User Tag List

Results 1 to 5 of 5
Like Tree3Likes
  • 1 Post By kheal
  • 1 Post By lizzie bargain
  • 1 Post By brunt

Thread: single female questions regarding gis

  1. #1
    CaNewbie
    Join Date
    Oct 2012
    Location
    bridgewater
    Posts
    12
    Likes Received
    2
    Trading Score
    19 (100%)



    0
    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 appreciated
    This thread is currently associated with: N/A
    dededi likes this.


  2. #2
    Smart Canuck
    Join Date
    Dec 2009
    Location
    Calgary
    Posts
    3,732
    Likes Received
    19605
    Trading Score
    1 (100%)




    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.
    dededi likes this.

  3. #3
    tightwad and proud of it! brunt's Avatar
    Join Date
    May 2009
    Posts
    540
    Likes Received
    592
    Trading Score
    0 (0%)



    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.
    dededi likes this.

  4. #4
    Canadian Guru
    Join Date
    Mar 2010
    Location
    Canada
    Posts
    11,052
    Likes Received
    6201
    Trading Score
    46 (100%)




    Quote Originally Posted by brunt View Post
    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.
    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.

  5. #5
    Canadian Guru
    Join Date
    Mar 2010
    Location
    Canada
    Posts
    11,052
    Likes Received
    6201
    Trading Score
    46 (100%)




    See this link too. GIS is beautifully explained over here.

    http://retirehappy.ca/understanding-...me-supplement/

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •