Are you a senior looking to boost your monthly income? The Guaranteed Income Supplement (GIS) could be your monthly ticket to an extra $1,072.93. This government benefit helps low-income seniors in Canada make ends meet. The GIS works alongside your Old Age Security pension to provide much-needed financial support during retirement. Read on to learn more.
Age Requirement
To get GIS, you must be 65 years or older. This is the same age requirement as for the Old Age Security pension. The government starts looking at your eligibility the month after your 65th birthday. You can’t get GIS before you turn 65, no matter your income or other factors.
Canadian Residency
You need to live in Canada to qualify for GIS. The government checks if you’re a Canadian citizen or a legal resident. You must be in Canada when you apply and keep living here to keep getting the payments. If you leave Canada for more than six months, your GIS might stop.
Getting Old Age Security
You must be getting the Old Age Security (OAS) pension to qualify for GIS. The OAS is the basic pension for seniors in Canada. If you’re not getting OAS, you need to apply for it first before you can get GIS. You can apply for both OAS and GIS at the same time if you haven’t started receiving OAS yet.
Income Limits
GIS is meant for seniors with low incomes. The government looks at your income from the previous year to decide if you qualify. For example, to qualify for the maximum GIS in 2024 as a single senior, your income must be $21,768 or below.
Married or Single
Your marital status affects how much GIS you can get. The government looks at whether you’re single, married, or in a common-law relationship. If you have a spouse or common-law partner, their income is also counted when figuring out your GIS amount. Single seniors usually get more GIS than those who are part of a couple.
Filling Out Forms
You need to apply for GIS to get it. Some seniors are signed up automatically, but most need to fill out an application. You can apply online, by mail, or in person at a Service Canada office. The application asks for your income, residency, and personal details.
Yearly Check
GIS isn’t a one-time thing. You need to renew it every year to keep getting payments. For most people, this happens automatically when they file their taxes. The government uses your tax return to check if you still qualify and to calculate your new payment amount. If you don’t file your taxes, your GIS payments might stop.
Income Changes
If your income increases or decreases during the year, it can affect your GIS. Big changes, like getting a new job or losing one, can change how much GIS you get.
Other Benefits
Getting GIS can help you qualify for other benefits too. Some provinces and territories offer extra money to seniors who get GIS. There are also federal programs that give more help to low-income seniors. When you apply for GIS, you might automatically be considered for these other benefits.
Retroactive Payments
If you qualify for GIS but don’t apply right away, you might be able to get back payments. The government can pay you GIS for up to 11 months before the month they get your application. This can be a big help if you didn’t know you qualified earlier. It’s worth applying even if you think you should have started getting GIS in the past.
Allowance for Spouse
You might qualify for the Allowance if you’re between 60 and 64 and your spouse gets OAS and GIS. This is extra money to help couples where one person is getting GIS and the other is not yet old enough for OAS. The Allowance has its own income limits and rules, but it’s worth looking into if you’re in this situation.
Effect on Other Income
Getting GIS doesn’t usually affect other government benefits you might get. It doesn’t count as taxable income, so you don’t pay tax on it. However, it might affect some income-tested benefits or credits. It’s a good idea to check how GIS might interact with other money you get.
Partial Year Payments
If you turn 65 in the middle of the year or move to Canada partway through the year, you might get partial GIS payments. The government calculates your payments based on how many months you qualify. This means you don’t have to wait until the next full year to start getting some extra help.
Required Documents
When you apply for GIS, you need to provide some documents. This usually includes proof of your age, like a birth certificate and proof of your residency in Canada. If you’re also applying for your spouse, you’ll need their information. Having these documents ready can speed up your application process.
Appeals Process
If you apply for GIS and get turned down, or if you think your payment amount is wrong, you can appeal. There’s a formal process to ask the government to review your case. You can provide more information or explain why you think the decision was wrong. It’s important to know you have this option if you believe you should be getting GIS or getting more than you are.
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