The Guaranteed Income Supplement (GIS) is a monthly payment accessible to individuals aged 65 and above. GIS eligibility is determined by income and is extended to Old Age Security (OAS) pensioners with limited income. It remains non-taxable. Sometimes, notification regarding eligibility for the first payment may be provided via letter, typically sent the month after turning 64. Alternatively, individuals may need to apply for GIS in certain situations.
What is the Guaranteed Income Supplement (GIS)?
GIS provides financial assistance to low-income seniors. The GIS is a monthly benefit accessible to individuals receiving or eligible for the OAS pension, provided their annual income (or combined annual income for couples) falls below the maximum annual threshold.
Understanding your potential GIS entitlement is crucial for comprehensive retirement planning alongside the Canada Pension Plan (CPP) and OAS.
How Much GIS Will You Receive?
The government reviews GIS payments every three months to adjust for increases in the cost of living, ensuring your monthly payment amount remains stable even if the cost of living decreases.
Keep in mind that if you’ve chosen to defer your OAS payments until age 70, you will not receive your GIS payments until you start receiving your OAS amounts.
GIS Payment Dates in 2024
GIS payments are disbursed monthly via direct bank deposit or cheque, with specific payment dates available. The GIS is reviewed quarterly in January, April, July, and October, and amounts may fluctuate throughout the year to reflect increases in the cost of living based on the Consumer Price Index. Monthly payment amounts don’t decrease if the cost of living goes down.
- January 29, 2024
- February 27, 2024
- March 26, 2024
- April 26, 2024
- May 29, 2024
- June 26, 2024
- July 29, 2024
- August 28, 2024
- September 25, 2024
- October 29, 2024
- November 27, 2024
- December 20, 2024
Maximum GIS Payments
| Your Scenario | Annual Income | Maximum Monthly Payment |
|---|---|---|
| You are Single, Divorced or Widowed | Less than $21,624 | $1,065.47 |
| Your Spouse/Partner Receives the Full OAS Pension | Less than $28,560 (combined) | $641.35 |
| Your Spouse/Partner Receives GIS | Less than $39,984 (combined) | $641.35 |
| Your Spouse/Partner Does Not Receive OAS/GIS | Less than $51,840 (combined) | $1,065.47 |
Paying Tax on GIS Payments
The GIS is nontaxable, which means it won’t be considered part of your taxable income when you file your taxes. Reporting your GIS earnings on your tax return is straightforward. You can find the GIS amounts on box 21 of your T4 (OAS) slip. You should report this alongside your OAS amounts when filing your return.
Qualifying for GIS
To qualify for GIS, you must:
- Be receiving the OAS pension
- Reside and normally live in Canada (with temporary absences of up to six months allowed)
- Have an income below the maximum allowed threshold
Your income is determined using the net income reported on your most recent income tax return (minus OAS).
When Will You Receive Your First GIS Payment
GIS payments commence the month after you turn 65. To ensure uninterrupted GIS payments, timely filing of income taxes each year is essential.
Applying for GIS
You may automatically receive GIS payments along with your OAS payment. However, you may need to apply if:
- You receive a letter from the government requesting an application, or if the information in the letter is incorrect
- You’re already receiving OAS but have never received GIS
You can apply for GIS online through Service Canada or by using a paper application. To complete the application, you’ll need:
- Your Social Insurance Number (SIN)
- SIN and date of birth for your spouse or common-law partner (if applicable)
- All addresses where you’ve lived since age 18
- Your bank details if opting for direct deposit
- The desired start date for your pension
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