Seniors’ $2,800 GIS Bill Approved: Who Qualifies and Is It on the Way

Learn more about the recently approved $2,800 GIS Bill for seniors! This article covers the facts, eligibility, and updates on the increased amount. If you’re a senior, find out if you qualify and when to expect it.

$2,800 GIS Bill Approved for Seniors?

The CRA authorities have revealed ongoing modifications to CPP and other citizen welfare benefits for the past two months, aiming for long-term positive changes. With the fiscal year approaching, budget adjustments are planned, including funding changes for CPP benefits. A bill proposing a $2,800 increment in GIS for eligible seniors is in progress, with further steps to be taken based on GIS funding.

What is Guaranteed Income Supplement?

GIS, or Guaranteed Income Supplement, serves as taxable income for seniors in the country, offering financial support to those with low incomes. This supplement aids seniors in managing debts and provides additional savings beyond CPP and OAS benefits. Moreover, GIS plays a role in reducing the tax returns seniors need to pay in the previous year.

Every year, the Federal Government adjusts its supplement aid in response to the country’s inflation rate and budget allocation for benefits. With the fiscal year about to begin, changes in the amount and eligibility of benefits can be expected in the coming months, impacting recipients.

Who Can Claim a $2,800 GIS Bill?

Changes in the GIS amount will also impact eligibility criteria. Factors like the threshold limit and others influencing GIS payments are subject to adjustment. Here are some eligibility requirements:

  1. Seniors retiring at 65 qualify for the pension; early retirement before the minimum age disqualifies applicants.
  2. Candidates must be lawful residents and permanent taxpayers.
  3. Registration with the CRA is mandatory to receive the amount.
  4. “My Account” registration is required for benefit applications.
  5. CPP pension plan recipients are automatically eligible for GIS.
  6. Those receiving Old Age Security benefits are automatically eligible for GIS pension.
  7. Seniors retiring at 65 receive 45% of the credit as GIS pension; retiring after 65 includes bonus credits.
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Is the $2,800 GIS Bill Coming?

In the face of economic challenges and a technical recession, the job market is strained, and citizens are grappling with rising expenses. Given the current scenario, it is anticipated that the GIS increment bill will be strengthened, possibly resulting in a reduction for eligible retirees in the coming months.

For those not seeing the increased amount by April 2024, patience is advised as GIS adjustments occur twice a year. The revised amount is expected to take effect from September 2024. Seniors are encouraged to update their accounts to prevent delays in receiving the increased benefits.

$2,800 GIS Bill Fact Check

In 2024, the CRA has raised the clawback limit, now set at USD 68,500 for individuals and USD 90,977 for married couples. The Guarantee Income Supplement undergoes quarterly adjustments based on inflation, measured with a 15 percent margin in the threshold limit. For seniors who own a home at 55, they can receive 45 percent as the Home Equity Bank CHIP reverse mortgage amount.

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