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Post by canpandave on Aug 15, 2016 8:44:37 GMT -5
Just wondering if anyone receives their Canadian CPP here in Colombia and if so how is it accomplished?
Thanks
/d
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Post by elexpatriado on Aug 15, 2016 9:35:01 GMT -5
This should be in the Colombia section.
To answer your questión, in your Canadian bank account, like you would in Canadá, why would you do it Any other way?
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Post by canpandave on Aug 15, 2016 10:48:33 GMT -5
I would prefer to close all of my bank accounts in Canada
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Post by gallito on Aug 15, 2016 11:46:56 GMT -5
canpandave ; welcome to the forum. Posting it in Colombia section;OP has mentioned "if annyone receives their Canadian CPP here in Colombia" el elex; come on give your Canuck bredren a big welcome! I do concur to have your CPP put into a Canadian account then draw out your pesos from an ATM.
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Post by livinginmedellin on Aug 15, 2016 13:57:02 GMT -5
Probably best not to have "all your eggs in one basket"...
Keep an account in Canada and wire transfer money to an account in Colombia or use ATMs.
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Post by barrumundi on Aug 15, 2016 19:55:36 GMT -5
If you are planning to NOT maintaining an active bank account with a canadian bank you need to talk with the Canadian Government Department responsible for paying pensions.
The Australian government will pay pensions into a foreign back account ....so maybe, if you are lucky, your Canadian government may do the same.
However, having said that, I agree with the others before me who said it would be better to have the money paid into your normal Canadian bank and then simply withdraw your funds at an ATM in Colombia.
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Post by scumbuster on Aug 15, 2016 20:54:22 GMT -5
The old expression, if I heard it once I heard it a million times. Keep your woman in Colombia and your money in the US...Or in your case Canada.
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Deleted
Deleted Member
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Post by Deleted on Aug 16, 2016 0:26:27 GMT -5
I just found this page: www.esdc.gc.ca/en/cpp/international/benefit_amount.pageIt seems Colombia is not on the list of countries where you can receive your payments directly in your local bank account. It therefore seems they would send you a cheque... Which sounds terrible. 1st you'd have to rely on both postal systems, and the one in Colombia is terrible 2nd I guess you'd have terrible fees from your local bank to cash a Canadian cheque in CAD. I think I heard some Colombian banks allow you to open an account in Panama. This could help.
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Post by scumbuster on Aug 16, 2016 5:42:52 GMT -5
If it was me I would keep 2 bank accounts in Canada. Try to find a couple with reimbursed ATM fees like Charles Schwab Bank. Keep your moneys split between them. Then if you loose a card or one expires you have a backup. With those being your lifeline to money in Canada you want a backup. If you have or get a cedula, you can get a Colombian Bank Account and when exchange rates are good transfer larger sums to your Colombian Account via ATM withdrawals or direct bank transfers. With online banking its quite easy to maintain a Canadian account and keep track of your funds in Colombia.
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Post by canpandave on Aug 16, 2016 13:16:32 GMT -5
The issue for me is to ensure I can declare myself as a non resident in Canada (and not pay taxes there), one of the things they look at is what ties you have remaining like a bank account. It is resolved though as I live for 184 days in Panama and I can just get the money deposited there. Thanks steverusso for the link.
Cheers Dave
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azarat
Junior Member
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Post by azarat on Aug 16, 2016 20:27:40 GMT -5
I would prefer to close all of my bank accounts in Canada Wont seem such a Good idea when the bank requests you fill out a DIAN formulario 160, as they have already started to do to some expats at some Banks.. Colombia is One of the last places in the World you want to consider as a "Tax haven"..
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azarat
Junior Member
Posts: 46
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Post by azarat on Aug 16, 2016 20:39:34 GMT -5
The issue for me is to ensure I can declare myself as a non resident in Canada (and not pay taxes there), one of the things they look at is what ties you have remaining like a bank account. It is resolved though as I live for 184 days in Panama and I can just get the money deposited there. Thanks steverusso for the link. Cheers Dave You realize the Colombian tax rate is much higher than Cañadas and they are trying to.introduce a wealth tax? You have a lot to.learn about the Colombian tax system. This isnt Saudí Arabia, the Emirates or the Caymen islandés you know I think you badly need to talk to An accountant to get things straight. Also, if you have Any significante Canadian investments,you will have to declare " deemed dispositión" of your assets in the year you become a non residentes..resulting in a very large lump sum.payment of Canadian taxes. Looks like you need to educate yourself on both Canadian and Colombians tax laws
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