Me too!

De nada!

It’s not fun!

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Thank you 🙏

You learn something new every day 😉

Ok 👍

Ok 👍

Not to you ;)

Thanks! I’m glad you found this video helpful and picked up a copy of their book. I plan on showcasing more stories like this one so stay tuned 😃

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Haha

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Here’s an overview of how taxes and retirement pensions work when you move to Mexico from British Columbia (or Canada in general): 1. Taxes When Moving to Mexico When moving to Mexico, your tax obligations depend on your residency status in both Canada and Mexico. Canadian Taxes: • Residency Status: If you maintain ties to Canada (e.g., owning property, keeping a Canadian driver’s license, or having dependents in Canada), the Canada Revenue Agency (CRA) might consider you a Canadian resident for tax purposes. This means: • You must pay Canadian income tax on your worldwide income. • You can claim certain deductions or tax credits for income earned in Mexico. • Non-Residency: If you sever significant ties with Canada, you can become a non-resident for tax purposes. In this case: • You only pay Canadian tax on income from Canadian sources (e.g., rental income, investments). • You won’t pay Canadian taxes on income earned in Mexico. • Departure Tax: If you become a non-resident, Canada may apply a “deemed disposition tax” (departure tax) on certain types of property, treating them as sold. Mexican Taxes: • Residency for Tax Purposes in Mexico: Mexico considers you a tax resident if: • You spend more than 183 days in Mexico in a calendar year, or • Your primary financial interests (e.g., business or income sources) are in Mexico. • Tax Obligations: Mexican residents are taxed on their worldwide income, but Mexico has a tax treaty with Canada to avoid double taxation. If you’re a non-resident of Mexico, you’ll only pay tax on Mexican-sourced income. • Tax Rates: Personal income tax rates in Mexico range from 1.92% to 35%, depending on income levels. Double Taxation: • The Canada-Mexico Tax Treaty ensures you don’t pay tax on the same income in both countries. If you pay Mexican taxes, you can claim a foreign tax credit on your Canadian tax return, and vice versa. 2. Canadian Retirement Pensions in Mexico Canadian retirees moving to Mexico can still receive pensions, but there are a few considerations: Old Age Security (OAS): • You can receive your OAS payments while living in Mexico, provided you’ve lived in Canada for at least 20 years after age 18. • OAS payments are taxable in Canada. If you’re a non-resident, Canada will deduct a non-resident tax (usually 25%, but this can be reduced to 15% under the tax treaty). Canada Pension Plan (CPP): • CPP payments can also be received in Mexico. • Like OAS, CPP is taxable in Canada, and the non-resident tax rate applies unless reduced by the tax treaty. RRSP/RRIF Withdrawals: • Withdrawals from Registered Retirement Savings Plans (RRSPs) or Registered Retirement Income Funds (RRIFs) are subject to a withholding tax of 25% for non-residents. • You might reduce this rate to 15% under the tax treaty, depending on your situation. Private Pensions: • Private pensions can also be transferred and are subject to similar tax rules as government pensions. 3. Banking and Currency Considerations • Many Canadians keep their Canadian bank accounts and arrange direct deposit for pensions. They then transfer funds to a Mexican bank account as needed. • Watch for exchange rates and transfer fees, as the Canadian dollar and Mexican peso fluctuate in value. 4. Practical Steps Before Moving: 1. Consult a Tax Specialist: Work with a professional familiar with Canada-Mexico tax treaties to plan your tax obligations and residency status. 2. Notify the CRA: If you’re becoming a non-resident, file Form NR73 (Determination of Residency Status) to clarify your tax status. 3. Health Insurance: Canadian provincial health care (e.g., MSP in B.C.) may not cover you after you leave. Look into private health insurance or Mexico’s IMSS system. 4. Pension Office Notification: Notify Service Canada of your move to ensure pension payments continue without interruption.

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A lot of people falsely believe this.

Yes they all have AC. If interested send me an email. [email protected]

@ cuantos metros cuadrados de terreno y de casa tiene? Gracias

Thanks for sharing!

Yes they are legally in Mexico.

Agreed! Very kind people. Thanks for sharing!

Good luck 🙌

There’s another way to do it that’s less expensive. Send me an email. [email protected]

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There are many challenges to rapid progress.