Can you live outside of Canada and collect CPP and OAS?

Many Canadians dream of retiring abroad, enjoying their golden years in a warmer climate or exploring different cultures. However, one common question that arises is whether you can still receive your Canadian Pension Plan (CPP) and Old Age Security (OAS) benefits if you choose to live outside of Canada.

Receiving your OAS pension outside of Canada:

Yes, you can receive your OAS pension even if you live outside of Canada. The only requirement is that you have lived in Canada for at least 20 years after the age of 18. If you don't meet this requirement, you may still be eligible to receive a partial OAS pension based on the number of years you have lived in Canada.

It's important to note that your OAS pension may be subject to withholding tax if you live in a country that does not have a tax treaty with Canada. You can find a list of countries with whom Canada has a social security agreement on the Government of Canada website.

Receiving your CPP benefits outside of Canada:

Similarly, you can receive your CPP benefits while living outside of Canada. The eligibility criteria for CPP benefits are different from OAS benefits, so you will need to ensure that you have contributed to the CPP during your working years in Canada.

Like OAS, your CPP benefits may also be subject to withholding tax if you live in a country without a tax treaty with Canada. It's essential to check the specific tax regulations in your country of residence to understand how your CPP benefits will be taxed.

If you have lived and worked in another country that has a social security agreement with Canada, you may be able to receive your CPP benefits without any deductions. These agreements ensure that you can continue to receive your CPP benefits while living abroad without facing double taxation.

In conclusion, yes, you can live outside of Canada and still collect your CPP and OAS benefits. However, there are specific eligibility criteria and tax implications that you need to consider before making the decision to retire abroad. It's crucial to do thorough research and seek advice from a financial advisor to understand how living outside of Canada may impact your pension benefits.