What Is Guaranteed Income Supplement, Do You Qualify, & Is It Worthwhile For You?

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.

5 ways to level up your financial plan:

OUTLINE
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.

#retirement

[debbiemcconnell]

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

[MegsCarpentry-lovedogs]

Adam, really appreciate all the different guests you have on your channel. Looking forward to having "Doug" on cpp disability to 65 yrs of age and how a different cpp starts, the regular cpp, and the process to getting the regular cpp deferred to 70. It is possible and "Doug" would be perfect to explain. This young man as your guest articulated extremely well. Kudos to the editor as well. Lots of editing considerations as it was a complicated topic and keeping it "on point" would be a challenge. ✔️💯👍🇨🇦🍁

[normanmayer]

My guess is that you don't deal with very many low income clients. I volunteer with CVITP and see many with GIS.

[nplskoot]

well done Matthew, well articulated and easy to follow. thanks for offering this great comparison.

[karenrepka]

Well done! Great explanation of a complicated issue!

[lukasratkowski]

Great video. Could you do a video for someone who is just trying to retire off of CPP, OAS and GIS at age 70. Are there any tips or tricks. Thank you.

[wilsondeguzman]

well done Matthew! thank you for offering this great comparison.

[paulinanelega]

This was very well done, thank you. Wondering if you could show a GIS version for a couple where RRSPs play no role at all. All income streams just TFSAs, OAS, and CPP (CPP deferred to 70).

[allisonthompson]

Matthew did a great job on this topic. He’s a good fit for your channel.

[RobertStevensService]

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.

[kgpax]

These days with inflation everyone needs a GIS

[Miriam-usbv]

Well said....Thanks for the comparison....you were easy to job!!

[normanmayer]

Very interesting. The GIS strategy is sometimes presented as a way to "game" the system and it appears that it may not after all.

[lauriee]

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.

[lk]

This was great! Thanks so much. And a shout out to Trinity Western too!

[Aum]

Very good information . Excellent presentation

[fp]

Sorry, but got confused. Can u do one for singles

[dianetownsend]

GIS must be applied for once then the gov't will check yearly if you are eligible. It isn't automatic expecislly since gov't is now automatically enrolling people in OAS.

[johnnyv]

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

[awoken]

I thought GIS was for people without resources. I fail to comprehend why people with well funded RRSPs and TFSAs, like the ones in your examples, qualify for this benefit.