Steps to retiring abroad

Canada is a wonderful country, but there seem to be two things Canadians don't mind giving up - our high taxes and low temperatures. Which is why many thousands of Canadians retire abroad, largely to Florida and Arizona, the most popular retirement destination for Canadians.

Temperatures are higher and taxes are lower in the U.S. but if your primary goal is to achieve lowest taxes, you can do better. There are many countries around the world that want your money and are willing to offer you significant tax concessions to get it.

Carefully consider your potential destination. While good weather is an obvious consideration there are other issues that must be weighed, including: 1. The presence of a social network, or the opportunity to develop one. 2. Access to health care 3. The possibility of facing challenging language or cultural issues 4. Getting used to a different standard of living conditions 5. Your ability to accept conditions as they are 6. Proximity to family.

But if you want to maximize any tax advantages that may be available to you, you'll have to make some major decisions. And most of those decisions concern residency.

If you are a non-resident of Canada, you do not have to pay Canadian tax on your income (unless you earned it in Canada). And if you are going to be retiring abroad, you may be wise to establish your status as a non-resident before you file your last tax return in Canada.

But non-residency is not a simple thing and it is determined by the government on a case-by-case basis. Even if you become a legal resident of your new country that does not automatically make you a non-resident of Canada.

Residency ties are based on such things as houses and cottages, bank accounts, spouses and

dependents, credit cards, driver's licenses, health-plan memberships, club or professional memberships and finally, time spent in Canada.

Although you may be a non-resident, you're still eligible to receive CPP/QPP and OAS benefits. However, there would be a 25 per cent withholding tax on this and other "passive" income such as annuity payments or pension payments from private plans. Some countries have tax treaties with Canada in which case this tax could be reduced or waived

And you should know that you can become a non-resident but still remain a citizen. In fact, if the laws of your new country permit dual-citizenship, you can become a citizen of your new country while retaining Canadian citizenship because Canadian law permits a Canadian to have more than one nationality.

June 'Staycations' Unlikely as Holidaymakers Look Abroad for Good ...

Weather forecasts for June are looking uncertain as the UK has seen rain in may areas during the last few days especially in the South West.  The outlook is still unsettled for the rest of the week, with forecasters predicting rain and summer showers in many areas of the UK.  As a result of the unrelieable weather here, holidaymakers are again returning to searching for  last minute holidays abroad in a bid to grab some Summer sun.

Falls in prices of package holidays and value for money whilst abroad have helped contribute to the trend, with top destination runners including Greece, Spain and the Canaries at present.

According to the ONS volumes of holidaymakers travelling abroad in the frst three months of 2011 shot up by 4% to 13.5million.  Another growing trend is that holidaymakers are looking at package holidays, perhaps in a bid for secrity or financial protection an issue that has been higlighted in the last 12 months due to various issues such as the ash cloud crisis. Hi my name is Emma Butler, I'm Marketing Director and Owner of cheap holidays website HolidayHoliday.co.uk and other travel related websites, all owned by Holidays4Travel Ltd.. This is my personal blog, where I share my thoughts on travel, the travel industry, insider tips and tricks, my travel experiences, holiday & travel news and generally my love of travel and holidays!

Holiday weather, throughout the year in Britain and abroad

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