Philippines Insider" The Ultimate Philippines Travel Guide for Tourists and Expats
Philippines Insider" The Ultimate Philippines Travel Guide for Tourists and Expats

Author Topic: Canada Pension  (Read 4974 times)

Offline kentech

  • Full Member
  • **
  • Posts: 4
Canada Pension
« on: July 28, 2012, 08:49:22 PM »
Hi all, any canadians having their canada pansion direct deposit to an account in the phils? If not how are you dealing with this issue?

   Ken

Offline Lee2

  • Sr Member
  • ***
  • Posts: 1,543
  • *** Rest In Peace ***
Re: Canada Pension
« Reply #1 on: July 28, 2012, 10:34:12 PM »
Quote from: \"kentech\" post=46736
Hi all, any canadians having their canada pansion direct deposit to an account in the phils? If not how are you dealing with this issue?

   Ken


I am not Canadian so hopefully some will answer your question but one thing I have read on forums is that not a lot of banks in the Philippines deal with Canadian dollars, so that would have to be the first thing you would have to work out. I know HSBC does but requires a fairly large deposits which may preclude some people, and BPI does so researching them might make it possible to do what you wish to do with HSBC being the easiest because of their ability to easily move money online if you also have an account in a Canada HSBC.
ADD BPI Foreign currency deposit accounts info.

My opinion is that until you are 100% positive you will continue to live in the Philippines forever, it might be easier to start off with having your money deposited in your home country and depositing checks into your Philippine bank account and waiting the 21 days for it to clear and then exchanging them at a place which will give you the best exchange rate, but by doing it that way you must keep at least a month or more ahead.
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Offline starrt

  • Sr Member
  • ***
  • Posts: 126
Re: Canada Pension
« Reply #2 on: July 29, 2012, 10:04:09 PM »
Hi Ken,

Here is a link for the Govt of Cda web site on pensioners living abroad.
http://www.servicecanada.gc.ca/eng/sc/pensionersabroad/index.shtml
There is information on what you need to do to receive the pension abroad, how to apply, which banks can be used, etc. Just be aware that all deposits for Canadians living in the Philippines are converted to Php before the money gets into your bank account.
Let us know if you need anymore information.
From a fellow Canuck

Thomas

Offline Art, just a re(tired) Fil-Am

  • Sr Member
  • ***
  • Posts: 2,828
  • From California, now living in Sta Rosa, Laguna
Re: Canada Pension
« Reply #3 on: July 29, 2012, 10:38:33 PM »
Quote from: \"kentech\" post=46736
Hi all, any canadians having their canada pansion direct deposit to an account in the phils? If not how are you dealing with this issue?

   Ken

You asked about direct deposit of your Canadian pension to a local bank in the Philippines! Me personally I don\'t recommend it, because I once did that with my U.S. Government pensions 10 yrs ago where I could only avail using their passbook type account without ATM and internet access and there is a small fee for every direct deposit transaction to a Philippine bank account, don\'t know about Canada though, but I\'m sure there will be!
I have since then rediverted my pension direct deposit back into my U.S. Bank and just write out U.S. checks for deposit into my Philippine local dollar account, but the check takes 25 days to clear and post into my Philippine local bank! It isn\'t too bad doing it that way and plus there are no service fees involved and I have ATM and internet access to my local dollar/peso accounts and U.S. bank accounts! Works pretty well for us and have been doing it for 11 yrs now without any problems!
"Life is what we all make it to be"!
"It's always a matter of money"!
"Do on to others as they would do on to You, but do it first"!
"Different strokes for different folks"!
"Que Sera Sera"!

Offline kentech

  • Full Member
  • **
  • Posts: 4
Re: Canada Pension
« Reply #4 on: August 01, 2012, 08:33:56 PM »
Thanks for the info! I read a lot on the Canada.gc.ca web on the weekend and the one thing thing I was looking for there was, what if I don\'t plan on returning to Canada. I am in Ontario and as far as I can see, I will just loose OHIP. I am hoping to retire there when I turn 60 in 3 years! I have had enough of fixing cars for the past 40 years.
    Ken

Offline Lee2

  • Sr Member
  • ***
  • Posts: 1,543
  • *** Rest In Peace ***
Re: Canada Pension
« Reply #5 on: August 01, 2012, 09:34:36 PM »
Quote from: \"kentech\" post=46804
Thanks for the info! I read a lot on the Canada.gc.ca web on the weekend and the one thing thing I was looking for there was, what if I don\'t plan on returning to Canada. I am in Ontario and as far as I can see, I will just loose OHIP. I am hoping to retire there when I turn 60 in 3 years! I have had enough of fixing cars for the past 40 years.
    Ken


Ken one thing I can tell you is slow and steady.

