Seniors eligible for the Old Age Security (OAS) pension, the Guaranteed Income Supplement (GIS), or Allowances will receive their one-time, tax-free payment this week without needing to apply. Seniors eligible for OAS will receive a payment of $300, and those seniors also eligible for the GIS will receive an additional $200, for a total of $500. Allowance recipients will also receive $500.
6.7 million seniors who are eligible for the OAS pension and 2.2 million who are eligible for the GIS, will benefit from this payment. Seniors who reside in Canada can expect to receive the payment by direct deposit or cheque this week.
This $2.5 billion investment in financial support will help Canadian seniors cover increased costs caused by COVID-19.
“This payment will help our seniors cope with extra costs associated with the COVID-19 pandemic. As we navigate through this unprecedented time in our communities, it is essential we provide extra support and adapt to meet seniors’ needs during this public health crisis.”said, Sault MP Terry Sheehan.