Plain meaning
An income-tested monthly benefit for eligible low-income seniors who receive Old Age Security.
Also called
GIS
Key points
- GIS is generally available only to people who receive Old Age Security and meet income and residence requirements.
- The amount is income-tested, so pension income, RRSP/RRIF withdrawals, employment income, and other income sources can reduce payments.
- Annual tax filing helps Service Canada and CRA keep income information current for payment calculations.
- GIS is separate from OAS, but the two are often discussed together in retirement-income and benefit-policy news.
- Changes to income can affect future GIS payments even when the income itself is reported correctly for tax purposes.
Why it comes up
GIS is highly sensitive to income reporting. Filing a tax return on time can affect whether a senior receives the benefit and how much is paid.