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Fri, Jun 24th, 2016, 07:59 AM #1
Hi everyone:
Hoping someone will know. I am a single female. A friend told me she had applied for old age pension and she did not qualify for guaranteed income because she had income when she was 63 she is still not receiving it 3 years later other than Canada pension/old age pension she currently has no other income. Is it true that they base your guaranteed income supplement on income from your income 2 years before you turn 65? They are not helpful when I call and ask about that at government office. Any help would be appreciatedThis thread is currently associated with: N/A
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Fri, Jun 24th, 2016, 09:56 AM #2
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I believe it may be like other govt benefits-for eg my new child tax benefit starting July 2016 will be based on my 2015 income. Most benefits, whether they be for subsidized housing etc are based on your last years income. Perhaps she should reapply as she might qualify now depending on her income-she may even be able to get it back dated a little if she did qualify earlier-never hurts to ask.
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Fri, Jun 24th, 2016, 03:32 PM #3
Here's a pretty good link: http://www.moneysense.ca/save/retire...-gis-eligible/
Basically, your benefit period starts from July 1 to June 30, and your qualification for each period is based on your previous year's income tax return. So when you apply today, just in time to sneak in before the deadline, it would be based on your 2015 income.
Or at least that is my understanding of it.
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Wed, Jun 29th, 2016, 06:38 PM #4
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Yes the benefits start from July 1 to June 30 . They see the previous years filed income tax return for GIS and OAS.
So they will see your 2015 CRA filed return and income for the entire 2015 year. Based on that from July 1 - 2016 to June 30 - 2017, your OAS/GIS will be decided. They have tables for that, depending on your marital status, income etc.
The first time you apply for it, you actually have to physically apply for it by filling up forms etc, I don't think its automatic.
Every subsequent year you just file your Income tax return. And OAS/GIS automatically take information from CRA and calculate and base your OAS/GIS on that. If you don't file your return, again they will send you a bunch of forms asking for your Income details. So every year file your CRA return, if you don't want any delays in your OAS/GIS payments.
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Wed, Jun 29th, 2016, 06:44 PM #5
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See this link too. GIS is beautifully explained over here.
http://retirehappy.ca/understanding-...me-supplement/
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