GIS

Getting older should be all about enjoying life and not stressing over finances. Thankfully, Canada has programs like the Guaranteed Income Supplement (GIS) to help seniors live comfortably. In this post, we'll break down everything you need to know about the GIS—think of it as your friendly guide to financial peace of mind in your golden years.

What is the Guaranteed Income Supplement?


The Guaranteed Income Supplement (GIS) is a monthly non-taxable benefit provided to low-income Old Age Security (OAS) pensioners living in Canada. Introduced by the federal government, the GIS aims to supplement the income of seniors who may not have sufficient savings or pension plans to cover their living expenses.

Who is Eligible for Guaranteed Income Supplement?


To get the GIS, you need to meet a few basic requirements:

1) Age and Residency:
  • Your age should be between 60 and 64 years.
  • You need to be receiving the Old Age Security (OAS) pension.
  • You must be living in Canada.

2) Residency Duration:
You must have lived in Canada for at least 10 years after turning 18.

3) Income:
Your annual income needs to be below a certain limit, which varies depending on your situation. If you’re single, widowed, or divorced, the income threshold is lower than if you’re married or in a common-law relationship.

Your situation

Your annual net income must be

Maximum monthly payment amount

I am single, widowed or divorced

less than $21,768

up to $1,072.93

I have a spouse/common-law partner who receives a full OAS pension

less than $28,752
(combined income of couple)

up to $645.84

I have a spouse/common-law partner who receives the Allowance

less than $40,272
(combined income of couple)

up to $645.84

I have a spouse/common-law partner who does not receive an OAS pension or Allowance

less than $52,176
(combined income of couple)

up to $1,072.93

What Will You Get?


The amount of GIS you receive depends on your income and whether you have a spouse or common-law partner. Here’s a quick snapshot of what you could get in 2024:

Single, Widowed, or Divorced Seniors: Up to $1,072.93 per month.

Married or Common-Law Partners:
  • If your partner gets the full OAS pension: Up to $645.84 per month.
  • If your partner doesn’t get OAS: Up to $1,072.93 per month.
  • If your partner gets the Allowance: Up to $645.84 per month.

How to Apply for the Guaranteed Income Supplement?


Applying for GIS is designed to be straightforward. Here’s how you do it:

1) Automatic Enrollment:

In many cases, if you are eligible for the GIS and already receiving OAS, you will be automatically enrolled. Service Canada will send you a notification letter if this is the case.

2) Manual Application:

If you’re not automatically enrolled, you can apply yourself. Here’s what to do:
  • Get the Form: Download the GIS application form from the Service Canada website or pick one up from a Service Canada office.
  • Gather Necessary Information: You’ll need your Social Insurance Number (SIN), income details, and proof of your marital status if it applies.
  • Complete the Form: Complete the form carefully, making sure all your information is correct.
  • Submit the Application: Mail your completed form or drop it off at a Service Canada office.

Renewing the Guaranteed Income Supplement


Every year, your GIS is renewed automatically as long as you file your income tax return. Service Canada uses your tax info to check if you still qualify and how much you should get.

Additional Benefits


Depending on where you live, there might be additional benefits you can tap into:
  • Guaranteed Annual Income System (GAINS): Offered in Ontario, GAINS provides additional financial assistance to low-income seniors.
  • Senior’s Supplement: Available in British Columbia, this supplement offers extra monthly payments to low-income seniors receiving GIS.

FAQ's


1. What if My Income Changes?
If your income goes up or down, tell Service Canada right away. This helps them adjust your GIS so you get the right amount and avoid any surprises.

2. Can I Get GIS If I Live Outside Canada?
Usually, you need to live in Canada to get GIS. But there are exceptions for short trips or temporary stays abroad.

3. How Does GIS Affect Other Benefits?
GIS is non-taxable and generally doesn’t affect other federal or provincial benefits. Still, it’s smart to check with Service Canada or a financial advisor to be sure.

4. What if I’m not getting OAS yet?
You need to apply for OAS first. Once you’re approved and receiving OAS, you can then apply for GIS if you meet the income requirements.

5. Can I get GIS if I’ve just moved to Canada?
You need to have lived in Canada for at least 10 years since turning 18 to qualify. If you haven’t been here that long, you might not be eligible yet.

6. How long does it take to process the GIS application?
It can take several weeks, so be patient. Sending a complete and accurate application helps avoid delays.

Conclusion:
The Guaranteed Income Supplement is there to ensure that low-income seniors can live their later years without financial stress. Knowing how to apply and maintain this benefit can make a significant difference in your quality of life. If you have questions or need help with your application, reach out to Service Canada or local community groups—they’re there to help.