- Hulton, Wendy G.
- Industry Alerts
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On May 12, 2020, the federal government announced additional measures to help Canadian seniors and provide them with greater financial security during the COVID-19 emergency.
These new measures include:
- Providing $2.5 billion in additional financial support for a one-time tax-free payment of $300 for seniors eligible for the Old Age Security (OAS) pension, with an additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS). This measure would give a total of $500 to individuals who are eligible to receive both the OAS and the GIS, to help cover increased costs caused by COVID-19.
- Expanding the New Horizons for Seniors Program with an additional investment of $20 million to support organizations that offer community-based projects that reduce isolation, improve the quality of life for seniors, and help them maintain a social support network.
- Temporarily extending GIS and Allowance payments if seniors’ 2019 income information has not been assessed. This will ensure that the most vulnerable seniors continue to receive their benefits when they need them the most. To avoid an interruption in benefits, seniors are encouraged to submit their 2019 income information as soon as possible and no later than October 1, 2020.
The additional funding is on top of other supports for seniors, including an increase in the GST credits for low-income seniors, and $350 million for charities that serve our most vulnerable, such as the United Way.
Learn more about resources available for senior citizens in Canada by reading our COVID-19 Guide for Seniors.
Please Note: These materials do not constitute legal or medical advice. Government initiatives, announcements, and regulations in response to the COVID-19 situation continue to evolve and change frequently.
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