Everything You Need to Know About GIS

The Guaranteed Income Supplement (GIS) is a very helpful, tax-free supplement for low income seniors. The amount you receive will depend on a number of factors, but is mostly driven by your taxable income, not including OAS.
Planning around GIS in early or later retirement can be very crucial in making the most of what money you may have, which can significantly improve one's retirement.

Do you have more questions that have been unanswered? Would you like to understand your finances better?

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DISCLAIMER: All content being published on this platform are for informational and entertainment purposes only, and do not constitute formal financial, accounting, nor legal advice. Kent Tilley does not hold formal education nor registry to be held accountable for any professional recommendations – those in need of formal financial advice/ planning must seek help from licensed professionals. Kent takes pride in the sense of freedom, satisfaction, fulfillment, and empowerment that financial competence that he has built through conscious management of his family’s money. With this, there is no guarantee that the overall content found here are appropriate or applicable for every individual. By proceeding, you agree to hold Kent harmless from any ramifications, financial or otherwise, that may occur to you by acting upon the information found on this platform.

[SGSims-wzub]

Can you please explain GIS for a senior couple who are involuntary separated when one spouse has to go into Long Term Care

[chrisjeanneret]

I remember when the TFSA was launched there were concerns that future GIS outlays would be affected. Assuming that people only have so much to invest, contributing to a TFSA would increase tax revenues from working people (reduced RRSP contributions). However, given the short-term thinking of most politicians, I would agree that they might come to see this GIS maximization as somehow gaming the system.

[ronotoole]

Hi how did you calculate the $448 per month reduced from $968 per month making $9000 extra income? Thanks

[oneupmanship]

Turned 65 in January and had applied for GIS, received a couple payments and was cut off because of 2021 income. Didn't need it then, sure could have used it this year.

[judygundlock]

I am thinking of contributing to my RRSP when I turn 65 to essentially bring my income to zero, and qualify for the full amount of GIS. Do you think this is feasible?

[Alien]

At 2:17 spouse gets no OAS the threshold is 47K. I am confused. You mean if let's say the wife is quite a bit younger and still working then the husband can qualify for OAS as long as her income is under 47K?

[Andy-irsj]

The GIS is pro rated from what amount to 19k? Or is it pro rated starting at 19k thank you?

[denisehenderson]

I can't find information on this anywhere? If I sell my prime residence how is this GIS claw back going to effect me?

[aamcgarr]

What the maximum you can earn while on GIS? Does the QPP (Quebec) count towards income total?

[patassion]

You can have up to 5000. Taxable employment or self employment without reduction of GIS also spouse can have that much too.

[mariaschaffer]

What happens when I am unable to travel back to Canada while receiving GIS. I am over 70, single and had to move to Hungary because it is affordable to stay in Hungary. My income tax return has been submitted along with the T2201 which has been in effect for years. Do you have any information regarding this. Regards Marika

[helifynoe]

Fun stuff. I get my $1, 714.52 AOS/GIS per month income, and my $166.00 GAINS ( Ontario Guaranteed Annual Income System payments ) per month income, and my $488 CAIP Climate Action Incentive per year, and my four annual GST incomes, my CPP income, and the list goes on and on. The GIS is currently for me is $1, 026.96 per month.

[Beastiadidio]

how long does cra take to make a decision uusally ?

[MelissaKellyHerStunts]

If you get GIS, OAS and CPP are you allowed to work on top of that?

[sukhdevsingh]

can I am eligible for GIS who is sponsored under PGP category and getting 7/40 OAS living canada since Oct 2015 and P R in Mar 2018 and my wife is now 61 years.

[artsmart]

Thanks Chad for explaining a benefit which many don't understand very well, the G.I.S.
One problem I see with this benefit is the discrepancy between single and married/common-law recipients. I understand the rationale being used but I question whether it's being applied fairly. Seems couples are being punished for their marital status, unlike say 2 individuals simply living under the same roof who will receive greater amounts being classified as singles. I wonder if this is might be an oversight. Great video!

[conniedav]

I have non-registered investments that generate some interest and dividend income. I guess this reduces my GIS entitlement?

[highwayblues]

Great Video. If your income drops below the threshold .. does the CRA automatically put you on GIS .... My mother-in-law will be finishing up her RRSPs soon and I expect her income to drop.

[staszeks]

Hi Chad, thanks for this great video..I have a question, when I get OAS and GIS of total 19, 410.36 a year how much tax will be deducted from this amount so I can know how much will I get after taxes
Thanks

[rss]

sucks for those that worked and paid into a pension fund, when another will get essentially the same having never contributed that 1-200, 000, and with markets in the bottom of my mega pint, no fun