Retirement for US/Canada Dual Citizen (55, pension plan, move, social security)
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I am a dual citizen of Canada and US. Since Canada's retirement age is 65 and US is 67 (in my case), is it possible to first apply for Canada's retirement plan from 65-67, then switch over to the US retirement plan?
Note I am collecting from only one system at any one time. Is there any legal implication from US and Canada?
Location: Prescott Valley,az summer/east valley Az winter
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Canadian system like US system are based on the taxes you paid into the system~ if you worked snd paid into the system you are welcome to use it~ if not no benefits are there for you.
Canadian system like US system are based on the taxes you paid into the system~ if you worked snd paid into the system you are welcome to use it~ if not no benefits are there for you.
Canada has a 3-tiered retirement system. Only the CPP requires you to contribute to receive benefits. The OAS and the GIS are age-based and need-based systems, respectively.
I think you can collect what you're entitled to in both countries. Not sure. My brother isn't a dual, but he had a green card for decades, and is now collecting CPP and SS (and will be collecting OAS soon.)
Maybe you all can help. Im looking at retiring in a couple years. I was born in Canada and paid into the Canada Pension plans for about 22 years so I have max credits. Ive been in the USA for about 28 years and I have maxed out on Social security credits too. My wife is in similar situation.
Although we love the USA, healthcare is a big drag on retirement funds.
What happens if we move back to Canada and retire there? Since we paid into both plans fully do we get to collect from both plans? Can anyone help?
Canadian born US Citiezen retiring back in Canada. What happens to Pension?
Quote:
Originally Posted by Wwanderer
I think you can collect what you're entitled to in both countries. Not sure. My brother isn't a dual, but he had a green card for decades, and is now collecting CPP and SS (and will be collecting OAS soon.)
Thank you. That is encouraging! Any idea who I could contact to be 100% sure? An immigration lawyer?
For those who are wondering, there are a lot of people who "straddle the border" and have benefits on both sides of the border. I encountered this a great deal in the medical center where I worked in Detroit. Generally, I found those folks had things all planned out when they started working years before.
Personally, I would work with a tax attorney who is used to dealing with cross border issues which is pretty common if you live in one of the major cities OR live near a border city.
I collect from both systems, separately. Became eligible at different times, through separate processes.. Never had any problems. Never told one about the other, they never asked.
Doesn't matter where I live, direct deposit to my banks.
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Canadian born US Citiezen retiring back in Canada. What happens to Pension?
