The Canadian Guaranteed Income Supplement can provide over $14,000 per year of tax free retirement income in addition to other government retirement benefits like Old Age Security (OAS) and Canadian Pension Plan income (CPP). Yet many Canadians don’t realize they’re eligible.
In this video, we talk to Owen Winkelmolen who takes us through the eligibility requirements, clawbacks and tax considerations involved in planning for GIS. Owen is a Certified Financial Planner and founder of PlanEasy. He only provides financial planning services for Canadians which limits the conflicts that can arise from also selling investment funds or insurance.
Owen has written extensively about GIS.
• What Is The Guaranteed Income Supplement?
• 5 Strategies To Help Increase Guaranteed Income Supplement (GIS) By Up To $100,000+
• What Is GIS Allowance?
• Optimizing Your Government Benefits: Both Now and In Retirement
• Case Study: Low-Income Retirement Plan
You can learn more about PlanEasy here:
Link to Owen’s YouTube Channel:
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🔹 Video Chapters 🔹
0:00 Introduction
2:17 What is Guaranteed Income Supplement?
4:12 GIS eligibility
6:28 Clawback
7:32 Applying for GIS
8:56 Is GIS worth applying for?
10:30 GIS tips and strategies
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#Steadyhand #guaranteedincome #retirementplanning #retirementinvesting #financialtips #retirementbenefits…(read more)
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Guaranteed Income Supplement (GIS) is a program offered by the Canadian government to provide additional financial assistance to low-income seniors. If you are a senior living on a limited income, you may be eligible to receive extra money every month through the GIS program, which can provide up to $14,000 more in retirement benefits.
To qualify for GIS, you must be receiving the Old Age Security (OAS) pension, be a Canadian citizen or legal resident, and have a low income. The amount of GIS you receive will depend on your marital status and annual income. The benefit is tax-free and is paid monthly to eligible recipients.
If you currently receive OAS, the government will automatically assess your eligibility for GIS when you apply for OAS benefits. However, if you believe that you may be eligible for GIS and are not currently receiving it, you can apply online through the Service Canada website or by completing a paper application form.
To apply for GIS, you will need to provide information about your current income, including your annual income and any other sources of income you may have. You may also be required to provide documentation to support your application, such as tax returns, bank statements, and information about any property you own.
It’s important to note that GIS benefits are not automatic, and it’s essential to apply for them if you believe you may be eligible. By doing so, you can ensure that you receive the maximum amount of financial assistance available to you in retirement.
Receiving GIS can make a significant difference in the lives of low-income seniors, providing them with additional financial support to cover essential expenses such as housing, healthcare, and living costs. With the cost of living continuing to rise, GIS can be a vital resource for those living on a fixed income and struggling to make ends meet.
In conclusion, GIS is a valuable program that provides extra financial assistance to low-income seniors in Canada. If you are a senior who meets the eligibility requirements, applying for GIS can potentially provide you with up to $14,000 more in retirement benefits. By taking the time to apply for GIS, you can ensure that you receive the maximum financial support available to you in your retirement years.
Thanks for having me on David! I hope this video helps highlight the opportunities around Guaranteed Income Supplement (GIS) and retirement planning for low and moderate income households!
My friend has never got a penny in pension. She is 90 years old has mental issues, although she applied has not been able to get one penny. The Canadian gov. Is a cheat by not giving people their pension when they reach 65. I understand they are many people like this
the best gis oas video ever made thank's Owen you are the best
Will the gis benefit change yesr to year depending on the latest income tax? For example, my 2023 income is 50k… and assuming my gis benefit is $100 due to that 50k income. What if my 2024 income goes down to say, 20k, will my gis benefit goes up much higher that $100?
You don't apply, they just give it to you after tax season……I got it on occasion before my pension was enacted. If you don't do your taxes, you won't get it.
What I don't get…is why was I always told I need more than a million dollars to retire? I just retired a year ago at 62. I started drawing my CPP a month before by 63rd birthday. (Just under $14,000 a year. minus 14% tax) I have another 164,000 in my employer pension and another 312,000 in bank investments. I jacked up my Canada Life pension to the max in hopes most of it would be depleted by the time I'm 70 ish. I'm also starting in Feb 2024 to draw from my RIFF's of 14,400 per year before tax. I have no debt, very few bills. I have solar on the roof, so paying power and gas is cup change. Like literally about $260 a year total for those two bills. My friends living in the basement pay the land tax, house insurance and water bills. All I have is a home internet bill of $100 and a cell phone bill of $48 and food. Please help me learn how to spend it all.
Thanks ahead if you can help. I have always travel quite bit, so technically I'm eligible to live abroad 6 months per year and still benefit GIS. My question is; how is that 6 months abroad counted like? 6 months in a yearly calendar from Jan 1st until Dec 30th? or not more than 6 consecutive months? For example could I leave Canada from sept 1st until juns 30th of next year. That would be 10 months in line but never more than 6 months in a calendar year.
I would like to ask question. Threshold limit is oas and cpp or oas and another income only?thank you
If you have to use RRSPs or other investments to help make ends meet, the CRA makes sure to take away your GIS. There is virtually nothing for low-income seniors in Canada either federally or provincially. It's time we remind the government (whichever party is in power) that we are the largest block of voters in this country.
