Guaranteed Income Supplement (GIS) Now up to $1,086.88 Monthly

The GIS monthly payment is provided on top of the OAS and helps ensure that older Canadians can meet their basic needs and maintain a decent standard of living. For many recipients, the GIS significantly improves their ability to afford essentials like food, housing, and healthcare. The following slides summarize recent updates to the GIS and payment dates and amounts for October.

Eligibility for GIS

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To receive the GIS, seniors must meet specific criteria. First, they must be receiving the OAS pension. They also need to be 65 years or older and have an income below the maximum annual threshold set by the government. This threshold varies depending on marital status and whether the spouse also receives OAS.

Maximum GIS Amount

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The maximum monthly GIS payment of $1,086.88 applies to single, widowed, or divorced pensioners. This amount is added to the recipient’s OAS pension, significantly boosting their monthly income. Not all eligible seniors will receive the full $1,086.88. The amount received depends on your income level, with benefits decreasing as income increases.

GIS for Couples

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The GIS amount for couples differs depending on whether both partners receive OAS. If both receive OAS, each can receive up to $654.23 monthly in GIS. If only one partner receives OAS, the maximum GIS for the OAS recipient is $1,086.88, and their spouse or common-law partner may be eligible for the Allowance.

Annual GIS Review

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The GIS amount is reviewed quarterly based on the CPI to catch up with inflation. The next adjustment is expected in January 2025.

Applying for GIS

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Seniors must apply for the GIS; it’s not automatically provided with OAS. The application can be submitted online through My Service Canada Account or by mail. Once approved, recipients generally only need to file their income tax returns each year to continue receiving the benefit. It’s essential to file taxes on time to avoid interruptions in GIS payments.

GIS and Employment Income

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Seniors receiving GIS can earn some employment income without affecting their benefits. The first $5,000 of employment income is fully exempt, and only 50% of earnings between $5,000 and $15,000 is counted against GIS. This exemption encourages seniors to remain active in the workforce if they choose, without fear of losing their entire GIS benefit.

GIS and Travel Outside Canada

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Generally, GIS payments continue for the month of departure and six additional months. After that, payments will stop and resume the month the senior returns to live in Canada.

Retroactive GIS Payments

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In some cases, seniors may be eligible for retroactive GIS payments. If you are eligible for GIS but didn’t receive it, you can retroactively request payments for up to 11 months.

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Joy Fadogba

Joy Fadogba is a passionate writer who has spent over a decade exploring and writing about lifestyle topics. With a fondness for quotes and the little details that make life extraordinary, she writes content that not only entertains but also enriches the lives of those who read her blogs. You can find her writing on Mastermind Quotes and on her personal blog. When she is not writing, she is reading a book, gardening, or travelling.