How much can you receive for the guaranteed income supplement in Canada

Описание к видео How much can you receive for the guaranteed income supplement in Canada

What is the Guaranteed Income Supplement (GIS) program
The government pays the basic OAS pension to everyone who meets the age and residency requirements, regardless of income.
Lower-income OAS recipients who qualify under an income test are eligible for an additional pension called the Guaranteed Income Supplement (GIS).
There are two basic categories of rates of payment for the GIS.
1. The first applies to single pensioners - including widowed, divorced or separated persons – and to married pensioners whose spouses or common-law partners do not receive either the basic Old Age Security pension or the Allowance.
1. The second applies both to legally married couples and couples living in common-law relationships, where both spouses and common-law partners are pensioners.
The GIS single rate is higher than the GIS married rate. However, each spouse or common-law partner in a couple is entitled to a benefit, so the combined benefits for a couple are higher than those for a single person. OAS recipients with no other income or a very limited income may be eligible for the GIS. The amount of the supplement depends on the pensioner’s marital status and income.
For a single, widowed, divorced or separated pensioner, the maximum monthly
supplement is reduced by $1 for every $2 of other monthly income.
Generally, if both spouses (or common-law partners) in a couple are receiving the OAS pension, the maximum monthly supplement of each pensioner is reduced by $1 for every $4 of their other combined monthly income.
There is an exemption for employment earnings to encourage labour market participation - up to $3,500 of earnings.
Unlike the OAS pension, the GIS is not subject to income tax. The GIS is not payable outside Canada beyond a period of six months, regardless of how long the person has lived in Canada.

What is the allowance?
The Allowance (formerly known as the Spouse’s Allowance) provides money for low-income seniors who:
1. Have a spouse or common-law partner (same sex or opposite sex) who receives or is entitled to receive the OAS and the GIS;
2 Are 60 to 64 years old;
3 Are Canadian citizens or legal residents at the time the Allowance is approved or when they last lived here;
4 Have lived in Canada since age 18 for at least 10 years.
ALLOWANCE FOR THE SURVIVOR
The Allowance for the Survivor (formerly known as the Widowed Spouse’s Allowance) provides money
for low-income seniors who:
1. Are 60 to 64 years old;
2. Are Canadian citizens or legal residents at the time the Allowance is approved or when they last
lived here;
3.Have a spouse or common-law partner who has died;
4. Have lived in Canada after reaching age 18 for at least 10 years.
Allowance and Allowance for the Survivor payments are recalculated four times a year to reflect increases in the Consumer Price Index. Individuals can apply whenever their income reaches the qualifying range.
Recipients must reapply each year.
These benefits are not considered as income for income tax purposes.
-------------------------------------------------------
If you would like to learn how to retire with confidence and how to maximize your social benefits contact us at:

https://moneylesson.org/contact

Please comment to this video if your have any questions, , we will reply to your comments and make sure to like and subscribe.



-----------------------------------------
DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. We are not responsible for investment actions taken by viewers and this content should not be used as a basis for investment decisions.

Комментарии

Информация по комментариям в разработке