What Happens To Your CPP & OAS If You Retire Abroad?

➡️Fee For Service Planning: www.parallelwealth.com/planning
Resources for more information:
- www.canada.ca/en/revenue-agen...
- www.canada.ca/en/revenue-agen...
- www.canada.ca/en/revenue-agen...
When retiring abroad, there is a lot that goes into that decision. Over the next several weeks we'll look into different topics about retiring abroad. In this video, we'll go through how your CPP & OAS is affected.
If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your savings plan on track.  You can learn more about our services at www.parallelwealth.com/planning
Financial Resources I personally recommend:
➡️Retirement Income for Life: Getting More without Saving More (Second Edition): amzn.to/3tvIdVN
➡️Parallel Wealth Masterclass: www.parallelwealth.com/education
➡️Future Value Calculator: amzn.to/3EA6Qqv
➡️Neo Mastercard - no annual fee and average 5% back! - join.neo.cc/parallelwealth
➡️Free Credit Report with Borrowell: bit.ly/borrowellPWFG
➡️Maximize your Savings with EQ Bank - bit.ly/EQBankPWFG
OUTLINE:
0:00 - Introduction
2:30 - Tax Treaties
3:20 - OAS Qualifications
6:00 - OAS Payments
6:37 - Taxes On OAS Payments
8:32 - OAS Clawback
10:57 - GIS / OAS Allowance
12:23 - CPP Intro
13:13 - Withholding Tax CPP
14:27 - CPP Survivor Benefit / Child Benefit
15:00 - Receiving Payment
16:43 - Summary
-----------------------------------------
DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.

[@natmuc8788]

As a Canadian living abroad I really appreciated this video. It’s difficult to find information on this type of topic.

[@chrave1956]

Hire a fkn CA you cheap dude.

[@JS-jh4cy]

Government never tells us real information

[@user-vc2hx3vy8y]

In case of death, how will cpp pay?

[@mihajlolakicevic2631]

​ Interesting and at the same time complex question. I assume the family would get some CPP or a family member could inherit and continue receiving it. Hopefully, will get more on this subject. Thank you

[@garydarrah2686]

Timely topic. In a year or two my wife and I will be leaving Canada to retire abroad. The economy here is going to face significant challenges in the future with rising taxes, new types of taxes and higher interest rates. Most seniors on fixed incomes are going to be in a very bad way. We're getting out to enjoy better weather, cheaper cost of living, better health care and a much better lifestyle. Canada's future is bleak indeed.

[@davidgiles5030]

Depends on where you are going. I lived in the Philippines and Thailand. I was happy to come home after 3 years.

[@marklundy6879]

@@davidgiles5030 my wife and I tried Philippines, weather was great, we lived in the provinces north of Manila but you’re right, we were glad to come back to Canada too. Health care there is nasty

[@josephrobi6806]

@@davidgiles5030 now 2021 October do you think Canada is ok to be ? Because I’m planning to go to Philippines 🇵🇭 escaping the military take over in Saskatchewan etc

[@josephrobi6806]

@@marklundy6879 what is your thought about Canada 🇨🇦 October 2021 are you ok living in Canada or would like to go back in the Philippines 🇵🇭?

[@josephrobi6806]

I’m looking to go away from Canada 🇨🇦 because of the pandemic military take over in Saskatchewan. Are you seeing that also

[@RomelAlibudbud]

Clear and concise! Thank you!

[@McElvinn]

Planning retirement has never been this confusing! First SVB, then Signature bank and now First republic, these are all the signs of yet another 2008 market crash and recession 2.0, so my question is do I still save in the United States dollar, or could this be a good time to buy stocks? So I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here,

[@sherryie2]

Everyone needs a different stream of income , unfortunately having a job doesn't mean security due to the high rate of tax , one needs to move ahead their expectation, I would recommend refraining from investing in stocks for now. Instead, it would be prudent to consider retaining a portion of your assets in gold. Alternatively, seeking advice from a financial advisor could provide valuable guidance in this matter.

[@corrySledd]

@@sherryie2 true, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.

[@AUstinnesc]

@@corrySledd Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.

