However, it can also be a very expensive place to live, and the immigration application process is complicated. If you have the means, retiring in Canada can be a rewarding experience.
What are the pros and cons of retiring in Canada?
Retiring in Canada is largely regarded as a positive experience, with a friendly populace, accessible healthcare, and exceptional public safety. But before deciding on retirement in Canada, it is important to consider both its advantages and disadvantages.
Pros of retiring in Canada
Here are some of the potential upsides to retiring in Canada:
Exceptional healthcare system: Canada’s universal healthcare system (also known as Canadian Medicare) is extremely comprehensive and open to both citizens and residents. It is widely regarded as one of the best healthcare programs in the world.
Safety: Canada has relatively stable government systems and public services, and was ranked the safest country in the world in 2024, and third-safest in 2025 by the Berkshire Hathaway Travel Protection (BHTP) report.
Friendly, welcoming culture: Canadians are globally renowned for their warmth and friendliness, making it a pleasant place to retire.
Cons of retiring in Canada
Here are some of the potential drawbacks to retiring in Canada:
High cost of living: Canada’s living expenses are among the highest in the world. It can be difficult to experience a high quality of life without access to an above-average income.
High tax rates: Taxes are relatively high in Canada compared to parts of the US and most other countries around the world.
Harsh weather: Winters in Canada are incredibly cold and harsh. Snow, frost, rain, and blizzards are not uncommon, and even summertime is colder than in the US.
What are the best places to retire in Canada?
There are many stunning places to retire in Canada. But which ones are the best? These locations are known for being particularly well-suited to seniors.
Niagara Falls, Ontario: This beautiful area of Ontario offers access to a variety of natural waterfalls and museums, ensuring local retirees never run out of activities or scenery to enjoy.
Victoria, British Columbia: This city is located on Vancouver Island, a place known for its outdoorsy culture. It has a laid-back, village-like atmosphere, with big-city amenities, and is a ferry ride away from Seattle and Vancouver.
Ottawa, Ontario: Ottawa is located in Ontario, and is in a prime location for accessing healthcare and other important amenities. It is known for its more affordable housing opportunities and a range of museums to explore.
Calgary, Alberta: Recently listed by The Economist as one of the top five most livable cities on the planet, Calgary is a vibrant and culturally exciting place to settle for your retirement. There are several great retirement communities in the city.
Quebec City, Quebec: Quebec City brings European living to Canada. It is located in Canada’s French-speaking province and is the only remaining fortified city north of Mexico. So, it’s perfect if you speak French, or decide to pick it up.
At what age can you retire in Canada?
The standard age for retirement in Canada is 65. However, Canadian citizens may start to receive retirement benefits as early as 60 or as late as 70, depending on their occupation and financial situation.
As a US citizen, it is unlikely you will receive retirement benefits from the Canadian government. However, you could move to Canada and continue to receive your Social Security benefits.
If you receive Canadian citizenship or permanent residence by the time you are 65, you could qualify for benefits, depending on several factors.
What is the average cost of retirement in Canada?
The cost of retirement in Canada is high compared to many other parts of the world. Expats need somewhere in the neighborhood of $1 million socked away to live comfortably. The exact cost for you will depend on the following factors:
Your desired lifestyle
Your income, assets and savings
Your general state of health
Your age
Your dependents/family situation
You may want to think of it this way: You will need 70-80% of your pre-retirement salary in retirement.
How much are housing costs in Canada?
The cost of housing in Canada, much like in the USA, differs greatly depending on where you choose to settle for your retirement.
To give you a general idea, the average home selling price on the Canadian Real Estate Association’s MLS system, as of July 2025, was CA$673,000.
To look at things by area:
| Area | CREA’s average MLS price, as of July 2025 |
|---|---|
| Ottawa | $633,100 |
| Toronto | $891,000 |
| Montreal | $577,700 |
| Edmonton | $420,900 |
| Winnipeg | $386,700 |
| Vancouver | $1,165,300 |
| Calgary | $577,900 |
Do you pay taxes after retirement in Canada?
Canadian retirees are not typically required to pay taxes for their pension income.
However, they may have to pay additional tax when filing their income tax and benefit returns.
What programs are there for emigrating to Canada?
There is a long list of different programs for emigrating to Canada, including Express Entry, Startup Visa, and Provincial Nominees.
However, the best program for retiring in Canada for someone who won’t be working is to go through the Family Sponsorship program or Investor program. It may be a good idea to consult with a lawyer to help guide you through the programs and requirements.
What visas do I need to retire in Canada?
There is no Canadian retirement visa option. Obtaining a visa for retiring in Canada is a complicated process that isn’t straightforward. As such, most US citizens retiring to the country:
Are dual citizens of the US and Canada
Have a Canadian spouse
Have Canadian children or grandchildren (can apply for the parent and grandparent super visa)
The parent and grandparent super visa allows individuals to live in Canada for up to two years at a time, for a total of ten years.
If you have family in Canada, you may also apply for a Family Sponsorship visa. Further, if you have access to $200,000, you can apply for the Investor Program and receive automatic permanent residence.
What are my healthcare options in Canada?
Canada has a universal healthcare system, which means you can receive healthcare wherever, and whoever you are, as long as you are a citizen or permanent resident.
So, public healthcare options are available, but if you have specialized needs, private healthcare is advised. Additionally, Canada’s emergency services are available to anyone in the country (though some walk-in clinics may charge a fee).
What happens to my retirement benefits if I retire in Canada?
If you have US retirement accounts, such as an IRA or a 401(k), there are broadly four options for handling those accounts if you decide to move to Canada:
Leave your account open in the US and ask someone to manage it for you
Cash out the plan and pay the necessary tax, if applicable
Start your retirement distribution (if you’re at the right age)
Transfer your account to a Canadian Registered Retirement Savings Plan (RRSP)
Some specific rules and stipulations will apply depending on your retirement plan and the nature of your residency in Canada. A qualified finance professional can offer expert advice in navigating this switchover of assets.
In some cases, you might find you’re eligible for the Canada Pension Plan (CPP) or Old Age Security (OAS). Plus, thanks to the US’s Totalization Agreement with Canada, US citizens living in Canada can still receive their Social Security benefits.
Get expert financial advice
Many US seniors plan to retire in Canada. Although the average cost of living is high, the quality of healthcare and welcoming culture make this country an appealing option.
To learn more about whether you can emigrate to Canada and plan your future as a retired expat, get matched with a financial advisor at Unbiased today.