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Thanks so much for that breakdown, mapleguy. Aside from family and friends, healthcare is the main reason I will be returning to Canada. I know it isn't free (and I say the same things you said to my CANADIAN friends who say their healthcare is free!), but in Canada I can't be financially devastated by one dire medical diagnosis and treatment the way I could be down here. And higher taxes are no shock to me - I'm in California, in the San Francisco area, where the cost of living is insane.
I just want to retire to a place where the air and water are clean and I don't have to worry about someone pulling a gun and shooting up the neighborhood, a place where people are POLITE. Hell, I still say 'sorry' even when someone walks into ME on the street, and rarely get any acknowledgement at all.
Now my only worry is the safest way to transfer my 401k retirement saving to an RRSP with a few tax hits as possible (and some of the tax consequences can be HUGE). I will probably need to talk to a specialist about that.
Thanks again!
Reading your post, I'm surprised you put up with living in California for so long.
I said it before and I'll say it again. One catastrophic diagnosis and treatment and my finances could be wiped out here in California. The Canadian system may not be perfect but they are working on it instead of taking sides and trying to score points like our elected officials in Congresss.
Sorry but you have that wrong. I am a maximal consumer of Medicare and it has not cost me anything substantial except the monthly supplemental costs and drugs. I use a plan F based on the advice from a number of knowledgeable people including the sales reps of a couple of all inclusive -plans. The reason is that I am a complicated case and expensive...runs close to $40,000 a year in costs without anything bad happening. I have also survived a significant bout with cancer including surgery and fancy chemo...couple of hundred thousand.
Did not cost me a dime other than the cost of plan F and drugs...in my case about $500 a month.
Wife is US/Canadian dual citizen. And we have extensive ties to Western Canada. Her family is from rural Saskatchewan down toward the US border. But the family extends from Saskatoon to Calagary on to Vancouver Island.
What they find is the same old problem. If you are in good old Easton, Sask. you will run into delays and difficulties with esoteric specialties. There are few doctors and not a lot of specialists. Have to go to Saskatoon for that or if it is very specialized to Calgary. And that of course is a different province.
the family however in BC is quite content. The worst case is a short delay and a trip to Vancouver where absolutely everything is available.
I would expect Ontario to be similar to BC. The cousins in southern Ontario are very happy with their system.
So there is Canada and Canada. And the US Medicare is actually pretty good for the old follk. The trick is to avoid ever being between 50 and 67.
I think Canadians should go back to Canada for health care. I'm surprised why so many are here working why Canada has better health care.
Not sure what your view is. One who can do either Medicare in NV or CA or health care in rural Saskatchewan or Maiitoba should probably stay in the US.
Those who would return to BC or Ontario might do better in Canada.
And we have many friends and acquaintances who would rather do half a year in each place.
So it is really a question of where and your personal circumstances is it not?
Not sure what your view is. One who can do either Medicare in NV or CA or health care in rural Saskatchewan or Maiitoba should probably stay in the US.
Those who would return to BC or Ontario might do better in Canada.
And we have many friends and acquaintances who would rather do half a year in each place.
So it is really a question of where and your personal circumstances is it not?
I was merely thinking if the system is good for Canadians in general then why are Canadians here for jobs. Really it must not be good for jobs in general. This is for people who complain about the healthcare system here.
The wait period in Ontario is 3 months. You can apply sooner than that, at a Service Ontario location in person. Your OHIP card will come by registered mail, to your home address . It will have a start date and an end date on it.
SO offices are a one stop place to do business with the Government of Ontario. OHIP cards, drivers licences, vehicle registrations, plates, fishing and hunting permits, birth certificates, incorporations, business licences, and so on.
It you apply for a Ontario Driver's licence, your digitized signature will also be put onto your OHIP card, automatically.
xx.
That is fabulous information. Thank you. My late Canadian father was a very difficult individual, impossible to live with, but I thank him sincerely for the gift of Canadian citizenship. I have all the paperwork in order, and it comforts me and makes me feel that I have somewhere to escape to as my current country seems to descend into craziness.
My mother's country has national health care for citizens similar to Canada's and I bear a passport for that country as well. Unsure which way I'll jump when the time comes. But I can't stay here.
First post every on City Data. I'm 61 and born in Canada. I moved to the States at 36 and then got my U.S. citizenship. At some point in time once I retire I will be moving back to Canada for similar reasons. Bear in mind that everything I am writing is my understanding at this point in time. I welcome others corrections. You must do your own research and/or get some professional help.
401K. I don't think that converting 401k to IRA is relevant to Canada move but I would do it because and IRA gives you better control over funds. You can't transfer an IRA/401k to an RRSP. You must cash the 401k out and take a big tax hit. Then you can place it in an RRSP. As you draw down on the RRSP once in Canada you can use the initial tax hit over multiple years as a tax credit. This is my understanding. Best get a tax expert for this. I will probably keep my 401k and just draw down the same as if I was in the USA. I believe that all 401k withdrawals are placed on Canada tax return as income and taxes paid to Canada at Canada's tax rates. I believe that behind the scenes, Canada is reimbursing the US for its deferred taxes and pocketing the difference (since Canada taxes may be higher).
CPP and OAS and Social Security. I talked to Services Canada a few years back and I qualify for 18/40 of these benefits. 18 being the number of years I was in Canada over age 18. You can collect CPP whether you are in Canada or in the States. OAS is only paid to Canadian residents. If you collect Social Security and also CPP then Social security may be subject to WEP (Windfall Elimination Program) and the States will reduce Social Security by some amount (not more than 50% of CPP). See the Social Security web site for details.
Importing a car. I'm only just starting researching this but first you must determine if the car is able to be imported and whether some things need to be upgraded (eg. Daytime running lights). Also duty may apply. At this time I don't know if it is better for me to import my care or just buy a new one once in Canada.
Credit History. I believe that I'll have no Canada credit history and must rebuild one. I don't know if U.S. credit history is looked at by Canadian companies.
Annual Income Tax Prep. Once in Canada I'll have to have both a Canadian and U.S. tax return done every year. Too complex for me so I'll need an expert. Expect to pay way more than usual for a single country return. It also seems to be a bit of a minefield when it comes to finding a good professional but that is just based on what I've read online.
Well that's all I can think of off the top of my head. Hope it helps.
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