Canadian Tax Law in regards to CPP and OAP while living in Thailand

Morning


I am looking at moving to Thailand for retirement purposes. I am a male 70 years old.


So I took a look at the Canadian Government website in regards to taxation and am mired down in  bureaucracy.


Are there any members here who are Canadian, and collecting CPP and OAP? Does the government actually tax your pensions 25%?


I thought that all I would have to do would be to transfer the monies coming into my Canadian Bank accounts to a Thai Bank and that would be the end of it. If they tax me the way I am reading this I might not have the funds required to retire in Thailand.


Anyone on the Forum have any input on this?


Regards 

Something as important as this, Why trust someone on the web, that might or might not tell you the truth ?


Ask you Tax office, Well the only place I trust for something like this, But that me.


I can only dream of paying 25% Tax, As i pay 38% of my pension.   :-)


Kindly.

The 25% withholding only applies to non-residents. Meaning you have to have official status as a non-resident, which you have to apply for from CRA. If you are still filling income tax returns every year in Canada then you will pay all your taxes on all your income ( OAS, CPP, etc.) that way and you are free to transfer any or all of your tax paid money where ever you want.

Morning
I am looking at moving to Thailand for retirement purposes. I am a male 70 years old.

So I took a look at the Canadian Government website in regards to taxation and am mired down in bureaucracy.

Are there any members here who are Canadian, and collecting CPP and OAP? Does the government actually tax your pensions 25%?

I thought that all I would have to do would be to transfer the monies coming into my Canadian Bank accounts to a Thai Bank and that would be the end of it. If they tax me the way I am reading this I might not have the funds required to retire in Thailand.

Anyone on the Forum have any input on this?

Regards
-@Stephen Gillatly

Doesn't Canada have a double taxation agreement with Thailand? If so, it usually states that you pay tax where the money is earned. So,you pax tax on your pension at home and then transfer the rest to your Thai bank account. 25% tax on pension income isn't very high (in my opinion). If your pension is less than 65,000 baht/month, there are other options. Either 800k in a Thai bank account if your stay is based on retirement or a combination of monthly deposits and money in the bank. If you're married to a thai,you only need 400k in the bank or an average of 40,000 baht/month. Most retirees with a pension and some money in the bank have enough to be able to use the combination method.