Very well explained, why does everyone else online make it impossible to understand this, you did it in 11 minutes and it is clear as day. Thank you kindly.👍
I was hoping you would tell me the current amount one can earn before any effect upon your GIS payment. When I worked part-time for several years after retiring at 65, you could earn about $3500 before it affected our GIS payment. I think they raised it to $5000 some years ago. I hoped you would clarify this, but you skipped it completely. Another key point is that although a senior can qualify for GIS, they will need to have the funds available to make up their expected monthly income for up to one full year, since that is about how long it takes from first being approved for GIS to getting first actual payment.
GIS availability to get for a wife and a husband both past 65 is stupide! $25560.00 is way bellow poverty! And inflation is crazy up! They need to get real with their numbers!!!!
I am 66 now, i retired when i was 63 yo, i have cpp only so i used up my rrsp and some withdrawal from my company pension, when i turned 65 they deducted some amount from my oas, which totaled around 1K only, how can i live with that amount? I am not allowed to withdrew from my company pension to tap up my govt pension , how can i live?
How come they don't have a simple chart. For example if you have an extra income on top of your Canadian pension, say 25,000, 50,000, 75,000 $100,000 per year do you get any guaranteed supplement income? For example my friend has real estate income I think about $90,000 per year would he qualify for GIS? If so how much would you get? I told him I doubt he would get very much if any but I could be wrong.
They use my Retirement Income from Poland for GIS but they do not use my years of work in zpoland for years of stay in Canada. They use the money but do not use period of work for OAS. 2 tier of establidhing my retirement pension
AT 60 i retired. i live in subsized housing in Sherwood park AB I am living on my RRSP.. I am taking my CPP and OAS when i turn 65. What can i do to get the GIS?
Is OAS and GIS itself considered income? I was paid out (OAS+GIS) retroactively and amount of $22,000. As a single does that put me already above the GIS income threshold for next year?
GIS is not considered income! If someone is retired and is getting CPP+ OAS+GIS, Revenue Canada asks you to declare as income ONLY the first two (CPP+OAS)!
Hervin I know someone . She was a waitress and made small contributions to CPP so now at 68 yrs old she could not retire and live off OAS and CPP . Because they look at your last year Tax return her income is way over . They have denied GIS for that reason . She will die at work ! How can she retire and collect GIS without starving to death for one whole tax year ?
She could have GIS based on her current year instead when retiring. They ask you this when you apply. Then you fill out form ISP3041. Your GIS is recalculated EVERY year based on the previous years income so she would miss a year if she did not complete ISP3041.
As a GIS and OAS receiver, I know I cannot leave Canada for more than 6 month/ What id I leave Canada for say 5 months and 28 days, and come back for a short period of the time, them stay overseas for another long period,, but shorter than 6 months. If I keep doing this, can I still entitle to receiving GOS and OAS?
Hello Hervin. Thanks for the video. 🙂 May I ask a question please. I am Canadian, living in Canada for 35 years, turned 65 this month. I applied for CPP, OAS and GIS. I am married to a foreign citizen / non-resident of Canada. For health-care reason we live apart. Do to his health, my husband is not eligible for an immigration visa. How does this situation effect my benefits? Would my husband be eligible for any benefits such the Allowance?
I am 70year old retire-single i have a friend 70 year old-single. We receive OAS and GIS .If we move together to share rent and utility it is affect our OAS and GIS ? If YES no move!.
From my limited knowledge, it depends upon whether you're a married or common law married. Otherwise, it's 2 separate people. You'd need to consult with an expert for advice!
Hey Rick Correct 234000/23600 (since if you're dealing with 235000) GIS is gone, I actually go through that on the demo videos teaching people how to use the government's GIS Calculator.
@@HervinPesa Thank you for the quick response ! Just a followup question/clarification related to GIS. My spouse is not yet 60 and for the past couple of years has had only some small investment income (interest, dividend etc). Will CRA also just look at her total Net Income from last years tax return, then combine it with mine to determine if we are eligible for GIS ?
