The Canadian government has recently increased the maximum Guaranteed Income Supplement (GIS) to $1,072.93 per month. This slight boost aims to provide additional financial support to low-income seniors nationwide, addressing rising living costs and the economic challenges older Canadians face.
This article summarizes GIS benefit payments, including eligibility requirements, payment dates, how to apply, and more.
What is GIS?
GIS stands for Guaranteed Income Supplement. It’s extra money the government gives to seniors with low incomes. You can get GIS on top of your Old Age Security (OAS) pension. The goal is to help older Canadians have enough money to live on.
How Much Did GIS Increase?
As of July 2024, the most you can get from GIS is $1,072.93 per month. This is for single seniors or those whose spouses don’t get OAS. If your spouse gets OAS or the Allowance, the maximum is different. This amount went up to help seniors deal with rising costs of living.
Who Can Get GIS?
To get GIS, you need to be 65 or older, live in Canada, qualify for OAS, and have a low income. The exact income limit depends on your situation, like whether you’re single or married and whether your spouse gets the Allowance.
GIS Payment Dates
GIS is paid monthly, usually near the end of each month. In 2024, you’ll receive your payments on January 29, February 27, March 26, April 26, May 29, June 26, July 29, August 28, September 25, October 29, November 27, and December 20. You get your GIS payment along with your OAS payment on these dates.
How Income Affects GIS
The amount of GIS you get depends on how much other money you make. As your income goes up, your GIS goes down. If you make too much, you might not get any GIS. The government uses your income tax return from the previous year to decide.
How to Apply for GIS
Most people don’t need to apply for GIS. If you’re eligible when you start getting OAS, you’ll be automatically enrolled. But if you’re not automatically enrolled, you can apply online, by mail, or in person at a Service Canada office.
Is GIS Taxable Income?
You don’t have to pay taxes on your GIS payments. You don’t include GIS as part of your income when you do your taxes. This means you get to keep all the money you receive from this pension benefit.
GIS and Other Benefits
Getting GIS might help you qualify for other benefits, too. Some provinces and territories have programs that give extra help to seniors who get GIS. These could be benefits that help with housing costs or prescription drugs. Check what’s available in your province or territory.
GIS Stops When You Travel Outside Canada
If you leave Canada for more than six months, your GIS payments stop and resume when you return and become a resident again.
Applying for GIS Retroactively
If you were eligible for GIS but didn’t apply immediately, you might be able to get payments for the past months. You can usually get back payments for up to 11 months.
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