I’m a retiree thinking of leaving Canada. What will happen to my CPP, OAS and work pension?
From declaring non-residency to paying departure and withholding taxes, here’s what to consider before making the move
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Open this photo in gallery:Illustration by The Globe and MailShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountQ: My wife and I are thinking of leaving Canada and moving to her homeland in Asia. We consider it more affordable because I’m 74 and retired with a very small company pension, and she’s 48 and her profession is in turmoil in Canada. We rent our home, have non-registered investments and have $500,000 in savings. What will happen to my CPP, OAS and employer pension? Will I face non-resident withholding taxes on CPP and OAS? Do Canadians have to report and be taxed on income from all over the world, no matter where we live? I’m also concerned that my wife could potentially outlive our finances.
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