Canadian Living in Panama
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- Опубликовано: 24 авг 2024
- Aidan is a Canadian who moved to Panama full-time after he and his family checked out several other countries. Learn why he picked Panama and what his life is like living in Panama.
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I enjoyed this video a lot and learned some strategies. And I’m from the USA. 😊
Glad it was helpful!
Hi Jackie! Thank you for remembering us Canucks (Canadians). Although we are similar, some slight differences in experiences and national regulations from that of Americans. Muchas gracias! 😊
You are so welcome! Remember, we have a special Livestream with a Canadian CPA on October 22
I'm a Canadian who moved to Panama in 2006. To Jackie's point about Canadians loving the beach ... I lived in Panama City for the first 2.5 years and originally loved it. But I'm a small city/country boy, not a big city lover, so the City ground me down over time. In 2009 I decided to move to Chiriqui and although I lived in Boquete for a month it was just too cold there (even though I'm a Canadian, I was looking to get away from cold, not live in that sort of weather again) so found a great place to rent in Los Algarrobos (just 20 minutes south of Boquete) and stayed there for just under 11 years. Just to note ... I a single guy and as such, didn't want to set roots or commit to a long-term home purchase. If I had married any of my Panamanian girlfriends, I'm sure I would have ... but that never materialized unfortunately. I left Panama completely in Dec 2019, just before the SHTF worldwide. Couldn't have timed it better!
This was so excellent Jackie and Aidan, thank you so much!! As a Canadian still lingering in Ottawa, I can't wait to actually see myself on a plane to get there, and experience the beauty of Panama up close, (and without any Hurricanes, eh?!) -- Lovely video with great info. Thanks Jackie!
Our pleasure! Glad you enjoyed the livestream
Great video Jackie with one exception with the information Aidan Provided re the OAS old age security pension. He stated it is not available as a non resident which is simply not true. You have to meet certain requirements of living X number of years in Canada, be a certain age to be eligible and a few more things but as a non-resident of Canada for the purposes of income tax a person can certainly apply for OAP at age 65. As a non resident you must pay taxes to Canada on incomes from within Canada. Those tax rates depend on the country you reside in. Those taxes when you are a non resident must be paid in the form of a withholding tax which is taken off your pension benefits before it is paid out to you. It is held at source before going out to the recipient. If you don't plan on filing a tax return as a non resident each year then the withholding taxes for CPP and OAS need to be set up accordingly when you become a non resident. The amount of tax I pay living here in Mexico is 15%. That is the amount stipulated in the tax treaty Canada has with Mexico. In Panama I believe the amount is 25%. Those amounts are deducted at source before any payment is made to your bank account assuming you elect to do direct deposits into your bank account. We Canadians pay into CPP and OAP our entire working lives and therefor are entitled to receive benefits from them regardless where we choose to live. The only thing that changes is the rate upon which we are taxed on those benefits based on the country we live in and the tax treaty that country has with Canada. I believe the max we would pay is 25% but there are some countries such as Mexico which is only 15%.
On October 22nd we will have a Canadian accountant, CPA, on a livestream to answer Canadian tax and retirement questions.
Thanks for the video !
You're very welcome
Hi Jackie
I missed where he said he was from in Canada? Anyone catch it?
He's from Toronto.
Okay, thank you!
Yes sorry, my wifi was having some issues and the video and sound was cutting in and out from time to time. I missed that original question, but yes, Jackie is correct with Toronto.
@@aidannewton Hi Aidan, greetings from Muskoka Ontario, I hope to visit Panama!
Think about the poor souls they would have to layoff if they get rid of all the paperwork. Panama is trying to reduce unemploment, not increase it 😄