you lots. My income is about 34 k

@sharonla8071

2 жыл бұрын

@@jaideedave I've been thinking about retiring in Thailand but I'm having a problem finding health insurance. At my age, the only policy I've been able to find is very expensive. If you have health insurance, would you mind telling me who you deal with?

@jaideedave

2 жыл бұрын

@@sharonla8071 As a matter of fact I'm 71 and have just been informed that they will not be renewing my medical policy. I have a credit card with 22 k limit as my new policy.

Thanks for this information and the links. Hopefully things have changed since I first looked into retiring abroad. In 2019, I was told I was restricted to a maximum of six months abroad per year. But I have to pay for a residence in Canada, for a full twelve months per year. I have been on CPP-Disability since 2009.

@rozinant1237

2 жыл бұрын

You may be confusing CPP with Health care. If you are out of the country for more than 6 months it will affect your health care.

@jeffsmisadventures1230

2 жыл бұрын

@@rozinant1237 Yes, I am aware that it will affect OHIP. Thanks. But both the CPP and CRA office’s told me back in the spring of 2019, that if I remained in the Philippines for longer than six months. That I would loose both of my CPP and OHIP benefits. My pension from work is worse - they restrict me to 28 days of foreign travel per year.

@rozinant1237

2 жыл бұрын

@@jeffsmisadventures1230 How would any of your pensions know that you were out of the country?

@jeffsmisadventures1230

2 жыл бұрын

@@rozinant1237 I was told by a few Canadian expat’s that they had lost their pension’s while living abroad. So I called the various pension offices to make sure that I would not end up like the other expat’s.

@rozinant1237

2 жыл бұрын

@@jeffsmisadventures1230 OK, sounds like you have researched it thoroughly!

I was VERY happy to see and watch this video! I am currently collecting CPP disability and with all these rising prices because of the covid pandemic it's getting harder and harder to make ends meet! I have often wondered about retiring abroad but feared that if I did move it would mean not getting the Disability benefits because I wouldn't be living in Canada anymore! I have enjoyed traveling to some of the Countries on your tax treaty list and even wouldn't mind retiring there! Many of these other Countries allow one to live alot cheaper than it does living here in Canada even though I think Canada is a great Country to live in! I do have one question though......what about pets moving with you? I have two Cats! I am definitely going to check this out at My Service Canada! Thank you very much for posting this video! 🦂🥂😻😻

@colliesworld6380

2 жыл бұрын

So did u find out can u cont to collect ur disability in another country

@Jack-2day

9 ай бұрын

@scorpious6667 same question Thx

Excellent information. Thank you very much

@ParallelWealth

2 жыл бұрын

Glad it was helpful!

Very interesting topic

Really enjoy watching your channel. My wife and I were born and worked in England for a few years before emigrating to Calgary in 1993. We are a few years away from retirement, so have recently starting to put more firm plans in place. We both worked at big companies for 3 to 5 years in England (myself at a large bank, and my wife at a multinational manufacturing company), we've just discovered we have two defined benefit pensions with a fairly sizeable transferable balance on each. I'm reaching out to see if you know of a Canadian company that can help us with the transfer of these funds. I would assume they can be transferred to (I would assume locked in) RRSP account. We're about 10 years away from retirement age. Thank you in advance with any guidance you can offer.

@ParallelWealth

Жыл бұрын

Send us an email, we can get some details and get you going on this.

Thank you so much

Hi Adam, you might have covered this but I can't seem to locate it. Could you please address what happens to your RRIF, if one retires and takes up residency in another country..eg. Panama. Thanks Adam

Excellent

topic on canadian expats and a N5 aplication for tax

The threashold for OAS is minimum 10 years in Canada and 20 years in Canada and treaty countries. Speak with Service Canada to get hopefully the latest and accurate information.

Thank you for all the information.

