Retiring Abroad: A Snowbird Checklist

Heading south this winter? Winter is the time of year when many Canadians plan their escape from the cold and head to warm weather destinations. While many planning efforts are focused on setting up tee times, updating travel insurance and protecting houses before leaving, one important consideration should be ensuring your estate plan is in good order.

If you are a snowbird, here is a short list of some estate planning considerations to address before you leave for your warmer destination:

• Have a valid will and power of attorney. Those empowered by the documents should know where they are stored should something happen to you while you are away.
• Make sure you call your home insurance provider and let them know how long you’ll be away. To keep your home insurance active, make sure that someone will be checking on your home for damage or vandalism on at least a weekly basis.
• If you own property outside of Canada, you may need to seek legal advice to determine if you need a separate will and powers of attorney for that country. If so, ensure that your foreign will and powers of attorney are properly integrated with your Canadian documents.
• Consult an accountant to plan around any potential income or estate tax liabilities relating to the ownership of foreign property.
• Keep an updated list of all the institutions where you have assets or that provide professional services to you (i.e., banks, accountants, lawyers, etc.) and a contact person at each company.
• Keep track of the number of days you spend away as you may be deemed a resident for tax purposes in another jurisdiction if you spend more than 182 days per calendar year outside of Canada.
• Pay attention to currency fluctuation. Consider buying US dollars when the Canadian dollar is strong. That gives you an opportunity to put money into your US dollar account and protect against future drops.

©2025 Milestone Wealth Management Ltd. All rights reserved. 

Opinions and estimates are written as of the date of this report and may change without notice. Any commentaries, reports or other content are provided for your information only and are not considered investment advice. Readers should not act on this information without first consulting Milestone, their investment advisor, tax advisor, financial planner or lawyer. This communication is intended for Canadian residents only and does not constitute as an offer or solicitation by anyone in any jurisdiction in which such an offer is not allowed.