A resident of Canada with a monthly income of about $2,800, plus the GIS and OAS benefits, might be able to have a decent lifestyle when such amounts are enjoyed together. Let us break down how such a benefit scheme works and when you’d expect to receive your payments.
GIS and OAS: A Brief Overview
GIS (Guaranteed Income Supplement): This is a federal income-tested benefit for low-income seniors aged 65 and older. It’s designed to top up your income to a certain level.
OAS (Old Age Security): A universal, tax-deferred benefit available to most Canadian residents aged 65 and older.
Payment Dates for GIS and OAS
The actual payment dates for GIS and OAS vary slightly; but usually, they are made monthly. You can then:
Check Your Direct Deposit Information: If you receive your benefits directly deposited into your bank account, the payment date will be reflected in your bank statement. Contact the Canada Revenue Agency (CRA): You can contact the CRA directly to inquire about specific payment dates and any changes that may affect your benefits.
Eligibility Requirements for GIS and OAS
To be considered eligible for GIS and OAS one must meet several qualifications:
- Age: Should be 65 years or older.
- Residency: At least a resident of Canada.
- Income: One’s income must stay under a certain limit for considering GIS qualification.
Strategies that Help Maximize Income and Benefits
- Examine Income: Regularly check your incomings and expenses so that you can be sure you utilize everything to maximize your benefits.
- Stay Informed: Follow developments about all the different changes regarding government programs and benefits.
- Consult a Financial Advisor: A financial advisor can be a great help in planning your budgeting and future well-being.
- Know Tax Implications: Tax Implications should be taken into consideration while determining the value of income and benefits.
Explore Additional Income Opportunities: You should probably work part-time or pursue other income-generating resources for extra money.
Also Read: CRA $3100 OAS Pension Extra Payment 2024 For Retirees, See Eligibility And Date
Also Read: Canada’s Income Tax Brackets for 2024 Explained, Know Maximum Payable Tax