Great info thanks will be checking into all this soon as I plan to move to the Philippines once travel is allowed

@ParallelWealth

2 жыл бұрын

Glad it was helpful!

@lolitmiranda3514

2 жыл бұрын

Why are you secured in the Phil.?

@brianbaxter3913

2 жыл бұрын

@@lolitmiranda3514 I am not there yet but hope to be by next March. Reason to go there well if I stay here CPP and OAP will cover my bills and chew up my RRSP faster than a beaver can cut down a tree. When I retire I would still like to eat and explore places. In the Philippines I can live on 1/3 of what it cost here. Easy choice.

@amaliahightower

2 жыл бұрын

@@lolitmiranda3514 I spend $500 a month for 2 people here in Philippines and that includes everything ie utility bills, internet, groceries etc. I like to eat healthy which means more expensive if you live in Canada.

@anilgoel1475

2 жыл бұрын

I am going there in December (?), and trying to full prepare for the financial angle. Let me know if you want to compare notes; there isn't a lot of reliable info out there for Canadians.

Thanks

Best way

Thanks for sharing

@janemccomb7608

2 жыл бұрын

Side question for you: have you done a video on what account's to use first when in retirement?.

One thing that needs to be mentioned is that if let's say you only spent 18 years in Canada after turning 18 years of age, and lets say you spent 20 years in South Korea. Your time in South Korea would only give you the extra two years required to meet the 20 year minimum. However, you would still only receive payment for 18/40 years. So the time abroad only accounts for the application process not for increased benefits. Hope this is clear.

@ParallelWealth

2 жыл бұрын

Thanks Wallace, appreciate the knowledge shared

@kman5768

2 жыл бұрын

Years spent in Canada since turning 18, living in another country does not count. You qualify for the full OAS benefit if you lived in Canada for 40 years and don’t make more than the threshold.

Many thanks Adam, ı have a challenging case for you; I am one of the retired recipient of CPP and OAS living abroad and canada has treaty with my origin country(Turkey); I am receiving too little CPP and OAS due to beloved case; before I moved to Canada, my local employer IBM offered my 7 years of paid leave including my social security premiums under the condition of not work for competition. Eventualy I moved to Canada and started to work and pay social security premiums in Canada. While IBM continued to pay my premiums in Turkey. Eventually, premiums overlapped around 3 years and resulted with not considering my 3 years of OAS benefit based on the my service canada treaty with Turkey. calculation and calculated only for 1 year

@rasimcetin6417

Жыл бұрын

Dear Alan appreciate your commemts above case and how can ı reach you while I am in Toronto sometime later. Thanks

Hi Adam, I've been living in Italy, receiving OAS and CPP. I didn't know about the clawback on OAS. How do I know if I get it at all. Or if not how can I apply for it. Since I don't get the full OAS, it would be nice to receive some supplement. Thanks

Hi Adam, does your time in Canada a student and worker count towards your time to the OAS? Or does the clock begin when you become a permanent resident?

What if I retire on an Island like Jamaica ? Where it’s warmer all year

Thank you 🥰

@ParallelWealth

Жыл бұрын

You’re welcome 😊

Hello Adam. Wonderful stuff. I have always wanted to have these questions answered. Thank you. I have a question for you. How does one's TFSA money play into the effect on OAS and GIS supplements; seeing as we do not have to declare any TFSA as income?

@ParallelWealth

2 жыл бұрын

It shouldn't at all

@Scottieguru

2 жыл бұрын

@@ParallelWealth Well that is terrific news.

@JesseMgala

2 жыл бұрын

TFSA and any savings come from net income. It means, they are already taxed if I get it right.

@Scottieguru

2 жыл бұрын

@@JesseMgala Not exactly. Yes to your tfsa but if you deposit savings into a non registered account and it makes interest, that interest is considered a capital gain and must be added to your yearly gross income claim at tax time.

@Scottieguru

2 жыл бұрын

@@ParallelWealth Thank you sir. That's what I thought.