In addition to volunteering, he and his wife Elaine spend about four months at their cottage, which they have owned since 1956, and a month in Florida at a rental property with another couple. They also keep a leased apartment in Toronto. While financial planners are quick to advise that you need a million dollars in capital for retirement, don't be so sure. Always watch what you buy. Few Canadians aspire to an offshore retirement, largely because it is difficult to abandon children and grandchildren.
Accommodations can be expensive, too.
As well, access to health care in a foreign country becomes an issue as you age. Depending on where you go, says Foster, it can be very expensive or quite reasonable. One thing she suggests is to have a look at the community you are thinking of moving to. The biggest hurdle to going offshore is the upfront cost. In order to become a non-resident of Canada, there's a deemed disposition of assets, which can trigger capital gains.