My advice would be to leave the money deposited in Canada at the beginning and make a test move to the Philippines for a year or more when you retire and see if you are happy and where you will end up living and then if it all works out, then you can always have the money deposited locally.

In three years many things can change. Right now not every area has all banks, also living in the Philippines is not for everyone and a lot can change in those 3 years. For instance the peso exchange rate could go so against us that the cost of living might be higher than moving somewhere else in Canada to live, or infrastructure and some living conditions in the area you wish to live might improve significantly or become unstable. I remember 21 years ago when I was planning the move and then 18 years ago when I spent some time in Mindanao and decided to wait.

The Philippines is a neat country and with many great areas to explore to decide where one wants to live, so find a base and then work out from there until you find your own paradise or find the dream is not a reality.
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Offline Art, just a re(tired) Fil-Am

  • Sr Member
  • ***
  • Posts: 2,828
  • From California, now living in Sta Rosa, Laguna
Re: Canada Pension
« Reply #6 on: August 01, 2012, 09:41:46 PM »
Quote from: \"kentech\" post=46804
Thanks for the info! I read a lot on the Canada.gc.ca web on the weekend and the one thing thing I was looking for there was, what if I don\'t plan on returning to Canada. I am in Ontario and as far as I can see, I will just loose OHIP. I am hoping to retire there when I turn 60 in 3 years! I have had enough of fixing cars for the past 40 years.
    Ken

Yeah, some countries are like that where if one leaves their home country for a certain length of time, they loose certain benefits from their home country!
My wife and I have lived permanently here in the Philippines since 1998 and we don\'t loose any of our home country\'s benefits, except maybe for some, their Medicare benefits when living abroad in certain countries like here in the RP, but we still have my U.S. government pensions direct deposited into our U.S. bank and maintain a U.S. and our overseas mailing address at all times with U.S. government agencies where my pensions come from and for the purpose of filing our annual joint Federal income tax!
"Life is what we all make it to be"!
"It's always a matter of money"!
"Do on to others as they would do on to You, but do it first"!
"Different strokes for different folks"!
"Que Sera Sera"!

Offline kentech

  • Full Member
  • **
  • Posts: 4
Re: Canada Pension
« Reply #7 on: August 02, 2012, 12:18:46 AM »
in canada if one is fully retired a tax return is not required.

Offline Art, just a re(tired) Fil-Am

  • Sr Member
  • ***
  • Posts: 2,828
  • From California, now living in Sta Rosa, Laguna
Re: Canada Pension
« Reply #8 on: August 02, 2012, 01:20:27 AM »
Quote from: \"kentech\" post=46811
in canada if one is fully retired a tax return is not required.

That also holds true in the U.S. only when retirees are 70 yrs old and over!
The U.S. government just like to stick it to us for as long as they can get away with it!
They\'re even considering to increase the minimum retirement age for Social Security benefits! They\'re betting on that we will all die before we can collect Social Security benefits!  :whistle:  :ohmy:
Luckily, I\'m already collecting all of my U.S. government pensions and benefits and hope to live way beyond the age of 70, a 100 will do!  :)
"Life is what we all make it to be"!
"It's always a matter of money"!
"Do on to others as they would do on to You, but do it first"!
"Different strokes for different folks"!
"Que Sera Sera"!

Offline starrt

  • Sr Member
  • ***
  • Posts: 126
Re: Canada Pension
« Reply #9 on: August 02, 2012, 07:56:52 PM »
\"Thanks for the info! I read a lot on the Canada.gc.ca web on the weekend and the one thing thing I was looking for there was, what if I don\'t plan on returning to Canada. I am in Ontario and as far as I can see, I will just loose OHIP.\"

Hi Ken,

OHIP is administered by the provincial gov\'t, so you would have to look on their web site, but yes, probably as a non resident after 3 or 6 months, as in most provinces, you would have to find your own health plan to cover your medical expenses. You would still need a supplemental health insurance coverage even if you planned to travel across our own country. So travelling internationally, of course you would need another health insurance to cover you.

Thomas