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Retiring Outside Canada? Here’s How Your Money Gets Taxed
In this episode of the Ask TMFG Podcast, Financial Advisors Carlo Cansino and John Iaconetti break down what Canadians need to know about retiring abroad and how it can change the way the CRA taxes your income, investments, and retirement withdrawals.
They explain the difference between being a factual resident and a non-resident, how departure tax can apply, and what happens to RRSPs, RRIFs, CPP, OAS, and TFSAs once you’re living outside Canada. The conversation also highlights the impact of withholding taxes, tax treaties, and planning strategies such as NR5 elections and Section 217 elections.
The key takeaway: retiring abroad doesn’t eliminate your Canadian tax obligations; it changes them. Understanding the rules ahead of time can help protect your retirement income and avoid costly surprises.
👉 Watch here the full episode on YouTube to learn how a move abroad could affect your retirement plan.
Question for listeners:
If you’re planning to retire outside Canada, have you considered how your residency status could impact your taxes and retirement income?
If you’d like help reviewing how a move abroad could impact your retirement plan, we’re offering a complimentary portfolio analysis 👉 https://tmfg.ca/portfolio-analysis/
Follow us on our social channels:
LinkedIn: The McClelland Financial Group
Facebook: https://www.facebook.com/tmfg.ca
Instagram: https://www.instagram.com/themcclellandfinancialgroup_/?hl=en
View all episodes
By asktmfgIn this episode of the Ask TMFG Podcast, Financial Advisors Carlo Cansino and John Iaconetti break down what Canadians need to know about retiring abroad and how it can change the way the CRA taxes your income, investments, and retirement withdrawals.
They explain the difference between being a factual resident and a non-resident, how departure tax can apply, and what happens to RRSPs, RRIFs, CPP, OAS, and TFSAs once you’re living outside Canada. The conversation also highlights the impact of withholding taxes, tax treaties, and planning strategies such as NR5 elections and Section 217 elections.
The key takeaway: retiring abroad doesn’t eliminate your Canadian tax obligations; it changes them. Understanding the rules ahead of time can help protect your retirement income and avoid costly surprises.
👉 Watch here the full episode on YouTube to learn how a move abroad could affect your retirement plan.
Question for listeners:
If you’re planning to retire outside Canada, have you considered how your residency status could impact your taxes and retirement income?
If you’d like help reviewing how a move abroad could impact your retirement plan, we’re offering a complimentary portfolio analysis 👉 https://tmfg.ca/portfolio-analysis/
Follow us on our social channels:
LinkedIn: The McClelland Financial Group
Facebook: https://www.facebook.com/tmfg.ca
Instagram: https://www.instagram.com/themcclellandfinancialgroup_/?hl=en