[@corrySledd]

@@AUstinnesc I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance wealth managers you could check out. I have been working with "NICOLE DESIREE SIMON" for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.

[@AUstinnesc]

@@corrySledd I just checked her out and I have sent her an email. I hope she gets back to me soon

[@portiagts9416]

Thank you for confirming our research. That was a succinct summary of what we have learned about CPP/OAS.

[@larrybxl5406]

I live in Spain full time and I get both CPP and OAS since age 65. I worked in Canada for over 20 yrs before I moved to EU for work back in 2000. Both CPP and OAS are subject to a 15% witholding tax but tax paid in Canada is a credit against income tax payable in Spain.

[@ParallelWealth]

Larry, thanks for sharing!

[@MsElke11]

did you have to deal with both your Canadian and Spanish taxes? 2 different accountants?

[@MelissaKellyHerStunts]

How is living in Spain?

[@larrybxl5406]

@@MsElke11 I am a fiscal resident of Sapin, not Canada. So I only fle income tax returns in Spain, based on my global income (which includes my Canadian pension and investment income). Any taxes paid in Canada n my Canadian income is a tax credit against taxes owed in Saoin since Spain and Canada have a tax teaty and there´s no double taxation between Canada and Spain.

[@larrybxl5406]

@@MelissaKellyHerStunts I live in the canary Islands. I like it alot. Relaxed pace of life. good food and wine, and great climate. I am not fluent but have adequate Spanish and this makes a BIG difference as it would be much harder to live in Spain without any Spanish (but not impossible).

[@Andy-ir1sj]

Fantastic content Adam, Thanks for sharing !

[@MrNari1955]

excellent presentation Adam

[@terryevp4084]

WOW. Great information Adam. Thanks so much.

[@RawnPorter]

Good presentation, thanks for the info, important to know if considering a move, for sure!

[@coatofmanycolors]

Thank you. Very informative. I have been looking for specific information on these matters. 👏🏽🙏🏽

[@Emily.Vivien]

Very clear explanation; also informative, and thank you.

[@ravengirl_hdflhxst2855]

Great stuff ! Thank you!

[@ermidaclarito8614]

Thank you so much for all the informations.

[@josevich]

Thanks for this information!

[@bereleneyergaw3194]

Thank you. I thought that I had to come back to Canada for six months to continue getting my benefits. This really updated my knowledge and took a lot of stress off my shoulders. I will now researched the other benefits like health care.

[@mohamedalkaboom]

Don't worry about the health care. Just live like the natives do, there's a medicine man in every village

[@bereleneyergaw3194]

@@mactravel112 I have to respectfully disagree with you on that point. I was seriously ill twice and each time i got stellar life saving care. I agree that the wait time for non-urgent procedures is way to long but otherwise our health care system is generally quite good.

[@barbarianarmwrestling8695]

Better comeback to Canada if you qualify)need substantial GIS payments.

[@0823ramon]

This is so informative. Thanks for sharing.

[@susan9384]

Very helpful! Trying to find information on the financial considerations on retiring overseas is so hard to find. Thanks, Adam.

[@Bleuduciel]

Thank you for the informations. Very helpful. Lot of researches before make the move but sure for the best.

[@nicka3680]

Invaluable information! You definitively have a new subscriber.

[@ParallelWealth]

Thanks Nick. Appreciate the view and sub. Have a great weekend.

[@mikebacchus5421]

Thanks for the great information on retirement abroad

[@RB-xd8rb]

I love these kind of videos Adam! Thanks 🙏 I am planning to retire in Europe and these information are beneficial as a starting point. Keep them coming, Sir! 😊

[@robertclayton2925]

Thanks for the update !! Will do the research on the retirement tax verses location and tax offsets are concerned . Thanks for the heads up Sir !!

[@dougsmyth5936]

Great information Thanks Adam

[@Gurkha9]

Great topic, looking forward to more like this

[@dnz338]

very clear explanation and helpful information. thanks.

[@ginocolello4241]

To the point! Excellent!

[@panda55c]

Thank You 🙏 Your video is very informative ❤️❤️

[@cristinaxo]

Thank you for this very informative video. Clear and concise!!

[@ParallelWealth]

You're very welcome!

