Covid 19 – New Benefits for Seniors

Why this message to you today?  The Federal Government recently announced two new income support benefits for seniors, as we find our way through the Covid-19 pandemic.

  •  A one time Guaranteed Income Supplement Top Up of $200: If you are eligible to receive the Guaranteed Income Supplement then an additional $200 will be paid to you.
  • A one time tax-free Old Age Security Top Up of $300:  If you are receiving Old Age Security benefits, this tax-free amount will now be paid to you.

This measure would give a total of $500 to individuals who are eligible to receive both the OAS and the GIS, and will help them cover increased costs caused by COVID-19.

For more information you can go to the Government of Canada Covid-19 response website:  https://www.canada.ca/en/department-finance/economic-response-plan.html#individuals

The bottom line:  If you are receiving the Guaranteed Income Supplement or Old Age Security benefit, you may find this amount to be of great value to you.  However, if you are in the financial position where the additional OAS top up is not needed by you, consider donating this amount to a local charity or foodbank.

Road To Mastery Principle:  It doesn’t matter what you have, it only matters what you keep, after-taxes, fees and inflation.  The Masters plan their affairs proactively, the begin with the end in mind, and are very focused and purposeful in their decision making.

"IMPORTANT DISCLOSURES: The comments above are for information purposes only and do not constitute specific financial advice regarding your specific situation. Please consult a professional financial advisor who is familiar with your personal situation before acting on any information presented above. Every effort has been made to ensure this information is presented responsibly and accurately. However, important details may have been missed or these details may have changed since the publication of this note. All facts and opinions noted above must be reviewed to ensure their accuracy is still relevant based on today’s specific situation, whatever that may be. Nelson Financial Planning Corp is not responsible for any action you take regarding this information."