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Can I retire early at the age of 56 in Canada?
I am a Canadian citizen & would like to know if I can retire earlier at the age of 56 y.o. and live outside of Canada? If and when the answer is yes, do I still need to file an Income Tax in Canada even if I am already out of the country?
1 Answer
- 7 years ago
Sure you can. Assuming you have the money, you can retire any time you like.
You cannot receive your Old Age Security payment until 65. You can apply for CPP at 60, at a quite severely reduced amount from waiting until 65. If you stop working at 56, you are also going to reduce your CPP when you DO receive it, since you'll be giving up some of what are usually your highest earning years, and this reduces your pension.
You always had the right to move out of the country, and you still do. If you maintain Canadian residency, you still file a Canadian income tax return every year in which you have any income. To stop Canadian residency (according to Canada Revenue Agency) you must give up all connections with Canada. That means no real estate, no bank accounts, no cars, no drivers license or any other licenses, not even mail boxes. Even visits back and forth can qualify you as still maintaining residency.
Without residency, of course, you will lose Canadian medical coverage.
