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. But depending on where you move, the tax you save on your investments can be substantial.
More philanthropic retirees stay close to home and volunteer.
Barbara Buckspan, manager of the Volunteer Centre of Toronto, says there's always a need for help. She estimates that some 27 per cent of older Canadians are engaged in formal volunteering. What people don't realize, is that volunteering has changed. Long commitments are no longer the norm, volunteers shop around for activities that complement their skills and there is usually training available for those who want to try something new. For those worried that they won't be able to find work after 65, or that they'll be relegated to mundane tasks, there could be demographic help on the way.