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  • Published date: October 10, 2016
    • Dkkkd, kdkdk, kkdkdkkd, United States

For snowbirds just beginning to plan their packaging for travel this winter in the south, one of the recent reports for more robust output for traceability may give some adults pause - especially at the suggestion that their journeys could influence the government benefits they rely on.

Does the snowbirds would have financial wings trimmed by a new system for border monitoring the

federal government would use the planned system for border exit traceability to avoid payment of hundreds of millions of dollars in social benefits now goes to people who do not need to receive the
System - a joint effort between Canada and the United States -- is outlined in the recently issued notes from Canada social development (sdc) and Canada Revenue Agency (ACT). Canada has already runs the border crossings of land, but this can be extended to air transport as well as well. Canadians may take consolation in the fact that the federal government is not a legislative body to perform this final phase of exit tracking - yet. A bill must be adopted to do so.

One note, put The Canadian Press on the Law on access to information to assess that the canadian elderly may lose about $ 10 million in Old Age security (OAS) benefits each year if the exit tracing is performed. But before it jumped to any conclusions and a reassessment of their retirement financial plans, it is important to know what will actually lead to these benefits forgone and who is at risk.

OAS benefits are determined on the basis of years of residence in Canada. After 40 years of residence after the age of 18, canadians over 65 years of age are entitled to a maximum of government pension. At the moment this pension is about $ 6839. The benefits are indexed with inflation. Recipients with low incomes may receive at the top of this major benefit, while those with high incomes may have benefit restored and decreases.

OAS benefits will not be reduced if you spend a lot of time outside the country or even to become in which do not reside in the retirement. In fact, Service Canada goes so far to propose to deposit the OAS benefits in the bank account in foreign in local currency for the dozens of countries to reduce the exchange and costs bank transaction for the recipients.


This pair can retire earlier, without to worry about thanks to $ 1 million portfolio and pensions of
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