Bank of Montreal : BMO Retirement Institute Report: Victoria, B.C. #1 Retirement Destination for Canadian Boomers

TORONTO, ONTARIO--(Marketwire - Jan. 4, 2012) - As Canadians enter 2012, a report from the BMO Retirement Institute - Where do Canadian plan to retire, and why? - has found that Victoria, British Columbia is Canada's hottest retirement destination for Boomers.

According to the study, conducted by Leger Marketing for the BMO Retirement Institute, Canadian Boomers chose Victoria, B.C. as the number one spot to retire within Canada (15 per cent). Other top Canadian retirement destinations included:

• Small-town Ontario (14 per cent)
• Montreal, Quebec/Eastern Townships (11 per cent)
• Greater Toronto Area (11 per cent)

"With its mild climate, breathtaking scenery and outdoor lifestyle, it's no wonder that so many Canadian Boomers have chosen Victoria as the ideal place to retire," said Tina Di Vito, Head of the BMO Retirement Institute. "Additionally, a good portion of Victoria's population is over 65 years of age and there's a strong health care network in the region; this adds to its appeal for Canadians considering relocating upon retirement."

The report also found that Canadian Boomers prefer to stay close to home, with only a small number considering relocation outside of Canada upon retirement. The top retirement locations outside of Canada included:

• The United States (five per cent)
• Europe (two per cent)
• Mexico, South America and Asia (one per cent respectively)

Ms. Di Vito added that, regardless of where you choose to relocate, financial considerations need to be addressed. Relocation can lead to added retirement costs, such as increased expenses, changes in taxation and additional healthcare costs.

Thinking of relocating upon retirement? Ms. Di Vito offers the following advice:

• Relocating to a different province? Be sure to review your healthcare coverage, provincial tax differences and the adequacy of your estate plan.
• Relocating outside of Canada? Don't forget about departure taxes as well as managing your Canadian assets as a non-resident.
• Relocating in general? Remember that relocation can also increase your retirement income needs, as a result of potentially higher cost of living and/or more frequent travel to visit loved ones.

The online survey was conducted by Leger Marketing from August 29th to September 1st, 2011 with a sample of 791 Canadians, 45 years of age or older.

Media contacts:
Amanda Robinson, Toronto
416-867-3996
[e-mail]

Sarah Bensadoun, Montreal
514-877-8224
[e-mail]

Laurie Grant, Vancouver
604-665-7596
[e-mail]