Hi there, Welcome back to “Your Canadian Senior Moment”!
As we continue our series on overlooked benefits, we’re starting this week with a very important one: the Guaranteed Income Supplement, or GIS. It’s a federal benefit designed to help low-income seniors, but the surprising truth is that thousands of eligible Canadians are missing out on it. Understanding what it is and how to apply for it can put hundreds of extra dollars in your pocket each month.
What is the GIS and Who is it For?
The GIS is a monthly non-taxable benefit that you may be able to get if you live in Canada and receive the Old Age Security (OAS) pension. It is designed to supplement the income of low-income seniors. The amount you receive is based on your marital status and your income.
Many seniors are eligible for the GIS but don’t know it, or mistakenly think they are not eligible. A common misconception is that if you own your own home, you can’t get the GIS. This is not true! The value of your home is not included in the income calculation for GIS.
Eligibility and How to Apply
To be eligible for the GIS, you must meet the following criteria:
- You must be 65 years of age or older.
- You must be a Canadian citizen or a legal resident.
- You must be living in Canada.
- You must be receiving the Old Age Security (OAS) pension.
- Your annual income (or your combined annual income with your spouse or common-law partner) must be below a certain threshold.
How to Apply: The application process for the GIS is usually automatic. When you apply for your OAS pension, you will also be asked about your marital status and income. If you are found to be eligible for the GIS, you will be notified. However, if you are not automatically enrolled, or if your income situation changes, you will need to apply.
- You can apply online through your My Service Canada Account.
- You can also apply by mail using the official application form.
Your Turn to Claim!
You’ve worked hard your whole life, and these benefits are there to help you. If you are receiving OAS and have a low income, there is a good chance you are also eligible for the GIS. Take a moment to check your My Service Canada Account or call Service Canada to find out if you are receiving all the benefits you are entitled to.
This is the first installment of our new, long-running series. Next week, we’ll dive into a new topic: the Canadian Dental Care Plan, a significant new benefit that many seniors are still learning about.
(Please remember: We are not financial or medical professionals, and the information above is for educational purposes only. It does not constitute specific financial advice. For personalized guidance on your finances, please consult a qualified professional.)
Warmly,
Bill and Marilyn
Founders of Canadian Senior Moment
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