#FinancialFridays: Are you a senior on a fixed income? This post is for you!

If you’re 60 years or older and you’re living on a fixed income, this video provides valuable information on Federal financial support through the Guaranteed Income Supplement (GIS).

Please note that the eligibility criteria for the 2020 tax year has changed since the preparation of this video. Please see cut-off limits below:

Single, divorced or widowed: Income maximum limit is: $18,984.

With a spouse or common-law partner:

  • $25,104 if your spouse/common-law partner receives the full OAS pension
  • $45,504 if your spouse/common-law partner does not receive an OAS pension
  • $45,504 if your spouse/common-law partner receives the Federal Allowance

**When you apply to receive your OAS (Old Age Security), make sure to complete the section on the application for the Guaranteed Income Supplement.

Are you facing financial challenges? If you need help getting your finances back on track, reach out to Caroline, our Financial Literacy Program Coordinator at advice@unitedwaybg.com or 519-376-1560. She can help you look at your financial situation and decide on a path forward.

To see past #FinancialFridays blog posts on a variety of money related topics, visit: