Guaranteed Income Supplement increases for low-income seniors
By Contributor
More than 680 000 of Canada’s lowest-income seniors will benefit from the largest increase to the Guaranteed Income Supplement (GIS) in a quarter century.
The GIS increase, effective in July, is part of Budget 2011.
Beginning in July 2011, seniors with little or no income other than the Old Age Security and the Guaranteed Income Supplement will receive additional benefits up to $600 for single seniors and $840 for couples per year — the most significant increase in over 25 years.
The increase to the GIS represents a $300 million investment per year and is the third GIS increase in the last five years.
OAS benefits, including the GIS, are designed to help seniors meet their immediate, basic needs and maintain a minimum standard of living in retirement.
