Zoomer media realese about buying real estate abroad & how Zoomers look to retire in comfort and SAFETY...

Zoomers looking for VACATION OR RETIREMENT property or real estate DIRECT from source are actively searching for projects. If we focus on North America for a moment both in Canada and the United States, the Zoomers or Boomers as they are also called (the 45-plus) account for a large proportion of the aging population (and growing by the minute) and the largest section with the highest disposable income.

This section of the population seeks to slow down and spend the winter season in a warmer climate is an appealing idea for many. Regardless of where you choose to live, here are some important considerations:

Location and safety - be sure to consider where you are going to live if seeking to spend some months away from your primary residence. How will you cope with reaching important services such as food stores and medical facilities and if you have to travel how far will it be as you get older. Look for local help which is a major factor if buying in a gated community. Will you be able to accomodate your relatives if they come to visit.

Snowbirding in the same location each year may help you establish a network of friends, familiarize and integrate yourself into the local community, and develop a routine. Joining community or social clubs will help you meet new friends and build a network you can call upon.

Buying another home in another country has implications to your primary residence - do you have a good set of friends or contacts that will look after your property while you are away. Consider using a property management company simply to look after your property by regular visits to ensure all is well.

Canadian Zoomers wishing to spend winters in a different country should understand:

A) how long you are allowed to stay in another country as a visitor, and

B) the maximum amount of time you can be absent from your home province before your Canadian provincial health benefits are terminated.

For example, if you live in the U.S. for more than 31 days a year, then you may be subject to special reporting requirements with the Internal Revenue Service (IRS). To maintain provincial healthcare, you are required to maintain residence in your province of residence for a certain duration of days per calendar year as well.

These are just some of the considerations to examine when making your snowbirding plans. If you haven’t already and have the opportunity to do so, try snowbirding one winter before you make a commitment to do it for the rest of your retirement. See if you truly do enjoy spending your winter abroad, or what life’s like during the off-season.

For more information on what it is to be a Zoomer living in another country contact Foreign Affairs and International Trade Canada which has useful information on trip planning. They also publish a booklet entitled Retiring Abroad: Seeing the Sunsets that includes helpful links. The Canada Revenue Agency (CRA) posts taxation information on living in the United States or abroad. You can also speak to a BMO investment professional at your local branch to help you prepare financially for your retirement plans.