Like many Canadians planning to retire cheap my benefits are super important to my financial stability. What are the rules? Is it possible to keep ALL of your benefits while retiring cheap? Here’s everything you need to know in a list.
These are the big numbers. 3 months and 6 months.
OAS: According to the Canadian government website, if you live outside of Canada for more than 6 months AND did not reside for 20 years after you turned 18 it will stop. This means as long as you’re 38 and over and grew up in Canada your OAS (old age security)will never stop.
GIS (Guaranteed Income Supplement): This is the real stinker. If you’re planning to retire cheap on $1000 a month you’ll probably be receiving a GIS. How much is it?
Finally your provincial healthcare. It depends from province to province. If you live in Alberta it is 6 months. Other provinces vary from up to 8 months to 9 months in Newfoundland. That’s living there, not just owning a property. That means you can only be gone for 182 days. Any longer you risk losing your residency. To get it back you’ll have to live there for 3 consecutive months.