Everything You Need to Know About GIS
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- Опубліковано 8 чер 2024
- The Guaranteed Income Supplement (GIS) is a very helpful, tax-free supplement for low income seniors. The amount you receive will depend on a number of factors, but is mostly driven by your taxable income, not including OAS.
Planning around GIS in early or later retirement can be very crucial in making the most of what money you may have, which can significantly improve one's retirement.
If you have questions about GIS, or how to structure your investments to enhance your government pension options. Please feel free to reach out to us anytime at info@k4financial.ca
Do you have more questions that have been unanswered? Would you like to understand your finances better?
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DISCLAIMER: All content being published on this platform are for informational and entertainment purposes only, and do not constitute formal financial, accounting, nor legal advice. Kent Tilley does not hold formal education nor registry to be held accountable for any professional recommendations - those in need of formal financial advice/ planning must seek help from licensed professionals. Kent takes pride in the sense of freedom, satisfaction, fulfillment, and empowerment that financial competence that he has built through conscious management of his family’s money. With this, there is no guarantee that the overall content found here are appropriate or applicable for every individual. By proceeding, you agree to hold Kent harmless from any ramifications, financial or otherwise, that may occur to you by acting upon the information found on this platform.
Yay Canadian content!
Turned 65 in January and had applied for GIS, received a couple payments and was cut off because of 2021 income. Didn't need it then, sure could have used it this year.
Ask for the form ISP-3041, it's used to ask the CRA to take account loss of income of the current year to calculate the GIS you can receive. You won't find it on the internet, you have to call them to get it by mail. But the processing time is quite long: they told me it would be 200 days to process my demand.
Can you please explain GIS for a senior couple who are involuntary separated when one spouse has to go into Long Term Care
I remember when the TFSA was launched there were concerns that future GIS outlays would be affected. Assuming that people only have so much to invest, contributing to a TFSA would increase tax revenues from working people (reduced RRSP contributions). However, given the short-term thinking of most politicians, I would agree that they might come to see this GIS maximization as somehow gaming the system.
Hi how did you calculate the $448 per month reduced from $968 per month making $9000 extra income? Thanks
What a great video! Why isn't this video going viral?
Our videos rarely do that unfortunately
@@K4Financial they should
@@brianmcgrath5977 maybe one day
The GIS is pro rated from what amount to 19k? Or is it pro rated starting at 19k thank you?
At 2:17 spouse gets no OAS the threshold is 47K. I am confused. You mean if let's say the wife is quite a bit younger and still working then the husband can qualify for OAS as long as her income is under 47K?
I can't find information on this anywhere? If I sell my prime residence how is this GIS claw back going to effect me?
What the maximum you can earn while on GIS? Does the QPP (Quebec) count towards income total?
I am thinking of contributing to my RRSP when I turn 65 to essentially bring my income to zero, and qualify for the full amount of GIS. Do you think this is feasible?
how long does cra take to make a decision uusally ?
Fun stuff. I get my $1,714.52 AOS/GIS per month income, and my $166.00 GAINS ( Ontario Guaranteed Annual Income System payments ) per month income, and my $488 CAIP Climate Action Incentive per year, and my four annual GST incomes, my CPP income, and the list goes on and on. The GIS is currently for me is $1,026.96 per month.
how much your CPP? I am surprised you are not over the threshold
sucks for those that worked and paid into a pension fund , when another will get essentially the same having never contributed that 1-200,000, and with markets in the bottom of my mega pint, no fun
What happens when I am unable to travel back to Canada while receiving GIS. I am over 70, single and had to move to Hungary because it is affordable to stay in Hungary. My income tax return has been submitted along with the T2201 which has been in effect for years. Do you have any information regarding this. Regards Marika
Do medical expenses reduce income and increase GIS in Canada?
Great Video. If your income drops below the threshold .. does the CRA automatically put you on GIS .... My mother-in-law will be finishing up her RRSPs soon and I expect her income to drop.
Great question! There a few factors that would affect the answer. I’d start by checking out this link
www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/guaranteed-income-supplement/apply.html
Or send us an email and we can help out 😀
If you applied for gis at the same time you applied for old age then yes. But if you didn't then no. If you are expecting a drop in income you can fill in an income form to get the ball rolling. As I understand it. With auto old age being offered thru govt GIS applications are being missed.
