#FinancialFridays: Seniors who received the CERB and Canada Recovery Benefit may now not qualify for the GIS or may face drastic reductions to their payments.
For those seniors that received the CERB and the Canada Recovery Benefit, many now will not qualify for the Guaranteed Income Supplement (GIS) or may face drastic reductions to their payments.
Like employment insurance, the guaranteed income supplement (GIS) is income-tested. That means the previous year’s taxable earnings – including emergency benefits _ factor into how much gets doled out in the next payment period (recipients are notified of their entitlements each July).
“This may result in a loss of entitlement if the person’s income (or joint income, where applicable) exceeds the threshold at which GIS benefits are completely phased out,” said Employment and Social Development Canada spokesman Samuelle Carbonneau in an email.
Starting the week of Aug. 16, the government will provide a one-time payment of $500 to every senior who will be 75 and over by the summer of 2022.
This news piece by GLOBAL NEWS shines a light on those facing reduced income in their seniors years. Learn more at:
Are you experiencing financial challenges and need some help? Our Financial Literacy Program is here to help. Reach out to Caroline, our Financial Literacy Program Coordinator at email@example.com or 519-378-4773. She can help you look at your financial situation and decide on a path forward.