5 Strategies To Help Increase Guaranteed Income Supplement (GIS) By Up To $100,000+

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GIS (Guaranteed Income Supplement) is thought of as a government benefit that is exclusively for very low-income retirees, but the truth is that almost 1 in 3 retirees receive GIS benefits. This is a benefit that is widely available to retirees who are both low- and moderate-income.

GIS is a generous benefit. At a maximum it will provide over $10,000 per year per household. But this is quickly reduced by GIS clawbacks of 50% to 75%. For every dollar of taxable net income (line 23600 on your tax return), GIS is reduced by 50% to 75%.

For example, if you take $1,000 from an RRSP/RRIF then this would reduce next years GIS benefit by $500 to $750!

Thankfully there are a handful of strategies to help reduce the GIS clawbacks… This type of planning can easily add $10,000’s to $1000,000+ in GIS benefits over the course of a plan and help make retirement significantly easier.

Disclaimer: Maximizing GIS benefits requires very complex planning that can vary from one person to the next depending on their situation. What works for one person may not work for another. Please speak with an advice-only financial planner before implementing these strategies.

Disclaimer: This video is for educational purposes only and does not constitute investment advice or financial advice. All information provided is for illustrative purposes only and you should not rely on such information as the primary basis of your investment, financial, or tax planning decisions. Every effort has been made to ensure the accuracy of its contents. No representations, warranties or guarantees are made as to the accuracy of any estimates or calculations provided. Nothing in this material should be construed as investment or tax advice, or a solicitation or offer, or recommendation, to buy or sell any financial product or securities. Before making any financial decision, you should review your situation with a financial planner.

[debbieschrader]

They are generous to people who haven't worked a day in their life. I work part time barely making ends meet and I get nothing tell me how fair this is. I need to work to make what people make by doing nothing. Awesome

[MrBlink-qlqv]

pretty sure that the total amount in an rrsp is irrelevant until you actually withdraw from it. meaning from 6 5 to 70, withdrawal from TFSA first as that is non-taxable income. Wait till 70 and get the increase to CPP before touching an RRSP. any income received an retirement from job, defer tax free to an rrs being and don't catch it until after 70 while relying on a tax-free savings account GIS and OAS.

[evadeanu]

Where can I find the next episodes?
Liked and subscribed.

[TomL]

Do medical expenses reduce income and increase GIS in Canada?

[vicahmed]

I've been fortunate to incorporate my CPP into my retirement strategy, and it has been a game-changer for securing my financial future. Diversifying your investments, including CPP, is key to building wealth over time. Big ups to everyone working hard trying to earn a living while building wealth. I’m 63 and my husband 65 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money, saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.

[wandasteeves]

I thought this was for low income Canadians … GIS ?

[garyclothier]

My question is on August 10th I was sent a letter saying I was approved for old age pension and G is on December 13th 2022 but they're only offering me two months retroactive in the letter the next day

[BusterDarcy]

GIS is for people who are in desperate need, life wasn’t terribly kind to, and they don’t have a lot of options to make ends meet in old age. I really hope you aren’t helping wealthy people game the system to take money they don’t need from a system designed to help those who really and truly need it. That would not be cool.

[WATCHLLS]

How do you inform the government that you want your GIS based on this years income

[barbaramelady]

How much YOU can have savings in regular saving account to still be qualify for GIS ? TY

[nabilmessiha]

What are the contacts with your team if possible.

[terrimoore]

O we are planning to "retire" in 2024/5... i will be 55 and hubby will be 62... we are planning to sell our principle residence and fill up our TFSA... and the rest in a saving account to bridge us until we can collect all Gov't benefits.
We will be spending 5 to 6 months abroad ( prob Mexico)
And renting the basement from a family member back here...
Eventually live abroad full time...
So if we go abroad full time, I know we won't get GIS or ALLOWANCE, but we will both still get CPP and OAS at 65...
If we are ONLY collecting CPP and OAS, are we able to get max GIS and ALLOWANCE?
If we made less that $30, 000 the previous year combined ?

[yinhe]

You talk almost all strategies, but miss one: purchasing a second estate as rental. You can use your income to pay mortgage interest, so that your income is deducted. Is not it right?

[hongnguyen]

And we has homeowner, is that effect to get GIS
Thank you

[ginodileonardo]

i think there is an error with your strategy. Any RRSP contribution during 64 to 71 age does reduce your taxable income. That isnt the problem, most people who are recipients of GIS dont have tax issues. The GIS calculation is a different calculation that net or taxable income, where your rrsp contribution at any level would be. ALL income, employment, cpp, investment, rental, rrsp, private pension are your calculated for GIS purposes, having an rrsp contribution to reduce your taxable income does not increases your GIS payment. the gis is based on total income(tfsa exempt withdrawl), GIS is a social benefit based on gross or total income, they want to assist the lowest income people with giving them income to the poverty line, and thats why they add all income into the calculation (except tfsa). Other social benefits use the same format, either assistance or EI etc. Did you receive any income during the period is the question they ask on those respective forms as example. Your rrsp contribution can offset any or all other income for tax purposes but doesnt increase GIS. Also you should talk about other benefits, the provincial GIS benefits in alberta, sask and Ontario are pretty good to supplement the federal GIS, BC in the middle the rest are very litte. As well you should talk about other benefits gst credits, carbon tax credit, and that you can earn 5000 in employent income in retirement and not effect the gis. just food for thought, not a criticism, just that rrsp contributions to reduce taxes doesnt increase gis. the gis is based on all income.

[denisehenderson]

Please can you help me I have been o GIS Supplement and plan on selling my home because of debts and. I'llness. I can't find information anywhere. Yes, this is my prime residence

[gq]

Is it beneficial for me to withdraw the whole amount of my Company Pension at 65 and put it all in TFSA(with 10yrs contribution room available) will it affect my GIS benefit?

[garyclothier]

I have some questions about the backdating of my GIS payments

[hongnguyen]

Hi Mr,
How much we can have saving in TFSA account, than we can still be qualify max GIS or none
Thank you

[garyclothier]

I haven't got the nerve yet to phone in