What to Expect When Retiring to Canada

What to Expect When Retiring to Canada

Canada, the often maligned country, is actually one of the best choices for an individual entering their golden years. It has challenging weather, with a better part of the year either cold or in freezing temperatures. There are some pocket areas though such as Alberta, Manitoba and Saskatchewan that are best for their hot summers, scant rainfall and cold winters. These are the areas most suitable for those seeking on retiring to Canada.

In order to enjoy retiring to Canada, you need to follow certain requirements. These include obtaining a social insurance number from the Canadian Revenue Agency after completion of an application at the Social Development Canada office. Taxes are often deducted from an individual’s salary or if one has a business then taxes can be paid by installment. There are many double taxation treaties the country has entered into so in order to avail of its benefits, you need to be aware and apply them when you file your annual income taxes.

Canada’s public health system is also very favorable for those retiring to Canada. The costs of the system are paid for by taxes and most of the costs go to private practitioners scattered all throughout the large country. The common practice is that Canadian residents go to medical practitioners with their health insurance card to process the cost of the consultation. From here, the practitioners file a claim with the government’s insurance plan. This is because health care is considered a universal human right and the country’s excellent quality bodes the best for those retiring to Canada. All these are contained in the healthcare systems governing law, the Canada Health Act.

For those set on retiring in Canada, the property market in the country is something that can help in easing the transition. There is a current boom in the country’s real estate market and the rising value of the Canadian dollar, low interest rates and increasing consumer confidence has helped many retirees move into the country. The strong market has helped the country ease past the current financial doldrums the world is facing making Canada a true retiree’s heaven. Similarly, the tax system is also something you need to consider as there are Federal, State and Provincial taxes. The most common is the Goods and Services Tax set at 5% for each transaction.

The cost of living in the country also provides favorable returns for those retiring to Canada. Food is generally cheap and there are many options available, from local produce to imported foodstuffs. Cars also come cheaper in Canada and so does the cost of many entertainment choices from either electronic or actual. There are some areas though that prove to be most expensive and these are the urban areas of Vancouver, Toronto and Montreal while costs are reasonable in Charlotteton, Winnipeg and Edmonton.

When choosing on retiring to Canada, you need to understand what you are getting into in the long term. The Expat Forum states that “the standard of living in Canada is generally high” but this cost is well worth the quality of living comfortably in the country.