Global Economy Fragile: Vulnerable Seniors Receive Assistance

Despite a fragile global economy, low income seniors in Canada will get a boost. Bill C-3 passed on June 26, 2011, and a top-up provision that applies to the Guaranteed Income Supplement will provide additional benefits, worth up to $600 per year, for some single seniors. There is $840 per year available to couples, and altogether more than 680,000 seniors may benefit from this increase.

The income test for GIS purposes excludes OAS, GIS and up to $3500 of employment earnings.  Single seniors with less than $2000 in GIS tested income will receive an extra $600 per year added to their GIS payment. This top-up will gradually reduce and disappear once this income level reaches $4400. Couples who take in less than $4000 in GIS tested income will receive an additional $850 annually. The top-up for couples declines until income reaches $7360, $8800 if the spouse does not receive OAS payments.

Make sure that you or your parents file tax returns each year, on time, to continue to qualify for the Guaranteed Income Supplement and, when eligible, the new top-up!

ADDITIONAL EDUCATIONAL RESOURCES: Financial Recovery in a Fragile World

Available in December, 2011