Dear David,
Thank you for all your answers to questions - I am very grateful to
read all.
My question is Canada-USA related.
My husband is 51 and a Canadian citizen (his Ma was Canadian), I will
be a US citizen soon and am 52.
We are in the process of applying for my permanent residency in
Canada.
We are moving to Vancouver, BC as soon as my residency is granted.
However, we both have good jobs in Seattle area. So planning to
commute to Seattle weekly.
I understand that if we live in Canada for 10 years before age 65, we
will be eligible for Canadian government pension - partial pension.
Does this 10 years mean 365 days times 10? We will be in Canada 3-4
days/week, unless we can obtain jobs in Canada - then, of course, we
will stop commuting weekly to Seattle. If this 10 years go by 3650
days, then we won't qualify?
I will be applying for citizenship as soon as I will be eligible, but
I understand that it will be by days I believe 365 times 3.
When you have time, please let me know.
I am very grateful.
Thank you. i
+++++++++++++++++
david ingram replies:
Do not move to Canada until you have your US citizenship.
Spending 4 days a week in Canada, paying tax in Canada and commuting
to the US to work will qualify you for the Canadian Pension after ten
years. However, that pension will only be about $115.00 per month
each in today's dollars. Also, it is a means pension. If you have
over $60,000 a year retirement income (each) in today's dollars it
will be clawed back on a gradual basis and all gone at about $75,000.
After watching President Bush's Address to the nation today about US
Social Security, I would prefer that you spent your time planning your
own retirement without counting on Canada's Old Age Security or the US
Social Security. The handwriting is on the wall that we cannot expect
to receive anything close to the benefits being paid today.
When conceived, there were 16 workers for every pensioner getting
Social Security AND the pensioners were living 10 year less.
In another 20 or 30 years there will only be "2" workers for every
pensioner. It will have to adjust or they will end up with everyone
working longer before they get it. For instance, when I started in
this business 41 years ago, the Canadian OAS was paid out at age 70
and people worked to 70. I watched retirement move from 70 to 69 to
68, 67, 66 and 65. It was logical because there were so many baby
boomers entering the work force that people "had" to retire earlier to
provide some jobs for those reaching working age.
With a greatly increased life expectancy, we have to move back up to
70. I intend to keep on doing this until age 145 for instance.
Answers to this and other similar questions can be obtained free on
Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Dundee
Wealth Management and I, David Ingram host a LIVE talk show called
"ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the
internet at
www.600AM.com
Local calls are taken at (604) 280-0600 and Long Distance calls are
taken at 1( 866) 778-0600
Callers to the show are invited to attend free seminars on financial
planning with such specialities as deductible mortgage interest. They
are held at Fred Snyder's Office at 1764 West 7th in Vancouver - (604)
731-8900 for more information.
=========================================
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321 Fax (604) 980-0325
Email to taxman at centa.com
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