Retirement in Canada

Retirement in Canada

Canada boasts of several retirement communities providing easy access to a gratifying lifestyle, healthcare, fitness resources, cultural programs, and above all, peace. Canada takes good care of retirees with a range of services, programs, and facilities exclusively for senior citizens. Expert immigration counselors can help you chalk out a plan if you wish to immigrate to Canada and enjoy an exciting retired life.

Saving for retirement

No one will want to see life’s earnings eroded by taxes. The Retirement Savings Plan (RRSP) aims at helping individuals save for the golden period of retirement by reducing tax liabilities. The plan helps save money for retirement and deducts the amount each year from the taxable income to get dual benefits. There is no age limit to qualify for RRSP. You need to be a resident of Canada from the taxation point of view and file income tax returns on your income.

Pension plans are also available for working individuals from their employers. These are suitable for saving money for retirement.

  • Defined contribution plan –
    You receive a specific percentage of salary post-retirement
  • Defined benefit plan –
    Regular contribution from you and your employer and the interest will help you save for retirement

There are many plans by the government for retirees. You need to check your eligibility for the following programs:

  • Guaranteed Income Supplement (GIS)
  • Old Age Security program (OAS)
  • Canada Pension Plan (CPP) for retirement pension
  • Allowances for individuals and survivors

Retiring in Canada- a step-by-step process
You must check your eligibility to meet the requirements of an immigration program before planning to settle in Canada.

  • Application for visa –
    Follow the application process by arranging all necessary documents as per the requirement of the particular immigration program.
  • Organizing your pension –
    Moving your pension by choosing an appropriate Recognized Overseas Pension Scheme (ROPS)
  • Arrange your health insurance –
    Canada provides helpful options for public healthcare. You can consider having coverage of Global Health Insurance as an additional health cover. It will help you avoid a long waiting list as there will be insurance coverage as soon as you enter Canada.
  • Renting or purchasing a house property –
    While renting a house is a logical option to live in Canada, you may also consider purchasing property by disposing of your house in your home country. It will allow you to avoid a mortgage.

Immigration options for retirees

Presently there are no dedicated visa plans for retirees because the focus is to inspire people to immigrate to Canada and contribute to the countrys economy. Despite the absence of specific immigration pathways for retirees, one can leverage multiple options by consulting knowledgeable immigration professionals.

The following alternatives exist for those who are eligible to apply for a Canadian visa:

  • Parent/ grandparent super visa –
    You may be eligible for a Canada visa if you have your grandchildren or children in Canada with permanent residence or citizenship status. The Parent grandparent super visa allows you to live in Canada for two years. You will also be able to enter Canada on several occasions in ten years as this is a multiple entry visa.
  • Work-related programs –
    You can plan to spend retirement while working if you can work by defying your age. The program will enable you to obtain a permanent residence status in Canada along with your spouse, common-law partner, and dependants. The Self-Employed Persons Program is suitable for retirees who wish to pursue self-employment.
  • Family sponsorship program –
    Your children, spouse, grandchildren may sponsor you under the Family Sponsorship program if they are Canadian citizens or permanent residents in Canada. They will have to demonstrate that they are in a position to offer financial support to you for many years.

Dev Immigration Services Inc offers reliable guidance for all types of immigration issues. You can choose from a broad array of immigration pathways with our assistance at every step. Call us now to know your options to immigrate and settle in Canada.

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