Economically underprivileged Canadian seniors might receive the Canada Guaranteed Income Supplement (GIS). Singles can get as much as $10,997 per year and couples receive up to $13,239. GIS benefits reduce by 50 cents per dollar over $3,500 in the case of singles and $5,700 in couples.
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Canada Guaranteed Income Supplement
It is the Guaranteed Income Supplement (GIS) is an important benefit program that is administered by Canadian government’s Service Canada. It is designed to augment the OAS pension and to supplement the OAS pension, the GIS provides financial aid to seniors who have low incomes living in Canada.
A maximum per year GIS amount is $10,000 for seniors who are single as well as $13,239 in the case of couples when both spouses are eligible for OAS. It is GIS reduces by 50 cents per dollar above $3500 for single seniors, and $5,700 for couples.
The income from OAS and withdrawals from the tax-free Savings Account (TFSA) and the one-time COVID-19 payment of $200 in 2020 do not count in the calculation of income. Seniors who are already receiving OAS could be automatically notified by Service Canada to apply for GIS.
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Eligibility Criteria
Understanding eligibility requirements plays an important part in ensuring that you get this beneficial benefit. The main factors that determine your eligibility for GIS:
- The age requirement is 65 old age or older.
- You must have been a resident within Canada during at minimum the last two years.
- You should have your Old Age Security (OAS) pension. It is a distinct benefit offered by government officials to everyone Canadians at the time of reaching 65 years old.
Income Considerations
- Service Canada considers your total annual earnings, including:
- Employment earnings (wages, commissions, salaries)
- Income from pensions (private or public pensions)
- Investment income (interest, dividends, capital gains)
- Old Age Security (OAS) pensions are not considered income for GIS purposes.
Income Thresholds
Your eligibility depends on your income net, and the amount you qualify for varies according to the status of your marriage. Service Canada considers your total earnings for the year which includes:
- Single or Widowed: Net income should be less than $21,768 annually.
- Common Law Partner or Married: Combined incomes of you and your spouse/partner must not exceed:
- $28,752 if both are eligible for the full OAS pension.
- $52,176 if neither receives the OAS pension.
- $40,272 if your spouse/partner is eligible for the allowance (a benefit for spouses and common-law partners aged 60-64 of those who receive GIS).
Income Fluctuation
- GIS value is computed each year based on earnings during the preceding tax year.
- Service Canada can estimate current earnings in certain situations, especially if income has drastically decreased due to retirement or changes in pension earnings.
Canada Guaranteed Income Supplement Amount
The main factors that affect GIS amount are: GIS quantity are
- Marital Status : The GIS amount you receive is contingent upon what your marriage status is. Single, widowed and divorced seniors are entitled to a greater total GIS quantity than people who have spouses or common-law partners that are eligible for an OAS pension.
- Net Income : Net Income GIS is an additional benefit to your income, with the benefit amount diminishing as your income rises. When your income exceeds set thresholds and you earn more than the thresholds, your GIS amount will decrease or cease completely.
Maximum GIS Amounts:
| Category | Details |
|---|---|
| Single, Divorced, Widowed | Maximum GIS value is $1,072.93 per month if annual income is less than $21,768. |
| Married or Common Law Partner | Maximum monthly GIS amount depends on spouse’s OAS Pension status: |
| – Partner Gets Full OAS Pension | $645.84 per month if annual income is less than $28,752. |
| – Partner Doesn’t Receive OAS | $434.94 per month if annual income is less than $52,176. |
| – Partner Receives Allowance | $829.24 per month if annual income is less than $40,272. Allowance is a tax-free benefit for spouses or common-law partners aged 60-64 of a person receiving GIS. |
| Annual Adjustments | GIS Benefit amount is evaluated and adjusted quarterly (January, April, July, October) based on changes in the Consumer Price Index (CPI). |
| Non-Taxable Benefit | GIS amount received is tax-free and not subject to income taxation in Canada. |
What actions should I take if my Canada Guaranteed Income Supplement is delayed?
Below are the points you can do to resolve the issue if your GIS payment appears to be delayed:
Allow Buffer Time for Processing:
- The Processing of Application: If you’ve recently applied for GIS the GIS, it usually takes between 4 and 8 weeks for the processing. The delay could be because of incomplete applications or other verification needs.
- Annual Adjustments Annual Adjustments: GIS payment amount will be adjusted every quarter in the months of January, April and July and October. In the event of adjustments, there may there be some delay receiving the new amount of payment.
Take Action if Beyond Reasonable Wait Time:
- Get in touch with Service Canada: If your scheduled payment date has substantially expired and you’ve not received any updates, call Service Canada by phone at 1-800-622-6232.
- Explain the delay Explain the Delay: Inform them of the payment date you expect to receive the date you received the GIS or any other recent communication by Service Canada regarding your benefit.