GIS Updates March 2024: Anticipated Guaranteed Income Supplement Changes
Explore the 2024 GIS Changes: What to Expect in Canada’s Guaranteed Income Supplement? This additional benefit accompanies the old age pension and supports Canadian seniors with low to moderate incomes.
GIS Changes 2024
For retirees receiving OAS pensions, extra supplements are given annually by the Federal Government. These adjustments, tied to inflation, provide additional funds. Learn about the GIS Changes 2024, including expected supplements and more, as this article delves into essential details. The Guaranteed Income Supplement caters to individual needs, with changes based on the cost of living and inflation, specifically designed for those with lower gross incomes already receiving old age security.
The Canadian government adjusts GIS allowances based on the Consumer Price Index, aligning them with OAS and CPP benefits. Eligibility for OAS benefits is limited to individuals with low income as per the specified criteria.
What is GIS?
GIS, or Guaranteed Income Supplement, provides additional financial assistance to eligible Canadians under the Old Age Security program. Recognizing the financial challenges faced by elderly individuals, the government grants GIS as supplemental support for those receiving OAS.
These allowances come in as monthly, tax-free benefits for individuals. Targeted at low- and moderate-income residents aged 65 and above, the benefits are granted to those with an annual income below the maximum threshold. Recipients receive benefits based on age and family status, providing crucial financial support for elderly pensioners to lead a proper and meaningful life with savings.
What Are the Expected Guaranteed Income Supplement Changes in Canada?
The federal government is set to increase OAS support for the elderly, accompanied by a boost in GIS, effective from January 2024. The supplement adjustments will be influenced by inflation and the consumer price index. These supplements vary based on different statuses, with maximum income and GIS amounts outlined in the table below for 2023. Note that the rates for 2024 will see changes. In the recent period from July to September, singles received GIS payments of 1043.45 CAD, while those aged 65 to 74 received a maximum of 1742.05 CAD, and individuals above 75 received allowances of 1,811.91 CAD.
How to Apply for GIS?
If you’re already receiving the old age pension and want to apply for the Guaranteed Income Supplement (GIS), follow these steps:
- Visit the official GIS portal.
- Gather necessary information: Collect your SIN, details about your spouse’s SIN and DOB, proof of residence, and banking information.
- Navigate the application: Access the application form on the portal and fill in the required details as indicated.
- Attach required documents: Ensure you attach all necessary documents along with your application.
- Submit your application: Click on the ‘Submit’ option to complete the process.
Once submitted, you’ll receive a confirmation from the authorities. It’s crucial to apply before turning 65, and your application will be processed within a three-month period.
For additional assistance or queries, contact the helpline at 1800 277 9914 (TTY: 1800 255 4786). Note that if you leave Canada for more than 6 months, your individual GIS could be discontinued.
