Travel Medical Insurance

I recently purchased travel insurance through CAA (of which I have been a long standing member). They do all of the paperwork, and, interestingly, the insurance company that CAA uses is now owned by CAA.

Medipac Travel Insurance is recommended by the Canadian Snowbird Association and the Canadian Legion as a supplier of travel medical insurance for Canadians. I have not used them.  

Blue Cross travel insurance is available through its Ontario agent MacLellan Moffatt. 

You should also look at what, if any, vaccinations you will need, and arrange to get them. The Government of Canada travel website has a list of suggested vaccinations by country. You can also contact your physician or local health unit.

Non-resident and CPP & OAS

You can collect both CPP and OAS will living outside of Canada. To qualify for OAS you must have worked in Canada at least 20 years. Both CPP are taxable income. You can receive the full payment due to you or have a portion of your payment withheld to avoid having a large tax bill at reporting time.

In regard to receiving CPP and OAS when living outside Canada see the Canadian government website. One aspect to consider is having your payments deposited in the local currency:

Because your payments will have already been converted into the local currency of the country where you live, you should get a better exchange rate, and you might also pay lower banking fees for cashing your cheques.

To receive your payments directly in your local bank account, see if you live in a country that offers the service of direct deposit.

See the government website listing the countries that accept direct deposit of CPP and OAS into a local bank.

Non-resident and CRA

Below is an excerpt from a September 2018 article from Investors Group entitled "What Happens to Your Assets When You Leave Canada?"

When you leave Canada and sever your residential ties to Canada, you must file a final departure tax return. Let’s say you will be leaving Canada on November 1st. On that day, you will cease to be a resident of Canada and will be deemed to have disposed of all your non-registered investment assets at their fair market value. This is known as a deemed disposition and you will have to report the capital gains or losses that result from it.

RRSPs, tax free savings accounts (TFSAs), registered education savings plans (RESPs) and your principal residence are not subject to this deemed disposition but be aware of the tax consequences in your new country. For example, if you move from Canada to the United States, your TFSA will become taxable by the IRS.

If it is determined that you are a resident of Canada for income tax purposes, you are required to file a Canadian tax return and report your worldwide income on your personal Canadian return. If the Canada Revenue Agency (CRA) determines that you are a non-resident of Canada, you do not need to file a tax return if your only Canadian-source income is investment income, but you will have to pay a withholding tax on the Canadian-source income.

Read the full article for a full overview here.