In this article, you will get to know about the GIS Changes 2024: What Are the Expected Guaranteed Income Supplement Changes in Canada? The Guaranteed Income Supplement is the additional benefit payable under the old age pension. These supplements are received by old-age residents of Canada who have low and moderate incomes.
GIS Changes 2024
These are the additional supplements for the OAS beneficiaries who receive the pension after retirement. Every year, the Federal Government makes certain changes in the supplements and provides the benefices with some extra funds to their supplement. These changes were made according to the inflation rate. To know more essential details regarding the GIS Changes 2024, the expected supplements, and more, continue browsing this article.
The Guaranteed Income Supplement is the allowance that is made according to the individual requirement. The changes in the GIS depend on the cost of living and inflation. These supplements are made for individuals who already receive their old age security and have a gross income lower than the maximum.
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The Canadian government will make changes according to the Consumer Price Index. The GIS allowances will be determined according to the OAS and CPP benefits. The OAS benefits are only permitted to individuals who have OAS and have low income according to the requirement.
What is GIS?
GIS is the Guaranteed Income Supplement for eligible Canadians. This supplement is made under the Old Age Security. GIS is the additional financial assistance for the OAS receivers. The Government acknowledged the old age individual’s financial difficulties and granted them the supplements.
The individual receives these allowances as monthly non-tax benefits. These allowances were granted to low- and moderate-income residents above the age of 65 who have an annual income below the maximum threshold. The beneficiaries of the allowances receive the benefits according to their age and family. With this financial assistance, individual old-age pensioners are able to have the proper and significant life and savings.
What Are the Expected Guaranteed Income Supplement Changes in Canada?
The federal government will increase the OAS to help old people. Along with this, the GIS will also increase, and the increased supplement will be funded from Jan 2024. The supplement chances will depend on the inflation and the consumer price index, which help to calculate the inflation.
- These supplements are delivered on the baes of different statuses, which include
Maximum Income Maximum GIS Single, divorced, or widowed 20,951.99 CAD 1,032.10 CAD Married or common-law partner 27,647.99 CAD 621.25 CAD Married or common-law partner without any OAS pension 50,207.99 CAD 1,032.10 CAD Married or common-law partner receives all allowances 38,735.99 CAD 621.25 CAD
This table contains the income for 2023 data, the beneficiaries receive the payment according to this table. For 2024, the rates and amounts will have certain changes. Currently, the GIS payment for July to Sep was 1043.45 CAD for singles and a maximum of up to 1742.05 CAD for people above the age of 65 to 74. Those above the age of 75 receive allowances of 1,811.91 CAD.
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How to Apply for GIS?
Someone who is already receiving the old age pension can only apply for the GIS. To apply for the Guaranteed Income Supplement, you are required to follow the mentioned steps:
Step 1: Browse the leading GIS portal.
Step 2: Then, gather the required information, which includes your SIN, information related to your spouse’s SIN and DOB, your resident proof, baking details, etc.
Step 3: After browsing the application, you are required to open the application form and fill out the required details, which are mentioned in the application form.
Step 4: Then attach the required document with the application.
Step 5: After that, click on the ‘ Submit ‘ option.
After completing and submitting your application, the applicant will receive a confirmation response from the leading authorities. The applicant has to apply before he/she turns 65 years old. Your application will be considered within the 3 three-time period.
If someone has further queries regarding the application from another, they can contact the helpline number at 1800 277 9914 and for TTY 1800 255 4786. The individual GIS would be stopped if someone left Canada for more than 6 months.
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