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The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

Are you a member of the Public Service Health Care Plan (PSHCP) and looking for information about your benefits with Canada Life? Get details on the PSHCP Member Services website.

July 2021 – 15 min read

The GIS is a monthly benefit available to anyone receiving, or eligible to receive the Old Age Security (OAS) pension, whose annual income (or combined annual income for couples) is below the maximum annual threshold. 

As part of your retirement income with the Canada Pension Plan (CPP) and OAS, it’s important to understand how much GIS you may receive so you can be confident you’ll have enough retirement income.

The government reviews the GIS every 3 months, in January, April, July and October, to account for increases in the cost of living. Your monthly payment amount won’t decrease if the cost of living falls. 

You can use this benefits estimatorOpens a new website in a new window to get an estimate on how much GIS you’re eligible for. 

The GIS is paid monthly by direct bank account deposit or cheque. HereOpens a new website in a new window are the GIS payment dates.

GIS benefits aren’t taxed.

To be eligible for the GIS, you must:

  • Be receiving the OAS pension
  • Make your home in Canada and normally live in Canada (although temporary absences of up to six months are allowed)
  • Have an income lower than maximum allowed (see current amounts here

To determine your income, use the net income reported on your most recent income tax return (minus OAS).

You’ll receive it the month after you turn age 65. For your GIS payments to continue uninterrupted, you must file your income taxes on time every year.

You may receive your GIS payment automatically along with your OAS payment. 

However, you may need to apply for the GIS if:

  • You get a letter from the government asking you to apply, or the information in the letter is incorrect
  • You’re already receiving OAS and have never received the GIS 

You can apply for the GIS two ways:

To complete the application, you’ll need:

  • Your Social Insurance Number (SIN)
  • SIN and date of birth for your spouse or common-law partner, if applicable
  • All addresses where you’ve lived since age 18
  • Your bank details if you want to sign up for direct deposit
  • The date you’d like your pension to start

The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.

Now that you know how GIS payments work, why not meet with your financial advisor to:

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