Old Age Security and Guaranteed Income Supplement Top-Up: We will be providing additional financial support of $2.5 billion for a one-time tax-free payment of $300 for seniors eligible for the Old Age Security (OAS) pension, with an additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS). This measure would give a total of $500 to individuals who are eligible to receive both the OAS and the GIS, and will help them cover increased costs caused by COVID-19.
Registered Retirement Income Funds: We are reducing the minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25% for 2020 in recognition of volatile market conditions and their impact on many seniors’ retirement savings. This will provide flexibility to seniors that are concerned that they may be required to liquidate their RRIF assets to meet minimum withdrawal requirements. Similar rules would apply to individuals receiving variable benefit payments under a defined contribution Registered Pension Plan.
Assessments: Temporarily extending GIS and Allowance payments if seniors’ 2019 income information has not been assessed. This will ensure that the most vulnerable seniors continue to receive their benefits when they need them the most. To avoid an interruption in benefits, seniors are encouraged to submit their 2019 income information as soon as possible and no later than by October 1, 2020.
Old Age Security: Rest assured, Old Age Security (OAS) and Guaranteed Income Supplement (GIS) payments will continue as normal.
New Horizons for Seniors Program: The Government of Canada will contribute $9 million through United Way Canada for local organizations to support practical services to Canadian seniors. These services could include the delivery of groceries, medications, or other needed items, or personal outreach to assess individuals’ needs and connect them to community supports.
GST Credit Top-Up: For low and modest income seniors we are providing a supplementary payment under the GST Credit of close to $400 per adult and $600 per couple.