Canadian Retirement Planning

I would like to plan for retirement for ourselves, and see if this makes sense to maximize benefits.

Myself: I am a Canadian living in the US since 23. I went to college in Canada (5 years), but found a job in US. By the time I hit 60 years old, I will have more than 35 years of Social Security record and should qualify for full SS at full retirement age.

Dear Wife (DW): She is 2 years older than I am. She became a US citizen this year, and started working in US since 40. By the time she hits 60, she'll have 20 years of SS record. She is not a Canadian.

Plan:
1. Once I hit 60 years old, we relocate back to Canada, and we (hopefully) work. Work 5 years.
2. By the time I hit 65, I'll have exactly 10 years of living in Canada since 18 to collect OAS. I'll also have 5 years of CPP contributions. I intend to collect both. Is my DW eligible for anything?
3. At the same time I hit 65, my DW will be 67 (full retirement age for her). I will file and suspend my SS (to let it grow), so DW could file and collect spousal SS benefits (should equal 1/2 of my full retirement benefits).
4. By the time I hit 70, I'll reinstate my SS benefits.

By our calculations, the chronological order of retirement benefits coming in should be:
age 60: nothing
age 65: OAS and CPP for me. spousal SS for DW
age 70: (increased?) OAS and CPP and maxed SS for me. spousal SS (or her own SS) for DW

If this pans out, it would really help out our retirement since our 401k/IRA/home have all suffer huge losses. Any problem with this plan?

Your OAS and CPP will be very small. It will not increase. We cover this on serbinski, where I answer all tax/fin questions more fully.

If the OAS is very small, then I'll probably wait 10 years before applying (like when I am 70). That way I'd be in Canada for 10 years prior to applying, and should get the full OAS benefit as opposed to 1/4 at age 65.

Also, moving back to Canada for retirement would help us in terms of health care.

Is there other problems with this planning? Like tax consequences, etc?

The ability to get full OAS by living the last 10 years in canada before applying is only available to those born in 1952 or earlier.

Also, I'm not sure that one can delay OAS application in order to meet requirement. Not saying one can't, just not sure. That would seem to guarantee full OAS to anyone moving to canada at 55+ after 10 years. But, again, they would have to be 59+ now for this to apply.