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Seniors will get at least $300 in special top-up

Seniors will get at least $300 in special top-up

The Trudeau government announced today a one-time lump sum payment to seniors receiving OAS and GIS. The $2.5 Billion program calls 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.

The government is also expanding the New Horizons for Seniors Program with an additional investment of $20 million to support organizations that offer community-based projects that reduce isolation, improve the quality of life of seniors, and help them maintain a social support network.

The government is temporarily extending GIS and Allowance payments if seniors’ 2019 income information has not been assessed. 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.

There are currently 6.7 million seniors who are eligible for the OAS pension and 2.2 million who are eligible for the GIS.

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The new measures will require parliamentary approval. Treasury Board President Jean-Yves Duclos say he hopes to see the money flowing in the “next few weeks.”

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