[@prakruthi7414]

Great video about important subject for Canadian retirees

[@walterpohl4543]

Thanks for this topic, considering retirement in Europe in few years

[@jimshomecomforts8505]

Awesome video...I just subscribed, looking forward to more info.

[@brianwraight4966]

Your content is excellent!

[@ParallelWealth]

Thanks Brian.

[@vicsunico5121]

Thank you so much for the info.

[@micheldevost]

Hey Adam. I think you’ve got a winning topic here. I’m looking forward to more in depth videos on this. Cheers!

[@olgatamidles508]

Thank you so much for the time sir

[@lolitmiranda3514]

We'still secure in Canada than any other countries i have a friend in Italy and she regretted that she didn't get much retirement pay there to the fact that she had worked there for ling ,long years!

[@EmteeTeee]

How has Your channel not exploded because You are awesome thank you for this wonderful information PS I'm Canadian from Toronto Ontario

[@ParallelWealth]

LOL, well it has grown and we are thankful for that!

[@MathieuAllain]

Topic is not relevant to me, but figured I’d stop by and drop you a like! I’ve been binge watching your content this past week and truly appreciate the knowledge you’re sharing with us Canadians! Thanks from Moncton NB!

[@ParallelWealth]

Thanks for watching (and binge watching!).

[@lakelili]

Excellent video. Thank you!

[@ilidiocaralho9197]

Very informative and clearly explained. Thanks for this video.

[@ParallelWealth]

You are welcome!

[@frontline_News]

Thank you for a very useful info on retiring and where to get assistance with planning for it

[@comfortaddy9169]

Thank you for educating me on CPP & OAS

[@dr.wambuinjoroge7731]

Well done. I have been looking for this info. I subscribed n liked without ado. Do more relevants.

[@jaimeg.3640]

Well done!!

[@linzkirevchannel9117]

Very informative👍

[@AdelaidaMIlao]

thank you for your info, living on CANADA for 52 years, as a canadian we appreciate what canada offered to us

[@FreeFalastine733]

Wow. Thank you so much. Without the possibility to own a home and cost of living way over income I don't see a future here. I am contemplating a move overseas and confused about a lot of things... including how to do a transaction if I were interested in purchasing a home overseas.

[@julieocampo5493]

Learn so much from this video i am from philippines planning to retired.

[@ekarassev]

Great content and delivery. Thank you very much.

[@ParallelWealth]

You're very welcome!

[@sheilarementizoofficial7862]

Thank u Adam.. Interesting topics .

[@mantokwan]

Beneficial information, thanks!

[@canpin]

I really like this channel. Really great info. , you really know your stuff. Thank you!

[@ParallelWealth]

I appreciate that! Thanks Peter.

[@milafonacier3652]

Thank you so much for these useful information about oas n cpp n gsi.. .It helps a lot to me n 2 my countrymen who will be able to get in to their retirement benefits soon n plan to retire abroad . more info pls..ty

[@elizabethtuazon1796]

Thank you. Learning a lot. Way to go. 👍

[@ParallelWealth]

Thanks Elizabeth

[@1Bullybuster]

Good morning thank you for the information I found it a very informative topic have a great day!

[@ParallelWealth]

Thank you! You too!

[@lorenzocividino4719]

Thanks for this the great information Adam. Regarding getting payments from CPP/QPP and OAS, I live in Massachusetts and have been receiving QPP and OAS for about two years now. I was able to get direct deposit into my US bank account from both QPP and OAS. The amount fluctuation due to US/Canada currency fluctuations but seems to be well aligned with the foreign exchange rates. Its great, payments show up every month, no need for a Canadian bank account or making the transfers myself.

[@cheryloday6593]

Does Canada have a Tax treaty with US ? Or how is it you can collect your OAS for past 2 yrs there ? Do you come back to Canada for a bit than go back and stay another 6 months ? Ty

[@jessquisiquisi1013]

Nice topic I'm watching from Italy 🇮🇹

[@janehill1100]

Wow thank you so much for all this info. New subcriber here. Very informative.

[@ParallelWealth]

Thanks Jane! Welcome to the channel.

[@dave1728]

This is great information!!!

[@ParallelWealth]

Glad it was helpful!