@@rickstanhope7154 Rick. To avoid getting into specifics. I have the video coming out today teaching this very topic. It will show you hbe to use the government calculator. Play around with these.
Service can has a form they can send you if you call in to estimate income... total income less OAS and 5K of employment income. check with service can as things are complicated
It is obvios that one working in other country before coming to Canada and will not get full years 40 for OAS. It is not fair use oy money in Ca adian system and not use years of work ( OAS)
@@martik778 mine is 63 cents on every dollar and I am not getting that much cpp. My July pension was also reduced instead of getting a raise. Now the NDP are speculating that pension will be reduced. Already happening. But now for politicians!
I am looking at the actual Gov site right now. www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/guaranteed-income-supplement/benefit-amount.html and these amounts are good until End of March
1065.47 Monthly for single- 641.35 Each for married/ common law who also get the full OAS. 641.35 For each individual WHOSE partner receives the allowance. and 1065.47 for anyone who has a partner that does not get either OAS or Allowance.
@@HervinPesa Thanks for this. I did see this before and forgot about it. I spoke with them today and they said no. Anyhow... perhaps it's not approved yet?
@@RickCarroll-Canada there is a quarterly adjustment but beyond that, nothing is slated for any changes. Anyone who says otherwise without citing official sources is suspect.
All do respect a senior needs 3000 a month of Income for survival, this is not good to give 2000 and u are broke broke, treadeau needs to wake up and smell the coffee if your rent is 1500.what do u expect to buy food, phone and TTC, and food they cannot buy what they want, if u see the ladies l have coffee with they are white looking and l these seniors worked 50 years in Canada, and food they go to the food bank, treadeau and these gov need need to help help these seniors, how would they like feeble to stand in the line up for can goods which they need fruit, banna, berries and on and on, the food u cannot touch they walk out l wish l was The gov would give them 3000 a month they would be so so happy, these seniors are giving up life, lm not the gov but if l was l would give to them, treadeau please here there voices, they need a voice don't advertise all this bony
I am 1st nations,kamloops,B.C. On Reserve, i have a Survivors Benefit of $540 , may i collect " Welfare " on reserve . Support only , $560 . I am paying $480per mth, leaves me $60 to live on . ( Rent). Iknow homeless people are collecting $560 mnth, if they getan address, they recieve RENT CHECK : Also Check for D/Dep plus $560 Support.
Great news! cra just sent me a monthly increase of $77,890.67 per month! I called service canada and thats not all! Every month they will increase another $99,678.99 per month! This is mind blowing! I'm glad I called cra!
Very well explained, why does everyone else online make it impossible to understand this, you did it in 11 minutes and it is clear as day. Thank you kindly.👍
This video made me realize many important issues!
I was hoping you would tell me the current amount one can earn before any effect upon your GIS payment. When I worked part-time for several years after retiring at 65, you could earn about $3500 before it affected our GIS payment. I think they raised it to $5000 some years ago. I hoped you would clarify this, but you skipped it completely. Another key point is that although a senior can qualify for GIS, they will need to have the funds available to make up their expected monthly income for up to one full year, since that is about how long it takes from first being approved for GIS to getting first actual payment.
GIS availability to get for a wife and a husband both past 65 is stupide! $25560.00 is way bellow poverty! And inflation is crazy up! They need to get real with their numbers!!!!
My combined pension CPP OAS GIS IS 1700 /month, Apartament in Toronto minimum 2000/ month
I am 66 now, i retired when i was 63 yo, i have cpp only so i used up my rrsp and some withdrawal from my company pension, when i turned 65 they deducted some amount from my oas, which totaled around 1K only, how can i live with that amount? I am not allowed to withdrew from my company pension to tap up my govt pension , how can i live?
How come they don't have a simple chart.
