Tips for retiring in Canada include taking part of the Old Age Security pension, applying to supplemental programs and taking part in the Canadian Pension Plan, or CPP, benefits, explains For Dummies. However, many of these programs are available only for Canadian citizens or former Canadian citizens.Continue Reading
U.S. citizens who want to retire to Canada need to plan at least two years in advance before moving or retiring, suggests the New York Times. An American needs that time to hire an immigration lawyer and apply for citizenship. After acceptance, they can apply for health coverage and other government programs within three months. For those at retiree age who still want to work while moving to Canada, they can immigrate if they have skills in a few dozen acceptable occupations, own a viable business or are self-employed. An individual only needs a work permit to start receiving health coverage.
However, those who want to retire to Canada must prepare to pay not only the higher Canadian taxes, but U.S. taxes as well, reports the New York Times. An individual also needs to prove that they can make a significant athletic or cultural contribution to the area in which they want to live, something that is much easier to do in Canada's smaller cities and towns.Learn more about Financial Planning