[@satyam.shivam.sundaram]

Very good info. Thanks

[@zandig666]

Great topic bud but I def am considering retiring abroad

[@chad5199]

great video!thanks!👍👍

[@ParallelWealth]

Thanks Chad.

[@yannikhay999]

Hi, great video and details! Just wanted to add that the clawback on OAS as you said is on net income but wanted to specify that it is per individual. Thx. I subscribed and liked.

[@ParallelWealth]

Yes, based per individual.

[@Kimu58]

Thank you. An awesome video.

[@ParallelWealth]

Glad you liked it Karim!

[@gordbarr3118]

Great topic.

[@AndreiKrylov]

thanks for the good advice!

[@ParallelWealth]

Any time!

[@gregparsons6867]

wow thanks for the info...moving to the Philippines

[@vancouvereh4891]

excellent video. very useful

[@ParallelWealth]

Glad it was helpful!

[@andriasmith8766]

Awesome information and thanks for sharing 🙏🙏

[@ParallelWealth]

My pleasure

[@collinmiranda6057]

Helpful points..New subscriber here. Thanks for sharing🙂

[@ParallelWealth]

Thanks Collin. Welcome to the channel

[@jovicrazed]

So glad to see this topic as I am very seriously considering retiring in Mexico or, at the very least, being a snowbird as I'm not sure I'd want to give up my residency.

[@moewilson4605]

I follow a KZbin channel called JC Travel Stories. An American couple have retired in Mexico. It may be interesting to view if you are not already a subscriber.

[@jovicrazed]

@@moewilson4605 Thanks for the recommendation. I have watched few of their videos.

[@ddavidson5]

@@moewilson4605 I think the main difference between U.S. versus Canadian retirees when retiring out of country is that U.S. retirees keep their U.S. Medicare coverage as long as they keep making their monthly contributions. If U.S. retirees encounter a significant medical issue they can return to the U.S. for treatment under Medicare. Canadian medical coverage is based on residency and after a little over 6 months or so out of country Canadians lose their government medical coverage. Canadians can regain their medical coverage but you have to be resident back in Canada for about 3 months first and if your medical issue is urgent that's a problem. I would say this is why more Canadians (versus Americans) are snowbirds rather than moving out of Canada full-time. At least that's the case among the people I know in Mexico.

[@junkhill]

@@ddavidson5 great point about the medical

[@deedeeseyer3263]

@@ddavidson5 yes you are right bout that ...I'm Cdn citizen living in the US.

[@bernadette503]

Excellent information. Thank you very much

[@ParallelWealth]

Glad it was helpful!

[@PierreYvesPau]

Excellent

[@caterinac534]

Thank you for all the information.

[@be-i-ng]

very well presented relevant information with the supporting reference links thank you so much - one question though, in case of conversion of the OAS, CPP is the conversion applied by Canada or the local institution?

[@milafonacier3652]

Thank you so much for your topic n it's discussed properly .maybe pls don't speak too fast so everyone will be able to understand well n be able to catch up with you . Hope you don't mind. Thank you sooooo much sir appreciate it ..GODBLESSINGS TO YOU

[@randym8963]

subbed, glad I found you... thank you.

[@ParallelWealth]

Welcome aboard!

[@marcokeller3575]

Thank you, I plan on retiring abroad and had been looking into this. I was pretty sure I knew the answer but feel better now that you’ve confirmed it. And it looks like where I want to move to won’t have that OAS clawback.

[@jaideedave]

Marco, I'm a retired CDN expat living in Thailand. I am a declared non-resident and pay no income tax on my pensions. Check out Form NR5 .Another is 217. You can apply to have your withholding tax reduced or in my case changed to zero. Before that they were withholding 25% tax. Doing some homework can save you lots. My income is about 34 k

[@sharonla8071]

@@jaideedave I've been thinking about retiring in Thailand but I'm having a problem finding health insurance. At my age, the only policy I've been able to find is very expensive. If you have health insurance, would you mind telling me who you deal with?

[@jaideedave]

@@sharonla8071 As a matter of fact I'm 71 and have just been informed that they will not be renewing my medical policy. I have a credit card with 22 k limit as my new policy.

