TORONTO, Oct. 6 /CNW/ -
With the summer months behind us, Canadians are now forced to look elsewhere for warm weather. According to Statistics Canada, more than 2.5 million Canadians made extended trips abroad in 2007. Snowbird travel is likely to grow in the coming years with more baby boomers entering retirement. While long days of leisure down south sound appealing, there are a few things to consider before packing your bags.
- Know Where You're Going - Spend time in the country before making a
major commitment, especially in the off-season to see if you are
prepared to live there year round.
- Plan Your Finances - Take into account all taxes, duties, fees and
withholding taxes you will have to pay on income from Canada. Have
you allowed for Canadian withholding taxes on your pension income?
Will you still be eligible for government benefits? Have you arranged
to file required tax returns in Canada?
- Home Insurance - Make sure to check your home insurance policy to see
how extended absences may affect coverage.
- Permanent Residency - Understand the implications of seeking
permanent residency or citizenship status in a new host country. Be
aware of any conditions, requirements or consequences.
- Healthcare - Check with your provincial healthcare provider to make
sure you understand how your health care coverage will be affected
while you are away. Arrange for adequate private health care
coverage. For people with a disability, check whether the country
provides access for people in wheelchairs or make allowances for
those with special hearing, sight, or other physical requirements.
Take into consideration that out-of-country health insurance gets
more expensive as you grow older.
Tina Di Vito, Director, Retirement Strategies, BMO Financial Group who also heads up the BMO Retirement Institute, a think tank that provides leading perspectives around retirement issues.
SOURCE BMO BANK OF MONTREAL
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