For example if you have an extra income on top of your Canadian pension, say 25,000, 50,000, 75,000 $100,000 per year do you get any guaranteed supplement income?
For example my friend has real estate income I think about $90,000 per year would he qualify for GIS? If so how much would you get? I told him I doubt he would get very much if any but I could be wrong.
are u kidding u get shut thats what u get
Great u. Very comprehensive
They use my Retirement Income from Poland for GIS but they do not use my years of work in zpoland for years of stay in Canada. They use the money but do not use period of work for OAS. 2 tier of establidhing my retirement pension
I am not clear about the income calculation. Is qualification based on net income or taxable income?
AT 60 i retired. i live in subsized housing in Sherwood park AB I am living on my RRSP.. I am
taking my CPP and OAS when i turn 65. What can i do to get the GIS?
Is OAS and GIS itself considered income?
I was paid out (OAS+GIS) retroactively and amount of $22,000. As a single does that put me already above the GIS income threshold for next year?
GIS is not considered income!
If someone is retired and is getting CPP+ OAS+GIS, Revenue Canada asks you to
declare as income ONLY the first two (CPP+OAS)!
@@Globetrotter-jz2uw Thank you! Indeed it was mentioned in another episode ..(I missed it). Thank you for answering!
Hervin
I know someone . She was a waitress and made small contributions to CPP so now at 68 yrs old she could not retire and live off OAS and CPP . Because they look at your last year Tax return her income is way over . They have denied GIS for that reason . She will die at work !
How can she retire and collect GIS without starving to death for one whole tax year ?
People on welfare make more.
ASk to have GIS based on the current years income - form ISP3041
ya thats the way it gors they pocket alot money dont think they dont cause they do
She could have GIS based on her current year instead when retiring. They ask you this when you apply. Then you fill out form ISP3041. Your GIS is recalculated EVERY year based on the previous years income so she would miss a year if she did not complete ISP3041.
@@darlenehoward-l4j this is incorrect, read my reply
As a GIS and OAS receiver, I know I cannot leave Canada for more than 6 month/ What id I leave Canada for say 5 months and 28 days, and come back for a short period of the time, them stay overseas for another long period,, but shorter than 6 months. If I keep doing this, can I still entitle to receiving GOS and OAS?
Good question non residents get screwed on benefits plus paying 25% witholding tax on oas and cpp benefits.
NO!You have to be in Canada for 183 days a year,in order to get that GIS!
No!
Simple rule is 183 days in CDN and 182 days anywhere in the world in one year!
Hello Hervin. Thanks for the video. 🙂 May I ask a question please. I am Canadian, living in Canada for 35 years, turned 65 this month. I applied for CPP, OAS and GIS. I am married to a foreign citizen / non-resident of Canada. For health-care reason we live apart. Do to his health, my husband is not eligible for an immigration visa. How does this situation effect my benefits? Would my husband be eligible for any benefits such the Allowance?
How much combined income to qualify for GIS
I am 70year old retire-single i have a friend 70 year old-single. We receive OAS and GIS .If we move together to share rent and
utility it is affect our OAS and GIS ? If YES no move!.
From my limited knowledge, it depends upon whether you're a married or common law married. Otherwise, it's 2 separate people. You'd need to consult with an expert for advice!
How can I get GSI?
Does selling a property affect GIS?
Primary residence selling is not considered income!
You have to be poor enough which is most seniors considering cost of living today $51560 isn't high salary for a household
and for a single elderly person it is even worse
When you mention Income(s), do you really mean the total Net Income from line 23600 on your previous years tax return ?
Hey Rick Correct 234000/23600 (since if you're dealing with 235000) GIS is gone, I actually go through that on the demo videos teaching people how to use the government's GIS Calculator.
@@HervinPesa Thank you for the quick response ! Just a followup question/clarification related to GIS. My spouse is not yet 60 and for the past couple of years has had only some small investment income (interest, dividend etc). Will CRA also just look at her total Net Income from last years tax return, then combine it with mine to determine if we are eligible for GIS ?