[@keatsgipsy9991]

Very interesting topic

[@denasefer51]

Thanks for your help 👍

[@ParallelWealth]

No problem 👍

[@mihajlolakicevic2631]

Great video and Thank you so much! This was exactly what I was looking for answers for years when thinking about retiriment plan. My case is that I live in Canada for 8 years and I am a citizen for 4 years. Canada has a treaty with my mother country Serbia so that's something to consider. Since the cost of living would be much higher after I hit the pension, an obvious way out would be to return to Serbia. My question is if I retire before age of 65, is CPP would still be applicable or not. And Thank you again for the shared knowledge!!!

[@debbiekatzeff756]

Hello Adam, Love your videos! You explain everything so easy and clear to understand! I have an MSP question. I know you can be away for up to 6 months and still keep your medical coverage. So, how long do you have to stay in the province in order to keep it before being able to travel again? Is the time you need to be in Canada counted by calendar year or from the date you are away and back? Hope you understand what I want to know. Thanks you so much. Keep on the great work!

[@ParallelWealth]

Everything I read shows that you need to be in Canada for 6 months - so not sure there is a minimum days back requirement. Sounds more like if the total days you were in Canada are more than half the year then you are fine. I would recommend reaching out to msp directly to confirm though.

[@mstefa007]

In Ontario you need to be only 5 months a year. Counting in days.

[@Chap17]

According to the Canadian snowbirds ' Association...you can be out of country 7 months a year except for Quebec...if you only do 6 months a year...in BC you can call Health services and opt out of Canada for 2 years..I know people doing it now

[@johnnyachillesjelinek6765]

Thank you so much

[@tintinlol7881]

Thanks

[@SanjeevDD]

The threashold for OAS is minimum 10 years in Canada and 20 years in Canada and treaty countries. Speak with Service Canada to get hopefully the latest and accurate information.

[@dsmlive3982]

I paid in for roughly 10 years. I don’t relinquish my PR due to this benefit. Hope I’m making sense. Cheers D

[@richt7506]

Best way

[@scorpius6667]

I was VERY happy to see and watch this video! I am currently collecting CPP disability and with all these rising prices because of the covid pandemic it's getting harder and harder to make ends meet! I have often wondered about retiring abroad but feared that if I did move it would mean not getting the Disability benefits because I wouldn't be living in Canada anymore! I have enjoyed traveling to some of the Countries on your tax treaty list and even wouldn't mind retiring there! Many of these other Countries allow one to live alot cheaper than it does living here in Canada even though I think Canada is a great Country to live in! I do have one question though......what about pets moving with you? I have two Cats! I am definitely going to check this out at My Service Canada! Thank you very much for posting this video! 🦂🥂😻😻

[@colliesworld6380]

So did u find out can u cont to collect ur disability in another country

[@Jack-2day]

@scorpious6667 same question Thx

[@905canada]

Very timely information, I retired at 55 last years and living abroad since 2020, but I lived in Canada for 31 years. Is there a treaty with Jamaica?

[@jeffsmisadventures1230]

Thanks for this information and the links. Hopefully things have changed since I first looked into retiring abroad. In 2019, I was told I was restricted to a maximum of six months abroad per year. But I have to pay for a residence in Canada, for a full twelve months per year. I have been on CPP-Disability since 2009.

[@rozinant1237]

You may be confusing CPP with Health care. If you are out of the country for more than 6 months it will affect your health care.

[@jeffsmisadventures1230]

@@rozinant1237 Yes, I am aware that it will affect OHIP. Thanks. But both the CPP and CRA office’s told me back in the spring of 2019, that if I remained in the Philippines for longer than six months. That I would loose both of my CPP and OHIP benefits. My pension from work is worse - they restrict me to 28 days of foreign travel per year.

[@rozinant1237]

@@jeffsmisadventures1230 How would any of your pensions know that you were out of the country?

[@jeffsmisadventures1230]

@@rozinant1237 I was told by a few Canadian expat’s that they had lost their pension’s while living abroad. So I called the various pension offices to make sure that I would not end up like the other expat’s.

[@rozinant1237]

@@jeffsmisadventures1230 OK, sounds like you have researched it thoroughly!

