CKL SENIORS - NEW OAS AND GIS FEDERAL 'TOP UP' PAYMENTS ANNOUNCED TODAY.

Today the federal Government announced that seniors eligible for the Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) will receive their special one-time, tax-free payment during the week of July 6.

Through this measure and others, the government is providing nearly $900 more for single seniors and more than $1,500 for senior couples, on top of their existing benefits, to help these vulnerable Canadians with extra costs during the pandemic.  

Seniors eligible for the OAS pension will receive a payment of $300, and those also eligible for the GIS will receive an additional $200, for a total of $500.

Allowance recipients will also receive $500.

Since the start of the pandemic, the Government of Canada has introduced a number of measures to support seniors, including those most vulnerable.

This includes a one-time special payment through the Goods and Services Tax (GST) credit in April, which provided an average of $375 to single seniors and $510 to senior couples, helping over 4 million low- and modest-income seniors. We are also investing an additional $20 million in community organizations that offer services to seniors, and have reduced minimum withdrawal requirements for all types of registered retirement income funds (RRIFs) by 25 per cent for the year 2020. In addition, we have taken steps to make sure seniors would continue to receive their GIS benefits if they were unable to submit their 2019 income information on time.


Thank you for reading this - Broghan Dean of WARDS LAWYERS PC.

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This WARDS LAWYERS PC blog is for general information only. It is not legal advice, or intended to be. Specific or more information may be necessary before advice could be provided for your circumstances.

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