Retirement, Finances and Non-Residency

Hi :

Well, further to this thread of the last several days, money and weather still are the prime reasons people leave Canada.

On the money front, it can be relatively easy to leave without punative measures if you do not have much money, but have a stable pension.

The basic principle here is that you spend relatively high-value dollars in countries with a lower cost of living.

Mexico is a prime example. It is possible to live in some smaller communities for around $1,500 to $2,000 a month for a couple. This includes rented accommodation, some maid service and all other expenses.

This will not include a large home, as is common in Canada. However, it also doesn't include all the expenses of running that home. Challenges, especially in extreme winter conditions, such as heating bills, struggles against the weather, being bundled up for months at a time, and other related issues are gone.

The lifestyle is relaxed, casual, slower. You are only five hours away by plane from your home town. This may be important to consider.

If you and your partner only have the OAS and some CPP benefits, with few other financial assets, you won't pay much departure taxes on those assets.

The lifestyle can be great. Being out daily in the sun, socializing and pursuing creative or intellectual activities such as learning Spanish can be excellent for your mental health.

Departure Taxes? Deemed disposition of assets? What? More tomorrow.

M.

retirement and money