CPP and OAS are not the only Canadian pension benefits that you can get from the government. If you or someone you love is only relying on these benefits to get by day-to-day in retirement, why not consider the GIS benefit also.
The GIS, or Guaranteed Income Supplement, is provided by the government to supplement those Canadians now in retirement. You could get an additional pension amount of up to $916.38 per month from GIS if you qualify. CPP, or the Canadian Pension Plan, will pay approximately $1,154.58 per month at 65 if you have been working and contributing for 40 years. The OAS, or Old Age Pension, will pay approximately $613.53 at age 65 regardless of marital status, and as long as you have lived in Canada for 40 years and your retirement income is below $126,058. All together you could be collecting $2,684.49, based on 2019 CRA Benefits.
The GIS benefit will be determined annually based on your previous year’s declared income; so those retirees who cash in RSPs every year or receive an additional employee pension plan, may not qualify. However, the benefit does not take into account your other assets, like owning properties or non-registered savings plans. If you are using a Non-Registered Investment or even your TFSA to supplement your retirement, you would still qualify. It is definitely a benefit that should be considered by all those entering or already in retirement.
