The Canada Revenue Agency is giving out the Guaranteed Income Supplement to Canadian residents. This GIS amount is paid apart from the Old Age Security amount to eligible senior citizens. But every three months, the agency makes certain changes in the GIS amounts so that the seniors can have inflation-adjusted federal benefits from the Canadian government. Now in the next month, the CRA will be making some significant changes in the amounts so if you do not want to miss out on the latest information about the GIS benefits, continue going through the post, because it is high time that the agency revised the amounts. You will be getting renewed benefits from July 2024 as four annual changes take place in January, April, July, and October.
GIS Changes 2024
The last time when the citizens witnessed a change in the GIS amounts was April 2024 and this time in July there will be changes. Usually, the Consumer Price Index of Canada notifies the Revenue Agency about either the increase or the decrease in the cost of living and inflation in the country. And based on the reports submitted by the CPI to the CRA the scale of the changes in GIS benefits. Based on the personal federal income tax returns and annual income, the CRA reviews your GIS amounts which you usually receive along with the monthly Old Age Security. These two federal benefits double the monthly income of the senior citizen.
As the cost of living is rising in the country, it is getting really difficult for senior citizens to make ends meet. They face severe financial crisis due to lack of funds in old age which induces them to retire from active employment. Some of them could gather up sufficient funds for the golden years of life while the remaining just entirely depend on federal benefits and financial assistance from close relatives, family, and friends. For that reason, the CRA makes changes so that the citizens do not need to depend on others.
GIS Changes 2024 Brief Highlights
| Title | Guaranteed Income Supplement Changes in 2024 |
| Official Agency | The CRA |
| Country | Canada |
| Category | GIS |
| Changes Effective From | July 2024 |
| Official Website | www.canada.ca |
Eligibility for GIS Payments
To avail of the payments after the changes, you do not need to meet any criteria but if you start getting the benefits now for the first time, then you need to meet the following eligibility criteria so that you become officially qualified for the GIS payments.
- You have at least reached the age of 65
- You are a legal Canadian resident and have stayed there for a significant number of years
- Possibly your stay can be less than 10 years to get partial payments
- You have a social insurance number and have been a tax-purpose resident of the country
- You are already receiving the Old Age Security
- And your income (if you are single, divorced, or widowed) must be less than $21,624
- The income of the individual and their common-law partner should be as follows
- It is $39,984 if your common-law partner receives an allowance
- It is $51,840 if your common-law partner or spouse receives no OAS pension
- It could be $28,560 if the spouse or common-law partner gets a full OAS pension
Specific Rules Only Valid For Immigrants
There are two types of immigrants that the CRA considers. The first one is sponsored and the second one is non-sponsored. If you are a sponsored immigrant, you should be
- You have lived in Canada for less than 10 years that too after turning 18 years of age and the sponsor should be one of the following
- Has died
- Is convicted of accusing you
- Gone through personal bankruptcy
- Have been imprisoned for more than 6 months
If you and the sponsor are not of the above-mentioned criteria, you will not be getting the benefits from GIS
- If you are non sponsored immigrant, you can receive the GIS if you are already getting the OAS
How Much You Expect in GIS Changes 2024
The income supplement varies greatly depending on the personal situation of the senior citizens. Largely the marital status determines the amounts you might be getting from the CRA.
| if you are single, divorced, or widowed | up to $1065 |
| if you are married and the partner receives full OAS | up to $641 |
| in case you are married but the partner receives an allowance | up to $641 |
| if you are married and the partner does not receive OAS or allowance | up to $1065 |
Once the CRA makes changes in July 2024, you might get an increased amount depending on the inflation rise and cost of living. In case both these factors remain unchanged or decrease, you will be getting the same that you receive now. There will be no drop in the current benefit amounts.
This GIS Change coming in July 2024 is a regular exercise by the CRA and based on the reports of the CPI, there will be changes accordingly. As of now, the CRA has not been notified about the prospective changes. So to keep an updated track of the Guaranteed Income Supplement, you have to stay in touch with the official sources. For further latest information, you can browse the CRA’s online portal.
| CMSRI Home Page | Click Here |
