Canadian Retirees Visa
Anyone hear about the Canadian Retirees Visa lately?
Forum Discussion
Many, many people are living and snowbirding with combined CPP way less than 15K, and with nothing else but OAS and GIS. None of those is taxable, though GIS is reduced as your CPP goes up. Again, a lot of people out there with low CPP. Even if they have interest income, this is mere 1.5K or 2K from 100K in your savings account or GIC. For most people it still makes sense getting those 2K of interest rather than keeping it in safety deposit box, though there can be situations when it's better to keep a low profile.
About expat insurance or travel insurance. What people should realize is that - especially in places other than the US - there is no direct payment from insurer to the hospital. You have to pay up upon discharge and then get reimbursed by the insurer. So keeping a solid chunk of cash in easily accessible savings account is a necessity, and those bear very low interest. So you have money but no income other than CPP and OAS/GIS.
Another thing about insurance - very often it says in the small print "emergency medical". It means, they cover inpatient or outpatient treatment only if there is a risk to lose a limb or organ or life within 24 hours. So if you need a stent, but doctor says that it's not THAT urgent, the insurer won't pay a dime. Not all the plans are like this, but many are.
About expat insurance or travel insurance. What people should realize is that - especially in places other than the US - there is no direct payment from insurer to the hospital. You have to pay up upon discharge and then get reimbursed by the insurer. So keeping a solid chunk of cash in easily accessible savings account is a necessity, and those bear very low interest. So you have money but no income other than CPP and OAS/GIS.
Another thing about insurance - very often it says in the small print "emergency medical". It means, they cover inpatient or outpatient treatment only if there is a risk to lose a limb or organ or life within 24 hours. So if you need a stent, but doctor says that it's not THAT urgent, the insurer won't pay a dime. Not all the plans are like this, but many are.
