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The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

What is the Guaranteed Income Supplement (GIS)?

Key takeaways

  • The GIS is a monthly payment available to low-income Old Age Security (OAS) pensioners.
  • Payment amounts are based on your marital status and income.
  • You won’t pay income tax on GIS payments.
  • GIS eligibility is based on your age, income, how long you’ve lived in Canada, and your status as a Canadian Citizen or legal resident.

What is the Guaranteed Income Supplement (GIS)?

The GIS is a monthly benefit available to anyone receiving, or eligible to receive the Old Age Security (OAS) pension, whose annual income (or combined annual income for couples) is below the maximum annual threshold.

As part of your retirement income with the Canada Pension Plan (CPP) and OAS, it’s important to understand how much GIS you may receive so you can be confident you’ll have enough retirement income.

How much GIS you’ll get

The government reviews the GIS every 3 months, in January, April, July and October, to account for increases in the cost of living. Your monthly payment amount won’t decrease if the cost of living falls. 

You can use this benefits estimatorOpens a new website in a new window to get an estimate on how much GIS you’re eligible for. 

GIS payment dates

The GIS is paid monthly by direct bank account deposit or cheque. Here are the GIS payment datesOpens a new website in a new window.

Paying tax on GIS payments

GIS benefits aren’t taxed.

Qualifying for the GIS

To be eligible for the GIS, you must:

To determine your income, use the net income reported on your most recent income tax return (minus OAS).

When you’ll receive your first GIS payment

You’ll receive it the month after you turn age 65. For your GIS payments to continue uninterrupted, you must file your income taxes on time every year.

Applying for the GIS

You may receive your GIS payment automatically along with your OAS payment.

However, you may need to apply for the GIS if:

  • You get a letter from the government asking you to apply, or the information in the letter is incorrect
  • You’re already receiving OAS and have never received the GIS

You can apply for the GIS 2 ways:

To complete the application, you’ll need:

  • Your Social Insurance Number (SIN)
  • SIN and date of birth for your spouse or common-law partner, if applicable
  • All addresses where you’ve lived since age 18
  • Your bank details if you want to sign up for direct deposit
  • The date you’d like your pension to start

What's next?

Now that you know how GIS payments work, why not meet with your advisor to:

  • Understand your GIS eligibility and how much GIS you’ll receive.
  • Confirm when you should apply to receive the GIS.

The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.

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