The total amount of Old Age Security (OAS) payments to retired Canadians living abroad has grown steadily over the past decade, but it has declined slightly due to a slight drop in international travel caused by pandemic restrictions.
Netizens laughed: In other words, Canadian citizens can retire overseas and take Canada's retirement pension by the way.
Between 2020 and 2021, the total amount of OAS paid to overseas retirees fell by 017%。Subsequently, the total soared by 97%, a 10-year high.
Office of the Minister of the Elderly Seamus O'While the impact of the pandemic has led to this increase, the proportion of older adults who receive OAS while living abroad has remained stable over the past decade at about 2., Regan said2% to 27%。
Despite the seamus o'The OAS office said that only about 13% went abroad, but between 2012 and 2022, the total amount of these expenditures increased by 50%, from 4$1.4 billion to $6$2.1 billion.
The president and CEO of Canage, a national advocacy group for older adults, said the post-pandemic population surge reflects both the adjustment of the pandemic and the realization that some seniors may be better off retiring abroad.
The pandemic has had a profound impact on how older Canadians can think positively about their retirement, while also thinking about what to expect and the cost of care associated with what it is like to retire in Canada at the moment," said Laura Tamblyn Watts.
Laura Temblyn Watts said these seniors reflected in part on how the pandemic has hit long-term care facilities in Canada.
More than 80% of known COVID-19 deaths in Canada occurred in long-term care and nursing homes in the first months of the pandemic, the highest proportion of this type among Organisation for Economic Co-operation and Development (OECD) countries. According to the National Institute on Aging, as of July 2022, more than 17,000 long-term care residents in Canada have died from COVID-19 disease.
Laura Temblyn Watts saidAlmost immediately after the pandemic, "you're going to see people saying, 'I have to get out of here, or I've got to make a better choice, or I've seen the death of Canada's aging population.'" ”The rising cost of living and rising interest rates in the post-epidemic era have also prompted the elderly to ask whether retirement abroad is more affordable.
Seniors are eligible for a full OAS pension if they have lived in Canada for at least 40 years after turning 18. Canadians who have lived in Canada for at least 10 years but not more than 39 years after turning 18 are eligible for a partial pension OAS pension.
OAS is paid to foreign Canadians who have lived in Canada for at least 20 cumulative years after the age of 18.
If an older person leaves Canada before 20 years of residence, they can only receive OAS payments for the month of departure and for six months after.
Canada has agreements with other countries that allow Canadians to qualify for OAS and retirement benefits without having to have lived and worked in another country. There are 60 such agreements currently in force that allow Canadians to receive benefits for different periods of time.