Find out all about the 2024 Guaranteed Income Supplement: New Eligibility Criteria, Payment Amounts, and the Latest Updates. There’s great news for seniors currently receiving the GIS pension as authorities are set to introduce some beneficial modifications. Eligibility requirements and payment amounts will be adjusted soon. This article provides a comprehensive overview of the changes to the Guaranteed Income Supplement.
Guaranteed Income Supplement 2024
The Guaranteed Income Supplement (GIS) provides additional taxable income to seniors in the country, particularly those with low incomes. This supplement aims to offer financial support to help seniors manage their debts and increase their savings beyond what is provided by the Canada Pension Plan (CPP) and Old Age Security (OAS) benefits.
The GIS also helps reduce the tax returns paid in the previous year.
Each year, the federal government adjusts the GIS based on the country’s inflation rate and the allocated budget for benefits. As the new fiscal year approaches, changes in the GIS amount and eligibility criteria will take effect.
New Eligibility Changes for GIS
With the upcoming adjustments, the eligibility criteria for receiving GIS payments will also change. Key factors affecting GIS eligibility include:
- Seniors must retire at age 65 to qualify for the GIS. Early retirees are not eligible.
- Applicants must be lawful residents and permanent taxpayers of the country.
- Registration with the Canada Revenue Agency (CRA) is required to receive the GIS.
- Having a “My Account” with the CRA is mandatory for applying.
- Seniors receiving CPP benefits are automatically eligible for GIS.
- Seniors receiving OAS benefits are also automatically eligible for GIS.
- Seniors retiring at 65 will receive 45% of their credits as GIS pension. Those retiring after 65 will receive additional pension credits.
GIS Payment Amounts
The GIS payment amounts depend on the country’s consumer price index. Due to ongoing inflation and rising living costs, the authorities have adjusted the OAS and GIS pensions to better support retirees.
The payment amounts are based on the net annual income of the applicants:
| Particulars | Max Income | Max Guaranteed Supplement Income |
|---|---|---|
| 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 receiving all allowances | 38,735.99 CAD | 621.25 CAD |
As net annual income increases, the GIS amount decreases. These changes will take effect at the start of the new fiscal year, and retirees can expect an increase in their payments beginning in April 2024.
Related:
- https://www.necorps.org/maximum-sss-pension
- https://www.necorps.org/bantuan-tunai-rakyat-2024
- https://www.necorps.org/carer-allowance-boost
Updates on GIS
For 2024, the CRA has raised the clawback limit to USD 68,500 for individuals and USD 90,977 for married couples. The GIS is adjusted quarterly to reflect inflation, with a 15 percent margin applied to the threshold limit.
Additionally, seniors who own a home at age 55 will receive 45 percent as the Home Equity Bank CHIP reverse mortgage amount.
After completing and submitting their application, candidates will receive an approval notice from the CRA. Any necessary corrections to the application will be highlighted in this notice.Upon successful application, the GIS payments will be deposited directly into the applicants’ bank accounts starting from the next installment date.