Hi Chad, thanks for this great video..I have a question, when I get OAS and GIS of total 19,410.36 a year how much tax will be deducted from this amount so I can know how much will I get after taxes
Thanks
You can choose what comes off of OAS, which can be 0%, because you shouldn’t owe anything to tax come the end of the year.
I have non-registered investments that generate some interest and dividend income. I guess this reduces my GIS entitlement?
Thanks Chad for explaining a benefit which many don't understand very well, the G.I.S.
One problem I see with this benefit is the discrepancy between single and married/common-law recipients. I understand the rationale being used but I question whether it's being applied fairly. Seems couples are being punished for their marital status, unlike say 2 individuals simply living under the same roof who will receive greater amounts being classified as singles. I wonder if this is might be an oversight. Great video!
Singles usually unfairly treated... CPP is lost at death no spousal to benefit excluding death benefit.
You can have up to 5000. Taxable employment or self employment without reduction of GIS also spouse can have that much too.
Great content. I am not clear on the Threshold for a married couple - are the amounts shown($25 968/$47 136/etc.) as combined income? Example I apply at 65, no other income streams besides OAS but my wife is still working and brings home $60k - do I get the maximum $986.86?
Great question, sorry we didn't make that clear. The threshold numbers are your income + spouse's income. So in this scenario until your wife retires you'd be over the threshold.
@@ChadWiebe655 Thank you for the clarification.
No, you don’t, 0
can I am eligible for GIS who is sponsored under PGP category and getting 7/40 OAS living canada since Oct 2015 and P R in Mar 2018 and my wife is now 61 years.
If you get GIS, OAS and CPP are you allowed to work on top of that?
Yes a minimum income below poverty in what a benefit and people wonder why I’m looking forward to another country with lower taxes and nicer environment!
How does one transfer RRSP balances to a TFSA? My dad is 2 years away from retirement and will likely qualify for GIS based on forecasted Pension, CPP, and OAS amounts. However, withdrawing from his RRSPs during retirement will affect that. Could he move his money from RRSPs to a TFSA close to retirement so he has that pool of money to withdraw from during retirement without affecting GIS eligibility?
I mean, sometimes, depending on the balance, it can make sense to “Meltdown” the RRSP before taking CPP, OAS and GIS. Then you can move it into the TFSA, but he can’t transfer it to the TFSA tax free. There’s not a set answer to make this decision. I’d have him set something up with us. We’re announcing a new service for just this soon. Think it can help
@@K4Financial I’ll keep an eye out for the announcement! I am interested in learning more as he’s tasked me with helping him plan for retirement.
Is there a max RRSP you can deduct in a year? (Not asking about 18% rule)
It’s whatever your limit is, which can be found on your notice of assessment.
What would be the amount of GIS received at age of 70 ?
It depends on what your other sources of income are, excluding OAS
Or withdraw from rrsp and keep tfsa
Do you have to apply for GIS or does it come automatically when your entitled to it
It should just come the following year after you’ve filed your taxes.
if you have 500 k in an rrsp and a tfsa you should not be applying for gis if that does become a reality the can gov will apply the clawback to tfsa
why do they include comp then i use it it fer therpy bunch bs
Yvonne
Clear as mud.
2.5 mln Canadians get GIS
How many retirees in total in this country?
Oh, and if you are a heartless person, you will be living in a paradise here on this world, while the good decent retired folk live on almost nothing. THANK goodness, the whole purpose of this was to identify the good from the bad, to determine what lives will be like in the eternal after life. Live it up now, and suffer for eternity, or, do it the other way around. Have a nice caring day.
What happens when you sell your prime residence
Nothing unless you start making money off of the proceeds of the money from the sale.
@@K4Financial I am not sure I understand. I thought that the next year after the sale they require a reimbursement or clawbck for return of past GIS payments, and both OAS would be cut off immediately upon sale. I understand the later. Also said somewhere payment would be between 25-75 % after a certain amount. Could you explain all this to me as I'm afraid to sell now.
Selling your primary residence does not affect your income as it’s not taxable. You should receive the same benefits
This video makes me sad. How can anyone live off this amount in Canada? Should be much much higher.
I have looked at the thresholds of the gis and only the poor qualify for it so wonder why these financial advisors spend so much time talking about it
Because more and more retirees are getting poorer and poorer! Isn't that obvious???
Also, poor people deserve financial advice more urgently than the "rich" ones, because each penny matters in their life!