QUESTION:
Hello
I am a Canadian citizen who has living and worked in the USA for the past 5
years on TN visas. Prior to leaving Canada I severed all Canadian financial
ties. I am now moving back to Canada next month for good. What happens to
the money I have paid into us social security? What steps if any do I need
to be taking now or on my return to Canada? Any advice would be greatly
appreciated..
Thank you
================================
david ingram replies:
The Social Security you paid will always be there. When you go to collect
in the future, the US / Canada Social Security Totalization agreement will
allow you to use time paid into Canadian Pensions to qualify you for a
partial US Social Security Pension.
However, five years does not qualify you for any US medical coverage upon
retirement. For Full medical coverage at the lowest rate, you need ten years
(40 quarters). At 7, 8 and 9 years you can buy the same coverage by paying
more.
Answers to this and other similar questions can be obtained free on Air
every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Dundee Wealth
Management and I, David Ingram host a LIVE talk show called "ITS YOUR
MONEY"
Those outside of the Lower Mainland will be able to listen on the internet
at
www.600AM.com <http://www.600am.com/>
Local calls are taken at (604) 280-0600 and Long Distance calls are taken at
1( 866) 778-0600
Callers to the show are invited to attend free seminars on financial
planning with such specialities as deductible mortgage interest. They are
held at Fred Snyder's Office at 1764 West 7th in Vancouver - (604) 731-8900
for more information.
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