Is it good to apply for retirement immigrant visa to Canada?

Canada has a visa-free agreement with Hong Kong for a legal stay of up to 6 months. SAR passport holders do not need to apply for a visitor visa before each entry, but only need to apply for a one-time 5-year electronic travel authorization eta (electronic travel authorization), and then can enter and leave Canada multiple times within these 5 years, as long as You can apply online for no more than 6 months at a cost of $7. It is also possible if you are interested in extending your stay, as long as you apply for a Visitor Record in advance. The online application fee is $100. If the document still goes through but the endorsement has expired, no worries as it will continue to stay legally until approved.

Canada Retirement Immigrant Benefits

Canada Pension Plan (CPP)

The monthly pension amount is determined based on the average annual income while working and the retirement age. The maximum amount in 2020 is C$1,203.75 (approximately HK$7,720) per month, and the average is C$619.75 (approximately HK$4,000). The standard application age is 65, but it can be brought up to 60 or later up to 70. Each month, the amount is 0.6% less, up to 36%; each month, the amount is 0.7% more, up to 42%. It seems that the extension of the collection seems to be a lot more, but it is not very cost-effective. It should be noted that CPP cannot be issued automatically, so it must be actively applied for. The online application method will get a response in about 7-14 days, and the paper form can be submitted in 120 days.

Old Age Security (OAS)

OAS is Canada's largest pension program, regardless of work experience, and you can apply for it if you have never worked or retired. As long as you are over 65 years old, you can apply after 10 years of legal residence in Canada as an adult. The monthly pension amount will be affected by the number of years of residence, with a maximum payment of 618.45 (about HK$4,400) in the second quarter of 2021. It should be mentioned here that OAS generally does not require additional application, because the 64-year-old will automatically issue a notification, but if there is no notification, an additional application is required.

Generally, no additional application is required, as the 64-year-old will automatically give notice, but if there is no notice, additional application is required.

In addition to OAS, three supplementary allowances are provided:

1. Guaranteed Income Supplement (GIS): Canadian citizens, permanent residents, over the age of 65, have lived for more than 10 years, and have an annual personal income of less than 18,600 Canadian dollars, can apply for guaranteed income supplements. The maximum monthly payment in the first quarter of 2020 was CAD 916.38 (approximately HKD 5,445).
2. Allowance: Between the ages of 60 and 64, if the spouse is receiving OAS and meets the conditions for receiving GIS, he or she may receive Allowance.
3. Allowance for the Survivor: Widows/widowers between 60 and 64 may receive this allowance.

To apply for Canadian retirement eligibility:

If the applicant lives in Canada

– 65 years old and above;

- Be a Canadian citizen and legal resident at the time of the pension approval;

– Have lived in Canada for 10 years since the age of 18.

If the applicant lives abroad

– 65 years old and above;

– was a Canadian citizen and legal resident prior to leaving the country;

– Have lived in Canada for 20 years since the age of 18.

* Time spent working outside Canada for a Canadian employer counts as time living in Canada, but must have returned within 6 months of retirement, or have not retired at age 65.

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Wondering if you or a family member is eligible for the Careergiver application? Contact Lighthouse Global Canada Immigration for a free immigration consultation!

source:

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