The Canadian government has announced a new payment for eligible seniors, the $1072 Guaranteed Income Supplement (GIS) Direct Payment, set to be issued in August 2024. This initiative aims to provide financial support to low-income seniors who receive the Old Age Security (OAS) pension, ensuring they have the means to cover their basic needs and maintain a decent quality of life during retirement.
$1072 GIS Direct Payment August 2024
Are you or someone you know a senior citizen in Canada? If so, you might be interested in the latest update on the Guaranteed Income Supplement (GIS). This August, a direct payment of $1072.93 will be issued to qualifying seniors. Let’s break down what this means, who is eligible, and how you can ensure you or your loved ones receive this benefit.
Table of Contents
Key Highlights of $1072 GIS Direct Payment August 2024
| Title | $1072 GIS Direct Payment August 2024 |
|---|---|
| Year | 2024 |
| Month | August |
| Country | Canada |
| Agency | Canada Revenue Agency |
| Payment Name | Guaranteed Income Supplement (GIS) |
| Eligibility | Seniors aged 65+, OAS recipients, low income |
| Payment Date | August 28, 2024 |
| Frequency | Monthly |
| Tax Status | Non-taxable |
| Mode of Payment | Direct Deposit |
| Regular GIS Payment Amounts | Up to $1072.93 monthly (varies by income and marital status) |
| Official Website | Canada.ca |
What is the Guaranteed Income Supplement (GIS)?
The GIS is a non-taxable monthly payment available to low-income seniors who are 65 years or older and already receive the OAS pension. This supplement is designed to help seniors cover their living expenses and enjoy a comfortable retirement. The payment amounts are adjusted quarterly to reflect the cost of living as measured by the Consumer Price Index.
GIS Direct Payment Eligibility Criteria
To qualify for the $1072 GIS Direct Payment in August 2024, seniors must meet the following criteria:
- Age: Must be at least 65 years old.
- Residency: Must be a Canadian citizen or legal resident.
- Income: Must have an annual income below the specified thresholds:
- Single, widowed, or divorced: Up to $21,768
- With a spouse receiving OAS: Up to $28,752
- With a spouse receiving the Allowance: Up to $40,272
- With a spouse not receiving OAS or Allowance: Up to $52,176
$1072 GIS Direct Payment Dates for 2024
The GIS payments are made monthly, with the next significant payment date being August 28, 2024. Here are the upcoming payment dates:
- September: 25th
- October: 29th
- November: 27th
- December: 20th
How to Apply For $1072 GIS Direct Payment August 2024
Most eligible seniors will be automatically enrolled to receive the GIS. However, if you do not receive an automatic enrollment letter from Service Canada after your 64th birthday, you may need to apply manually. Here’s how:
- Check Eligibility: Ensure you meet the criteria mentioned above.
- Complete the Application: Fill out the “Application for the Old Age Security Pension and the Guaranteed Income Supplement (ISP-3550)” form.
- Submit the Form: You can submit the form online through your My Service Canada Account or mail it to Service Canada.
Canada New EI Max Contribution For 2024
Common Questions
Do I need to apply for the $1072 GIS Direct Payment in August 2024?
- No, if you are already receiving GIS, you will automatically receive this payment. New applicants must apply to receive GIS benefits.
Is the GIS payment taxable?
- No, the GIS is a non-taxable benefit.
How will I receive the GIS payment?
- The payments are made through direct deposit into your bank account.
What happens if my income changes?
- If your income decreases, contact Service Canada to recalculate your GIS amount based on your new income.
How GIS Benefits are Calculated
The amount you receive from GIS is based on your income and marital status. The GIS payments are revised quarterly to ensure they keep up with the cost of living. Here’s a quick look at how the payments are calculated:
- Single, widowed, or divorced: Up to $1,072.93 monthly if annual income is less than $21,768.
- With a spouse receiving OAS: Up to $645.84 monthly if combined annual income is less than $28,752.
- With a spouse receiving the Allowance: Up to $645.84 monthly if combined annual income is less than $40,272.
- With a spouse not receiving OAS or Allowance: Up to $1,072.93 monthly if combined annual income is less than $52,176.
Additional Tips for Seniors
- Stay Updated: Regularly check your My Service Canada Account for updates on your GIS and other benefits.
- Report Changes: Immediately report any changes in your income or marital status to Service Canada to avoid overpayments or underpayments.
- Seek Assistance: If you need help with your application or understanding your benefits, contact Service Canada or a financial advisor who specializes in retirement planning.
Conclusion
The $1072 GIS Direct Payment in August 2024 is a crucial financial support for low-income seniors in Canada. By understanding the eligibility criteria and ensuring you or your loved ones are enrolled, you can take advantage of this benefit to help cover essential expenses. Stay informed and make the most of the resources available to you for a comfortable and secure retirement.
