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May 23, 2020

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Canadian government financial aid for seniors

We tend to think that most if not all seniors are okay during the COVID pandemic, but many aren’t. Or need an extra boost. Perhaps you know some seniors that could use these programs. Some have also been impacted by market losses. Here’s what’s on or being planned. Initially, on May 12, the Liberal government announced an added element to the Old Age Support program called the Guaranteed Income Supplement payment. Now they are adding additional support measures. Guaranteed Income Supplement (GIS) The GIS is available to low-income seniors and comes in the form of a monthly, non-taxable benefit that’s added to the OAS pension. The maximum monthly GIS for a single senior is currently $916. It’s also income-tested and reduced at a rate of 50 per cent when adjusted income tops $18,600, and is eliminated once income is over $40,593. This one-time payment for seniors is available to individuals

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