You must file your income tax every year in order to completely qualify for GIS yearly.
Payments are automatically discontinued
until your income tax has been processed by CRA. GIS office will contact you promptly and inform you on renewing your qualification.
Once you have filed your income tax and has been processed by CRA, your GIS benefit automatically and promptly resumes a regular schedule.
GIS has been auto enroll for at least 2 yrs now.
I am 67, retired on CPP, only income, at 61, and get GIS. My wife turned 60 a yr ago and got the GIS allowance, they gave her $500/month and took $300/month off mine. Then, they jacked her Trillium premium from $269/yr to $939/yr.
Will sale of home affect my GIF?
The government don’t generate any income of their own. The so call free money is taking away from other taxpayers who are paying into the system. People, nothing is free!!!
So what about us that are on CPP-D???? The government was supposed to develop a Disability Benefits but still it has not been successful
GIS is available at 60 (not 65) if you're already getting a survivors benefit. Became a widow at 44. Tripped over this info on YouTube and applied.
If you qualify for the GIS, you must live like a pauper. Enjoy.
are you off your rocker ?
Why can't gis not available for 60 yr old if cpp level entre is 60??
It will be increasingly difficult to continue providing these supplements. We are running out of other people’s money and cannot take on further debt
I need an advisor for my personal finance for retirement. Where can i look for or find an ad isor like you. Thanks
I am currently 66 yrs old and have applied for GIS. My CPP, and a couple of pensions add up to $17772. without OAS. My ex wife will want CPP splitting when she turns 60 in two years. Will my GIS increase???
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
What’s the amount of uncome
Do assets affect GIS?
The GIS benefit is based on income not assets. It's possible to have substantial assets and still collect a GIS benefit. Each dollar of income reduces your GIS benefit by at least 50 cents. In 2022 each dollar of income between $2040 and $9480 reduces GIS by 75 cents. So, you can have 10 million on your real estate assets and you are not effected, so long you have low taxable income.
Great video. But it's calculated based on net income, not taxable income.
I don't get it. On the gov website it says its automatic if you qualify but you guys keep saying you have to apply.
This is great for people who are genuinely struggling but on paper don’t qualify for the GIS they need. Where it gets less great is when planners help those who are doing well for themselves and retired comfortably move their money around so that on paper they qualify for GIS when in reality they are far from low income. This is like dressing up in rags to take food from the food bank to top up your well stocked fridge and pantry. And people say the younger generations are self-entitled. The CRA should close this loophole so taxpayers aren’t funding this nonsense and the folks who actually really need GIS can be better served.
You btecha! This is an excellent strategy. I used cash on hand and TFSAs to keep my reportable income as low as possible and capitalized on the GIS for a lot of tax free money. People should really plan on capitalizing the GIS.
So. GIS. On official website, simple and clear : eligibility based on taxable income. This video, click bait title, and the guru financial advisor "expert" hints that there is secret advise, and get rich quick is still possible, and 1/3 of canadians qualify to apply. Fair enough, he did not said they will get it. Why they would not get it? well for one, they DO NOT QUALIFY, the income limit being cruel as it is. No hocus pocus smart a55 advisor will help it.
21,456 if single, $28,320 if your spouse/common-law partner receives the full OAS pension. $51,408 if your spouse/common-law partner does not receive an OAS pension.
There is some variability about the amount ONCE U QUALIFY as a dead poor individual or couple, based again on HOW POOR YOU ARE.
The statement that a third of canadians are that poor, THUS ELIGIBLE, is a lie.
In 2015, 95.3% of seniors aged 65 and older received the OAS pension, of whom about 97.9% were taxfilers. Among those who received the OAS pension 36.8% also received the GIS. Among the senior population aged 65 and above, 35.1% of seniors received GIS in 2015. I took it off the internet, in 2023 it should not be much different.
So about a third of seniors eligible for OAS are eligible for GIS. NOT a third of the population, where the seniors after 65(not all eligible for OAS and therfore for GIS) make for a fraction, 19% ! A simple aproximation gives that a percentage of 6.3% of canadians could apply for GIS.
So I tell u the one "secret" this video and this expert tells you:
You need to apply to receive GIS! Whether u think u are eligible or not. Dah…Nobody gives you anything unless u ask for it.
For this you have to take off your time and watch this video, and possibly this comment. Probably u will not. And go watching in wonder the advise of financial "experts", viying to gamble with other people's money.
I flagged another video of your guru, where in the comments he states that OAS, once u qualify the amount is the maximum (false, between 20 and 40y of residence in Canada, after 65 your amount varies as a ratio depending on your mileage). So no wonder this guru comes as "expert" on a channel with 795 unsuspecting subscribers. Sad.
could I apply for this while collecting CPP-D
Does a lira count as income if you don’t start taking money out of a lira till your 70
GIs is automatic, as is the GIS allowance 4 your 60-64 yr old spouse.
I thought GIS was calculated using line 23600 taxable income LESS OAS.