$1364 GIS Benefits in December 2024 – Will you get it? Eligibility & Payment Dates

$1364 GIS Benefits in December 2024: The Guaranteed Income Supplement (GIS) is one of the most significant financial aids for low-income seniors in Canada. For many older Canadians, it provides essential financial relief, helping them maintain a decent quality of life as they age. In December 2024, many seniors could be eligible to receive up to $1,364 in GIS benefits, but how do you know if you qualify? In this article, we’ll explain everything you need to know about GIS, including who is eligible, how much you can expect to receive, and important dates to keep in mind.

$1364 GIS Benefits in December 2024

The Guaranteed Income Supplement (GIS) is a crucial financial support program for low-income seniors in Canada. For December 2024, eligible seniors could receive up to $1,364 in GIS benefits, depending on their income and marital status. By understanding the eligibility requirements and knowing the application process, seniors can take advantage of this valuable assistance and secure their financial well-being.

Remember, GIS payments are made monthly, with the next one scheduled for December 20, 2024. Make sure your personal information is up to date with Service Canada and that you have set up direct deposit for timely payments.

What is the Guaranteed Income Supplement (GIS)?

The Guaranteed Income Supplement (GIS) is a benefit provided by the Government of Canada to help low-income seniors who are receiving the Old Age Security (OAS) pension. The goal of the GIS is to reduce poverty among elderly Canadians by providing additional monthly income. For many seniors, this support is a vital part of their financial security in retirement.

While the OAS provides a standard monthly payment to seniors aged 65 and older, the GIS is an income-tested supplement, meaning it is designed to help those with low income. The more income you have (other than OAS), the less GIS you will receive, and if your income is too high, you may not qualify for GIS at all.

Who is Eligible for $1364 GIS Benefits in December 2024?

To qualify for the GIS, there are a few key criteria that seniors must meet:

1. Age and Residency: You must be at least 65 years old and a legal resident of Canada.
2. Receiving OAS: You must be enrolled in and receiving the Old Age Security pension.
3. Income Requirements: The GIS is meant to support those with low income. The specific income limits depend on your marital status and whether you or your spouse/common-law partner are receiving OAS.

In December 2024, the income thresholds for GIS eligibility are as follows:

• Single, Divorced, or Widowed Seniors: You must have an income below $22,056 annually.
• Couples:
  • Both partners receiving full OAS: The combined annual income must be below $29,136.
  • One partner receiving full OAS, the other not: The combined income must be below $52,848.
  • Neither receiving OAS: The combined income must be below $52,848.

These thresholds reflect the income limits for eligibility as of the most recent data. It is important to note that if your income exceeds these limits, you may not be eligible for the GIS, or your monthly benefit could be reduced.

How Much Will You Receive in December 2024?

The amount of GIS you can receive depends on your income level and marital status. For December 2024, the GIS payment is as follows:

• Single, Divorced, or Widowed Seniors: Up to $1,086.88 per month.
• Couples:
  • Both receive full OAS: Up to $654.23 each, for a combined total of $1,308.46.
  • One receiving full OAS, the other not: Up to $1,086.88 for the one receiving GIS.
  • Neither receiving OAS: Up to $1,086.88 for the eligible partner.

The actual GIS amount you will receive depends on your total income, so it is essential to carefully track your income from other sources, such as pensions, savings, or investments.

Payment Dates for GIS Benefits

For December 2024, GIS payments will be distributed on December 20, 2024. GIS payments are typically made on the same dates as OAS payments, and both are paid on a monthly basis. The payments are made directly to your bank account if you are enrolled in direct deposit, or they can be mailed to you if you receive paper cheques.

If you haven’t already set up direct deposit, it’s a good idea to do so to ensure you receive your GIS payment promptly without delays. To set up direct deposit, you can log into your My Service Canada Account and update your payment preferences.

How to Apply for $1364 GIS Benefits in December 2024

If you are already receiving OAS, you may automatically be enrolled in the GIS program, and you will begin receiving GIS payments as soon as you meet the eligibility requirements. However, if you are not yet receiving GIS or if you’ve recently become eligible (for example, if you turned 65), you will need to apply.

Here’s how to apply for GIS:

1. Check Your Eligibility: Ensure that you meet the income and residency requirements. If you’re unsure, you can use the GIS Eligibility Calculator available on the official Government of Canada website.
2. Gather Your Documents: You’ll need to provide information about your income, including any pensions or other sources of income, as well as personal details like your Social Insurance Number (SIN) and marital status.
3. Apply Online or By Mail:
   • Online: If you have a My Service Canada Account, you can apply for GIS online through this portal. This method is quick and ensures that your application is processed efficiently.
   • By Mail: If you prefer, you can download the ISP-3550 form from the Service Canada website, fill it out, and mail it in.
4. Wait for Confirmation: After applying, you will receive a letter from Service Canada confirming whether you are eligible for GIS. This letter will also detail how much you will receive and when to expect your first payment.

How GIS Affects Your Taxes

One important aspect of the GIS that many seniors may wonder about is whether it is taxable. The good news is that the GIS is not taxable. This means that you do not have to report your GIS payments as income when filing your taxes. However, since GIS is income-tested, other sources of income, such as pensions, may impact the amount of GIS you are eligible to receive.

Even though GIS itself is not taxable, it’s still essential to keep track of your overall income to ensure you remain eligible for the full amount of GIS you’re entitled to.

What to Do if Your GIS Payment is Missed

Sometimes, errors or delays can happen, and a GIS payment may be missed. If this happens to you, don’t panic. Here are the steps you can take:

1. Check Your Payment Information: Ensure that your direct deposit details or mailing address are up to date with Service Canada.
2. Contact Service Canada: If you haven’t received your GIS payment by the expected date, reach out to Service Canada through their helpline or online portal. They will be able to investigate the situation and correct any errors.
3. Keep Records: Always keep records of your communications with Service Canada and any relevant documentation to resolve the issue.

How to Appeal GIS Decisions

If you have applied for GIS and received a decision you disagree with, you have the right to appeal. Common reasons for appeals include:

• Denied eligibility despite meeting the requirements.
• Incorrect calculation of GIS benefits.
• Misunderstanding of income levels.

To appeal a decision:

1. Review the Decision: Carefully read the decision letter you received from Service Canada to understand why your application was denied or the benefit amount was reduced.
2. Submit an Appeal: You can file an appeal with Service Canada by submitting a Request for Reconsideration. This process involves providing supporting documents to back your claim, such as proof of income or other relevant information.
3. Wait for a Response: Once submitted, Service Canada will review your appeal and make a determination. This may take several weeks, so patience is key.

Canada November $1500 CPP Payment 2024: Will You Get this? Check Payment Date & Eligibility

Canada $400 Increase in CPP and OAS Benefits in 2024: Fact Check, Who will get this?

Canada 2 Year Temporary Work Permit 2024: Eligibility, Documents, How to Apply

Related Benefits You May Qualify For

Alongside GIS, seniors may be eligible for additional benefits, such as:

• The Allowance: This is available to low-income seniors aged 60 to 64 who are the spouse or common-law partner of someone receiving OAS and GIS. The Allowance is designed to help bridge the financial gap until they reach 65.
• The Allowance for the Survivor: This is a similar benefit to the Allowance but is specifically for those aged 60 to 64 who are widowed or have lost their spouse.

These benefits are also income-tested and can be combined with GIS to provide further financial assistance.