@@rickstanhope7154 Rick. To avoid getting into specifics. I have the video coming out today teaching this very topic. It will show you hbe to use the government calculator. Play around with these.
@@HervinPesa Perfect, I look forward to watching it.
Service can has a form they can send you if you call in to estimate income... total income less OAS and 5K of employment income. check with service can as things are complicated
It is obvios that one working in other country before coming to Canada and will not get full years 40 for OAS. It is not fair use oy money in Ca adian system and not use years of work ( OAS)
GIS is reduced by 2/3 when getting CCP. 2/3 is more than .50 on the dollar.
Only in a very low narrow income band, in most cases it is 50cents
@@martik778 mine is 63 cents on every dollar and I am not getting that much cpp. My July pension was also reduced instead of getting a raise. Now the NDP are speculating that pension will be reduced. Already happening. But now for politicians!
@@lindawheatley6822 How much is your CPP and what other income do you have? I can look it up for you
@@lindawheatley6822 It's because of the top-ups to GIS, after ~10,000 income it drops to 50 cents
Do medical expenses reduce income and increase GIS in Canada?
Very good point
Explain what they count as income. OAS isn't included as income. Also 5K of working income (calculation for next 5K) isn't included.
Single person income is lower than tearly rent of 24000 $
I just spoke with the Government and your GIS amount is wrong. That amount has not been approved by the government.
I am looking at the actual Gov site right now.
www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/guaranteed-income-supplement/benefit-amount.html
and these amounts are good until End of March
1065.47 Monthly for single- 641.35 Each for married/ common law who also get the full OAS. 641.35 For each individual WHOSE partner receives the allowance. and 1065.47 for anyone who has a partner that does not get either OAS or Allowance.
Rick, I just realized you must be responding to a SPAM video that plays ahead of youtube videos.
@@HervinPesa Thanks for this. I did see this before and forgot about it. I spoke with them today and they said no. Anyhow... perhaps it's not approved yet?
@@RickCarroll-Canada there is a quarterly adjustment but beyond that, nothing is slated for any changes. Anyone who says otherwise without citing official sources is suspect.
U shud explain how non residents get screwd on benefits.
All do respect a senior needs 3000 a month of Income for survival, this is not good to give 2000 and u are broke broke, treadeau needs to wake up and smell the coffee if your rent is 1500.what do u expect to buy food, phone and TTC, and food they cannot buy what they want, if u see the ladies l have coffee with they are white looking and l these seniors worked 50 years in Canada, and food they go to the food bank, treadeau and these gov need need to help help these seniors, how would they like feeble to stand in the line up for can goods which they need fruit, banna, berries and on and on, the food u cannot touch they walk out l wish l was The gov would give them 3000 a month they would be so so happy, these seniors are giving up life, lm not the gov but if l was l would give to them, treadeau please here there voices, they need a voice don't advertise all this bony
Pansion for coffenand donuts😂
Gis is a farce
none of you guys on UA-cam have the same number...SOMETHING is not right
@@garytibo I'm not sure what you're looking at but these numbers are updated quarterly. It's best to use the government calculator to review yours.
Ffffffffff
I am 1st nations,kamloops,B.C. On Reserve, i have a Survivors Benefit of $540 , may i collect " Welfare " on reserve . Support only , $560 . I am paying $480per mth, leaves me $60 to live on . ( Rent). Iknow homeless people are collecting $560 mnth, if they getan address, they recieve RENT CHECK : Also Check for D/Dep plus $560 Support.
ya get more n pay it bk such bs dam
Great news!
cra just sent me a monthly increase of $77,890.67 per month!
I called service canada and thats not all!
Every month they will increase another $99,678.99 per month!
This is mind blowing! I'm glad I called cra!
bs
oh bs what u know ur not even canadian