[@rameshchauhan5373]

Nice

[@milessamillano6645]

I like this topic about financial matters.

[@Waddle584]

One thing that needs to be mentioned is that if let's say you only spent 18 years in Canada after turning 18 years of age, and lets say you spent 20 years in South Korea. Your time in South Korea would only give you the extra two years required to meet the 20 year minimum. However, you would still only receive payment for 18/40 years. So the time abroad only accounts for the application process not for increased benefits. Hope this is clear.

[@ParallelWealth]

Thanks Wallace, appreciate the knowledge shared

[@kman5768]

Years spent in Canada since turning 18, living in another country does not count. You qualify for the full OAS benefit if you lived in Canada for 40 years and don’t make more than the threshold.

[@leahj9564]

Thank you 🥰

[@ParallelWealth]

You’re welcome 😊

[@afzalshaikh2128]

Thanks for sharing

[@janemccomb7608]

Side question for you: have you done a video on what account's to use first when in retirement?.

[@brianbaxter3913]

Great info thanks will be checking into all this soon as I plan to move to the Philippines once travel is allowed

[@ParallelWealth]

Glad it was helpful!

[@lolitmiranda3514]

Why are you secured in the Phil.?

[@brianbaxter3913]

@@lolitmiranda3514 I am not there yet but hope to be by next March. Reason to go there well if I stay here CPP and OAP will cover my bills and chew up my RRSP faster than a beaver can cut down a tree. When I retire I would still like to eat and explore places. In the Philippines I can live on 1/3 of what it cost here. Easy choice.

[@amaliahightower]

@@lolitmiranda3514 I spend $500 a month for 2 people here in Philippines and that includes everything ie utility bills, internet, groceries etc. I like to eat healthy which means more expensive if you live in Canada.

[@anilgoel1475]

I am going there in December (?), and trying to full prepare for the financial angle. Let me know if you want to compare notes; there isn't a lot of reliable info out there for Canadians.

[@pcdequant]

My mother is getting her CPP and OAS pay in Spain. Of course, she paid more or les 15% Canadian taxes.

[@ParallelWealth]

Great to hear! Thanks for sharing Paul.

[@sandywhite1550]

The withholding tax for non residents is 25%

[@rapier1954]

@@sandywhite1550 I think it depends on the country

[@Waddle584]

@@rapier1954 Yes it depends on your country, but you need to file a NR5 to get the tax break otherwise they automatically take 25%.

[@jaideedave]

@@Waddle584 Correct.I'm a retired CDN expat living in Thailand. I am a declared non-resident and pay no income tax on my pensions. Check out Form NR5 .Another is 217. You can apply to have your withholding tax reduced or in my case changed to zero. Before that they were withholding 25% tax. Doing some homework can save you lots. My income is about 34 k

[@annunakiarzu5733]

All things considered, Where is the best best place for Canadians to retire that is warm?

[@quick.easy.eat23]

New here awesome content!! I wanna save money and retire early when I'm 50! ^^ lol anyway thanks for sharing 💕

[@ParallelWealth]

Thanks for subbing!

[@vimy1589]

such a great video I had to subscribe ,,, frankly I'm just thinking about going where it is warm so I can avoid old man winter and spend months in the sun golfing and lying on a beach ...

[@ParallelWealth]

Thanks for the sub!

[@Scottieguru]

Hello Adam. Wonderful stuff. I have always wanted to have these questions answered. Thank you. I have a question for you. How does one's TFSA money play into the effect on OAS and GIS supplements; seeing as we do not have to declare any TFSA as income?

[@ParallelWealth]

It shouldn't at all

[@Scottieguru]

@@ParallelWealth Well that is terrific news.

[@JesseMgala]

TFSA and any savings come from net income. It means, they are already taxed if I get it right.

[@Scottieguru]

@@JesseMgala Not exactly. Yes to your tfsa but if you deposit savings into a non registered account and it makes interest, that interest is considered a capital gain and must be added to your yearly gross income claim at tax time.

[@Scottieguru]

@@ParallelWealth Thank you sir. That's what I thought.

[@johnmellas]

One can collect CPP as early as 60 (reduced amount) & not 65 years old.