A Canadian Question?

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Hi everyone,

I am seriously thinking of Ex-patting to China to Teach English. I am 51.
I know that to this, you have to cut all ties with Canada, pretty much all properties etc.

So my questions are.

If, (or when), I come back to Canada after 9 years, at the ripe age of 60, can I still collect CPP, and OAS at 65 yoa?

Can I still keep my RRSP's as well, or do I need to cash them?

Any other points of interest, advice, and observations would be greatly appreciated.
Thanks to all that offer comments.

Jim
Yeah, That's a Canadian Question. Do you really want to give up your Cdn. Citizenship Jim? Check out the CIC website at cic.gc.ca You will be able to get the correct information concerning your views right from the people who decide. I am from Edmonton. I am currently teaching in Yibin in Sichuan Province, PRC.
Hi Donald,

I live in Calgary.

So, not really giving up Cdn Citzship. But more of just leaving Canada to work for a few years in China.

Wondering about the CPP and OAS politics. I will check the site, but as usual a very vague and limited source of information.

My email is jimteakles@shaw.ca

Thanks,

Jim
Found so Far:

http://www.voyage.gc.ca/faq/roca-eng.asp

http://www.servicecanada.gc.ca/eng/subjects/travel/abroad.shtml#liv

Best Resource of Information:
http://www.voyage.gc.ca/publications/retirement_retraite-eng.asp


Best Resource of Information:


http://www.voyage.gc.ca/publications/retirement_retraite-eng.asp
Canucks Abroad

http://www.canuckabroad.com/
Ok

I have been in China 8 years (Edmontonian) and here is the scoop.

You can of course come for 9 years and teach and not lose your rights and privileges as a Canuck.

HOWEVER!!!!

While you retain those RRSP's you will also retain your Canadian residence. As such, you WILL be expected to pay CANADIAN TAXES (30-35%) on your salary earned in China!!!

Trust me, I have talked to Rev Can SPECIFICALLY about this!!

You can keep your citizenship. but unless you want to turn over your hard earned income in China you must lose your residence. To do so you must sever all financial ties with Canada. No bank accounts, credit cards, RRSP's, property or investments. Literally there is a clause stating you must tell your friends and family you have no intention of coming back!!

personally I find this policy disgusting and unfair! US citizens can make 80,000 US dollars a year in China (literally a small fortune) before they must claim income tax. Canadians need to pay 35 cents off every dollar they earn! A gross money grab and nothing more.

For the record I am officially a non-resident and will continue to be such for the foreseeable future. The concept of paying 13% chinese tax and 35% canadian tax is not even slightly appealing to me.....
i have a seperate post on this 'canadian income tax'

i declared myself non resident and still have bank accounts, credit cards, RSP, TFSA, drivers licence, etc

non residency with revenue canada has nothing to do with canadian citizenship and passport

when i was declared non resident all that happened is that i lost my health insurance coverage and my Rsps become frozen and I am no longer able to contribute in to it.

once i decide to come back to canada I will have to file to be declared resident again with revenue canada. then after a 90 day wait period my health insurance will start again and I can start contributing to rsps based on canadian earned income

when you retire you CPP might be lower for the years you are missing
CRA deals with many issues on a case by case basis. Foreign Income is one of them. Esp from China since there are no tax agreements btwn China and Canada yet. Because of the lack of paperwork for income earned in China and paid in RMB, many don't declare the income. But that can be risky down the road for any number of reasons.

Your CPP will not become lower because it is based on contributions. CRA also decides ,on an individual basis, rather or not you are a resident for tax purposes.