The Guaranteed Income Supplement (GIS) is a monthly benefit for low-income seniors in Canada who receive Old Age Security (OAS). It provides extra financial support and is not taxable.
Eligibility
To qualify, you must be receiving OAS and have income below a certain threshold. The amount you receive depends on your annual income and marital status. The benefit is reviewed each year based on your tax return.
How It Works
GIS payments are added to your OAS pension and are not taxable. They are meant to help low-income seniors cover essential living costs. The amount decreases as your income rises and stops once you pass the eligibility threshold.
Final Thoughts
GIS is an important support for vulnerable seniors, ensuring they have enough income to cover basic needs. It works alongside OAS to provide a stronger safety net in retirement.