Definitely, every employee in Canada looks forward to the day of their retirement. We often spend quality time of our life working and saving money so that we can retire comfortably. However, finding the suitable and best places to retire for Canadians is one of the things we are dedicated to.
Assuredly, you may decide to stay where you are, well, that’s a great choice if it will work for you. but in case you want to change your environment and live your dreams in the way that best suits your lifestyle, this post is right for you!
In this article, we are devoted to helping you with the best places to retire for Canadians. Basically, we will list 10 awesome places. So, you can make a choice.
Retirements for Canadians
After long years of labor, working either for the Canadian government or any private organization, a Canadian employee or any other employee around the world is expected to retire. Averagely, a Canadian employee is to retire in age 65, after which they will start enjoying the Canadian Pension Plan (CPP).
However, it is not enough to just look forward to the day of retirement, it is important to have plans on how and where you will spend the rest of your years as a retiree. That is why you have to follow this article succinctly for the best places to retire for Canadians.
What to consider when choosing the best places to retire for Canadians
Without a doubt, choosing the best places to retire for Canadians depends on several factors. Which are;
- The cost of living
- Housing prices
- Health care services
10 best places to retire for Canadians
Basically, the best place to repair for Canadians does not necessarily have to be Canada itself, it could be in other countries. Below is the list of the best places to retire for Canadians- in/out of Canada.
- Victoria, British Columbia
- Kingston, Ontario
- Collingwood, Ontario
- Costa Rica
- Parksville, BC
- St. John NL
#1. Victoria, British Columbia
Without a doubt, Victoria is located on Vancouver island with a mountainous seaside landscape (which is a stunning sight to see). The population of Victoria residents is 92,141, and an average temperature of 4.5°C in January, and 16.4°C in July. Undoubtedly, you will enjoy the mild climate, cloudy Winter, and the dreary winter instead of snow. In a nutshell, Victoria has a comfortable temperature.
Not only is Victoria distinct in Canada because of its nice temperate climate, but it also has the lowest tax fee on properties in all of Canada. Therefore, it is one of the best places to retire for Canadians as they get to enjoy the beautiful temperate and have extra savings towards some other important things such as traveling and paying for groceries.
Also, there are multiple sound transportation options, senior centers, and thriving downtown that offers shopping, culture, and arts, as well as other exciting activities.
Likewise, you will enjoy an excellent health care system, there are various clinics and 7 hospitals in Victoria making it perfect for retirees that are health conscious.
Looking for the best places to retire for Canadians outside Canada? Belize is one of the amazingly beautiful places you can be. With a population of 390,353 and an average temperature of 28°C, you will enjoy your retirement excellently.
Interestingly, it is one of the cheapest places to retire, with low estate prices and low cost of living compared to living in Canada. Also, there are beaches, rain forests, and mountains for your sightseeing to help you stay active. Likewise, you will enjoy the beautiful scenery to help you have a laid-back lifestyle and stress-free retirement
Belize is an English-speaking country. Hence, you would not have problems with navigating and communicating with neighbors.
#3. Kingston, Ontario
Assuredly, Kingston is the united province of Canada’s First capital and the City at the mouth of Cataraqui river, at the beginning of St. Lawrence river, and also at the Eastern end of Lake Ontario.
Certainly, the city is close to rivers, thus, one of the best places to retire for Canadians who loves to fish, sail, or canoe. Kingston is beautiful, affiliated with a well-maintained neighborhood with attractive Victorian downtown. It does not lack any basic amenities of a large city with no bustle and hustle.
Likewise, they’re more affordable housing prices in Kingston than in any other part of Canada. There are ample opportunities to listen to music, browse art shows, watch a play, and continuing education with the two colleges within the City limits.
Its location is between Montreal and Toronto, hence it is easy to sneak into the city and return in minimal time. These characteristics make Kingston one of the best places to retire in the world and also in Canada.
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With a population of about 127.8 million, Mexico is one of the best places to retire for Canadians. Undoubtedly, it has an affordable healthcare system, a warm climate, and sufficient history and culture. In fact, it earned a top spot on the international living’s highest-rated amenities and entertainment list.
