On May 12, 2020, the federal government unveiled support for seniors, including spending $2.5 billion on a one-time tax-free payment of up to $500 for eligible seniors. Any senior who is eligible for the Old Age Security (OAS) pension will receive a $300 payment, and an additional $200 is being sent to seniors eligible for the Guaranteed Income Supplement (GIS).
In addition to these one-time cheques, funding is being increased to community support programs by $20 million to bolster projects, including those aimed at reducing isolation and temporarily extending the GIS payments to seniors if their 2019 income information has not yet been assessed, allowing qualified seniors to continue to receive their benefits.
Eligibility & Payment:
- Everyone will receive one payment.
- If you only receive the Old Age Security pension, you will receive a single payment of $300.
- If you receive the Old Age Security pension and the Guaranteed Income Supplement, you will receive a single payment of $500.
- If you receive the Allowance or the Allowance for the Survivor, you will receive a single payment of $500.
Anyone who receives both the OAS pension and the GIS will be eligible for both payments for a total one-time payment of $500.
Seniors who are not automatically enrolled for Old Age Security may have to apply.
No Need to Apply:
Seniors who are already receiving the Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) do not have to apply for the new one-time payment as it will be applied automatically.
Payments will be distributed the week of July 6th, 2020.
The one-time payment for seniors is non-taxable.
Additional Relief for Canadians with Disabilities
Individual taxpayers with a valid Disability Tax Credit certificate as of June 1, 2020, will be eligible for this automatic payment.
This payment to Disability Tax Credit certificate holders will be calculated as follows:
- $100, if the individual taxpayer is eligible for the Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS).
- $300, if the individual taxpayer is eligible for the OAS pension.
- $600, if the individual taxpayer is ineligible for both the OAS pension and the GIS.
Seniors who hold a valid Disability Tax Credit certificate will receive a total of $600 in special payments once this relief is combined with the special payments of $300 for Canadians who are eligible for the OAS pension and the additional $200 for those eligible for the GIS.
However, legislation was tabled on June 10, 2020, the bill has not yet moved past first reading.