Guaranteed Income Supplement (GIS)
Seniors may be eligible for the Guaranteed Income Supplement, a monthly benefit paid to Canadian residents who receive a full or partial OAS pension. If the senior is single, his or her income must be less than $14,352. A senior who is the spouse of an annuitant must have an income of $18,864 or less, and a senior who is the spouse of a non-annuitant must have an income of $34,560 or less. This benefit must be renewed each year. Seniors who leave Canada can only receive the GIS for six months, but they can reapply when they return to Canada.
Allowances and Survivor Benefits
This benefit is available to low-income seniors (citizens or permanent residents) aged 60 to 64 who have lived in Canada for at least 10 years (since the age of 18) and whose spouse or cohabiting partner (of the same or opposite sex) is receiving or is eligible for the Old Age Security pension and the Income Security pension.
An elderly person whose spouse or cohabitant has died is entitled to a survivor’s allowance. This benefit must be renewed each year. Both benefits are available to seniors living in Canada. Seniors who have left Canada can receive them for six months, but they can apply for them when they return to Canada. Once seniors reach age 65, they can receive the OAS pension on their own.
Social assistance and other benefits
Persons 65 years of age who do not receive OAS/GIS may be eligible for social assistance from the British Columbia Ministry of Human Resources. Eligibility is based on income, assets and housing costs.
The Old Age Security program is only one part of the Canadian pension system. There is also the Canada Pension Plan and the Private Pension Plan for those working in Canada, which is a contribution-based system. Individuals should also consider Registered Pension Plans (RPPs) and Registered Retirement Savings Plans (RRSPs), for which the federal government provides tax assistance.
