#FinancialFridays: Are you 65 years or older? You may qualify for the Canada Guaranteed Income Supplement.
Have you heard about the Guaranteed Income Supplement (GIS)? The GIS is a federal monthly payment which is based on income and is available to low-income Old Age Security pensioners. It is not taxable.
You may qualify if…
- You are a senior 65 years or older.
- You receive the Old Age Security (OAS) pension.
- You are single, widowed or divorced and your income is below $18,648.
- You have a spouse or common-law partner and your combined income is under $44,688.
- Your spouse/common-law partner receives a full OAS pension and your combined income is under $24,624.
After you turn 64, you should receive a letter advising you about the GIS which you can then apply for. The government may not have enough information to enroll you automatically for the supplement so you may have to submit an application. Once enrolled, you can begin to receive your first payment the month after you turn 65. You must file your taxes on time every year to avoid any disruption to your payments.
To find out more about the Guaranteed Income Supplement, visit:
To download the application form, visit:
If you need help improving your financial situation or need helpful budgeting advice, our Financial Literacy Program can help. Contact Caroline, our Program Coordinator at 519-378-4773 or email her at email@example.com.