After retirement, many ex-pats call Mexico their home. Also, Mexico has varieties of places to live, one of the most appealing real estates is the Pristine beaches. However, you can go inland if you seek good food, nightlife, culture, and history
#5. Collingwood, Ontario
Collingwood at Ontario is one of the best places to retire for Canadians who love winter sports. Definitely, this community offers great outdoor living such as mountain biking, hiking, likewise beach proximity, and water sports during the warmer months. It is often known as Ski resort town.
Most importantly, your cost of living will be low when you spend your retirement in Collingwood Ontario. However, you can still get a small-town feel of the usual big-city amenities because it’s a bit of a resort town
#6. Costa Rica
Costa Rica Is one of the best places to retire for Canadians who want to spend their retirement years out of Canada. With a population of 5.048 million and an average temperature between 12°C and 21°C, you will enjoy a good life.
Not only is there access to fresh fruits and vegetables but also limited processed food in their diet. Hence, Costa Rica is one of the most healthy countries in Latin America.
Likewise, they have a laid-back approach to improve overall mental health and reduce life However, despite their perfect approach to living and lifestyle they also have a nice healthcare system. Thus, you can access healthcare through the government-run universal system and also the Private healthcare system. These two systems are top-notch and they continue to upgrade and improve regularly with new technology, staff training, and equipment.
Also, Florida is one of the nicest and best places to retire for Canadians, owing to its plenty of activities, beautiful weather, and other basic things. Truly, Florida is one of the appealing US states for Canadians with a population of about 21.48 million and a temperature of about 14.5°C in January, and 27.6°C in July.
However, not only is Florida perfect for Canadians due to its warm weather and sunshine but also in tax benefits. Florida does not have an inheritance tax, estate tax, or state income tax. Likewise, they don’t have the tax seniors benefits added to the allure of the Sunshine State.
Interestingly, the languages and style of living of occupants in Florida South are the same for Canadian citizens except if you are from Quebec. Although, the taxes on property are high in Florida the cost of living is often lower than the popular cities in Canada.
Panama is one of the best places to retire for Canadians owing to its excellent healthcare system. Although the country is small with a population of about 4.246 million people, they have modern facilities that are strategically situated in the country to make it easy for citizens to access quality healthcare wherever they live.
Also, Panama doctors are trained outside of Panama. Hence, they use the same equipment and techniques that are used in Canada and US, but with more personalized care.
Hospital and doctor fees and not too expensive, as well as private insurance, are affordable and available.
#9. Parksville, BC
Absolutely, Parksville is one of the best places to retire for Canadians, it earned the nick ‘Canada’s retirement capital’. The region is known for its Mediterranean climate and sandy beaches. Definitely, you can golf in January- which you won’t be able to do in many other cities in Canada. Not only is the strait of Georgia home to seal sightings and whales but to other marine wildlife as well.
Also, some of the nice places near Parksville include Nanaimo, Campbell River, Duncan, Qualicum Beach, Victoria as well.
#10. St. John NL
Certainly, St. John NL is part of the best places to retire for Canadians. Its east coast destination offers amazing summer weather, affordable real estate, and rugged, beautiful scenery of Atlantic Canada.
Similar to other Atlantic Canada cities, it has a friendly neighborhood and a low crime rate. It is definitely home to a thriving culture that is ideal especially for painters and musicians.
Although there is a high unemployment rate, it is meaningless to those who have left the working world behind. But for the love of natural beauty and rugged landscape, it is an ideal destination and one of the best places to retire for Canadians.
Frequently Asked Questions
How much do an average Canadian need to retire comfortably?
Basically, we can’t predict. However, a rule of thumb states that you will need 70% of the income you receive for pre-retirement. For instance, if you made $200,000 before you retire you will need about $140,000 after your retirements.
Where is most affordable to retire in Canada?
Definitely, there are various affordable places to retire in Canada. Some of which are
- Lacombe in Alberta
- Moncton in New Brunswick
- Brandon in Manitoba; and
- Stratford in Ontario.
Finally, we have listed and explained the best places to retire for Canadians, either in Canada or outside of Canada. However, you have to make a thorough analysis to ascertain the best place for your retirement.