Why you Should Retire in Canada
Retirement is an important decision for most people with location a serious consideration of where you would like to spend those retirement years. This certainly takes some planning ahead, and some forethought when looking for the prime place to spend their later years in life. Or if you’ve been strategic and lucky enough to lead a FIRE (Financial Independence, Retire Early) lifestyle, you can retire sooner. The main question is what is life going to look like when you won’t be working anymore and where is the best spot for me?
We are going to dive into why you should retire in Canada, or at least consider it (even for certain months of the year), and what that will look like for you. Even if you don’t live here or know anyone here, there are many advantages of retiring in Canada.
Government Benefits
Once you are sixty (60) years old, you may qualify and apply for the Canada Pension Plan (CPP). Your monthly pension amount will vary, depending on your income throughout your working career, CPP contributions, and how old you are when you start your retirement pension. You may also apply for other government benefits such as Guaranteed Income Supplement (GIS) and Old Age Security (OAS). While these amounts can vary for everyone, there are multiple avenues for someone to gain some funding and benefits when they retire in Canada.
Health Benefits
Quality, accessible healthcare is a top priority for retirement, as this can be the difference between life or death for seniors. This issue has been exacerbated by the current world situation and even in a post COVID world, this will be a concern with the rising, elderly population. Canada operates on universal healthcare where residents and citizens can have access to free health care and aid. Someone who needs medical assistance will receive it.
There are other countries where healthcare is privatized, and people must pay for medical services. There will be instances where people would rather die than get help because living would mean acquiring a lifetime of debt they can’t ever payback. Or calling an Uber to the hospital would be cheaper than getting an ambulance. Someone shared a story during the pandemic times and told us that her parents were in the ICU. They were from a country where they had to pay for this medical service, and they were able to negotiate the costs down to around $100,000 USD. Retiring in a country where you don’t have to worry so much about maintaining and having good health is truly a privilege and why people want to live in Canada.
Quality of Life
As one of the top 10 ranking countries in the world in nominal GDP, Canada’s booming economy allows for many opportunities. Canadians can enjoy a high standard of life while having access to quality education and career prospects. While working, they can earn the money needed to live comfortably and retire. With low crime rates and safe neighbourhoods, elderly individuals can feel assured that they will not be in danger. Retiring in Canada includes access to good, affordable food, clothes, safety, and connections.
When someone says Canada, you may immediately assume snowy, dreary winters. But most parts of Canada have four (4) different seasons. If you’re into the outdoors, you can explore some of the most beautiful natural landscapes in the world such as Lake Louise in Alberta. There are several activities that you can do and try, so you are never bored and can still be busy, even when you’re no longer working.
Family and Citizenship
When people think of retirement, they are usually not only thinking about themselves but also their family. Canadian citizenship can be passed down from a parent to a child or if a child is born in Canada, they are considered a citizen. This is something many parents consider as they want their children or future grandchildren to have access to a better life and opportunities. Retirement in Canada can be a stepping stone for someone else’s future goals and something that should be thought of when you are thinking big picture.
The Value of a Canadian Passport
As the last point touched upon, immigration is the first thing that you must deal with when it comes to retiring and coming to Canada. Like retirement, immigration planning must be done for the future, you must prepare and go through the immigration process to settle here.
Even if you decide not to retire in Canada, you may still want your PR and subsequently, Citizenship. Having that Canadian passport still gives you the option and power to travel to many countries. Canadian Citizenship allows you the right to enter and settle here at any given time, which surely gives you some strategic benefits.
Lastly, if you're a retiree now and you're older, your options become more limited. Canada's immigration system favors younger applicants, such as Express Entry, which gives the maximum points to those who are aged 19 to 29 years old.
While it will be more difficult to immigrate to Canada, it is certainly not impossible. There are different options, such as people who have financial capital, that would allow them to facilitate such a move.
So, with that said if you're a planner and you’re thinking about retirement, then Canada is a top choice. Contact Second Passport now and we can discuss what pathways are available to you so you can come to Canada and retire here in the future.
The benefits of retiring here are positive and can give you and your family a better lifestyle/options for the future for many years to come.
Ready to get started? Here are three ways we can help:
1. Join our Facebook Community to connect with an amazing group of Second Passporters... This is a space where the community can share information, updates, and connect as a group of people with all the same goals!
2. Subscribe to our YouTube Channel to help you prepare for your new journey of immigrating and settling in Canada!
3. Ready to begin your journey? Get your Immigration Blueprint! By the end of the program, you will have an Immigration Blueprint™ outlining your pathway to Canada.
