When it comes to social security benefits, many people wonder how they will be affected if they move to another country. For Canadians who are considering a move to the United States, one of the most common questions is whether Canada has a social security agreement with the US.
The short answer is yes. Canada and the US have had a social security agreement in place since 1984. This agreement is designed to ensure that people who have paid into the social security systems of both countries can receive benefits from both, even if they move across the border.
Under this agreement, people who have worked in both Canada and the US can combine their contributions to both countries` social security systems to qualify for benefits. This means that if you have lived and worked in both countries, you may be entitled to benefits from both the US and Canadian social security systems.
However, it`s important to note that the rules and regulations surrounding social security benefits can be complex. In order to fully understand your eligibility for benefits, it may be helpful to work with a financial advisor or other professional who has experience working with cross-border finances.
One thing to keep in mind is that even if you are eligible for benefits from both countries, the amount you receive may be reduced if you are receiving benefits from one country and not the other. This is known as the Windfall Elimination Provision, and it is designed to prevent people from receiving double benefits.
Overall, if you are a Canadian who is considering a move to the United States, it`s important to understand how the social security agreement between the two countries works. While it can be complex, with the right help, you can make sure that you receive the benefits that you are entitled to.