The Guaranteed Income Supplement (GIS) is extra financial support for seniors in Canada who have low incomes and receive Old Age Security (OAS). This monthly payment helps seniors cover their living costs and is not subject to taxes.
Expected GIS Changes in 2024
In 2024, GIS payments will increase to help seniors manage rising costs. These adjustments will start in January 2024 and are based on inflation and the Consumer Price Index (CPI).
New GIS Payment Amounts
- Single, Divorced, or Widowed: Maximum GIS of $1,032.10 CAD per month.
- Married or Common-Law Partner: Maximum GIS of $621.25 CAD per month.
- Married or Common-Law Partner without OAS Pension: Maximum GIS of $1,032.10 CAD per month.
- Married or Common-Law Partner Receiving All Allowances: Maximum GIS of $621.25 CAD per month.
These amounts are based on 2023 income limits and will have slight adjustments for 2024.
How to Apply for GIS
- Visit the GIS Portal: Go to the official GIS application website.
- Gather Required Information: Prepare your Social Insurance Number (SIN), your spouse’s SIN and date of birth, proof of residence, and banking details.
- Fill Out the Application Form: Complete the online form with your details.
- Attach Required Documents: Upload the necessary documents with your application.
- Submit Your Application: Click ‘Submit’ to send your application.
Make sure to apply before you turn 65. Processing usually takes about three months. You will receive confirmation once your application is processed.
When Does GIS Payment Stop?
Your GIS payments will end if you leave Canada for more than six months. Keep the government updated about your residency to continue receiving benefits.
The Guaranteed Income Supplement (GIS) provides crucial financial support to low-income seniors in Canada. The upcoming changes for 2024 will offer increased payments to help seniors cope with rising living costs.
By understanding these changes and following the correct application process, seniors can ensure they receive the assistance they need without interruption.
What is the Guaranteed Income Supplement (GIS)?
GIS is a financial support for low-income seniors in Canada who receive Old Age Security (OAS).
How much will GIS payments be in 2024?
The maximum GIS payment will be $1,032.10 CAD for singles and $621.25 CAD for married couples, with adjustments based on income limits.
How do I apply for GIS?
Apply online through the GIS Portal by gathering required documents and filling out the application form.
When will the new GIS rates start?
The new GIS rates will begin in January 2024.
What happens to GIS payments if I leave Canada?
GIS payments will stop if you leave Canada for more than six months.
