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Guaranteed Income supplement (GIS) is the more elusive Canadian retirement benefit, and there will be only a small portion of people that actually qualify unless you do some very specific planning with your assets. In this video we’ll go through what GIS is, how do you qualify, and then we’ll do a case study looking at a plan that uses GIS and compare that to a more traditional retirement plan.
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0:00 – Introduction
1:24 – What Is GIS?
2:20 – Quarterly Adjustments
2:40 – Payment Dates
3:00 – How Is GIS Calculated?
3:50 – GIS Requirements
5:31 – Income Deductions
7:08 – Case Study
8:30 – Plan #1: GIS
12:35 – Plan #2: Typical PW Plan
12:38 – Comparison
This presentation is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter. Every effort has been made to ensure the accuracy of its contents. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Returns are not guaranteed and past performance may not be repeated.
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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations – those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.
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Can you get it if your oldage and cpp add up to only 1300
What if you make withdrawals from a RIFF? What about withdrawals from a RIFF which total greater than the minimum withdrawal amount? Will these count as income?
Very good video. I am curious about what "live in Canada" means for GIS eligibility. I am a resident for tax purposes due to strong primary and secondary ties to Canada, therefore I am fully taxed as a resident (even if I lost eligibility to provincial health care), but I spend ten out of twelve months of the year outside of Canada. Based on my income, I would qualify for GIS. What about the "live in Canada" requirement?
the new guy says the 19k does not include the OAS benefit but from what i read online, "When you get your OAS tax slip at the end of the year, it will show the OAS income in box 18 and the tax withheld in box 22. The net amount of box 18 less box 22 is what you have received during the year. The box 18 amount is included in your income for the year." Can anyone clarify this for me>?
Canada or US? Does it matter?
Good video. The GIS is a complete mystery for many seniors. Many don't even know they're eligible which is a real shame on our government which should be making this information available to all who could benefit from it. Also, why are married/common law couples penalized with lower payments than that paid to singles? This doesn't seem fair and equitable.
I’m a Canadian working overseas. Where can I get a consultation appointment?
You can actually earn 5K working and not have that affect negatively GIS. Also if you have contribution room to put $ into RRSP you could do that between 65 and 71 to minimize income to qualify for GIS
I am single and 70. I contacted service Canada and was told as soon as I stop working to apply for gis and send along a letter of an estimate of what my income will be for that year, and then they won't take into account my taxable income from the previous year but will begin my gis on my retired income as soon as I file my taxes for the previous year
Bullcrap
I was sent a form once I received my oas and CPP. My husband is still working so I don't think I'll receive the GIS which is fine as we are ok for the time being. I have investments into rrsp, TFSA and a spousal. Should I wait to apply?
I only wonder why GIS isn't a level payment rather than a deprecated amount based on other income?
What if your circumstances change?
I worked last year but I can’t work this year.
do you get gis if you are living in mexico 5 months of the year
I am 55 years and old. I am on a provincial disability income.I receive $16,000 annually. I am think I will qualify or GIS. But I want to make sure.
Also. I’ve been waiting for the federal disability supplement as promised by goverment.
Great video Matthew! It was helpful to go through the spreadsheet step by step! Thanks
You can contact service Canada and advise them that your income will be low enough to qualify for GIS even though your previous years income was higher. IE: Your last year of work
Simple, pull just enough RRSP each year to still qualify for GIS. Before retirement ensure you have cash in your TFSA and cash in a not interest bearing account.
Would be interesting to see a scenario where the coupe has "only" $500k in savings (RRSPs + defined contribution plan), I am guessing the odds would shift to GIS
Sorry, but got confused. Can u do one for singles