I am turning 65 this January. If my CPP as an example $600 a month, old age at $700 can I still get GIS like $700? My cpp and oas will like combined at $1300 monthly.
If you apply for both CPP and OAS at the same time, assuming you have no other income other than these two sources, you should be eligible for GIS benefits. We cannot comment on the exact amount of GIS you would receive- it should be noted that CPP benefits will result in your GIS being clawed back (OAS does not). If you have any investment assets, there may be an argument to delaying CPP to age 70 as that may result in less GIS clawback. This strategy would need to be planned out further with a financial planner or advisor.
Can u please tell me what is the grocery rebate and how do I get it Also My friends get a 500 dollar summer top up every year. What is that and how do I get it
The grocery rebate was a one-time tax credit issued on July 5, 2023 for eligible Canadians- this CRA page contains full details and whether you qualified: www.canada.ca/en/revenue-agency/services/child-family-benefits/goods-services-tax-harmonized-sales-tax-gst-hst-credit/grocery-rebate.html. We’re not sure what $500 summer top up you are referring to- there are various tax credits and benefits issued by the government which are listed on this page: www.canada.ca/en/services/taxes/child-and-family-benefits.html
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I am turning 65 this January. If my CPP as an example $600 a month, old age at $700 can I still get GIS like $700? My cpp and oas will like combined at $1300 monthly.
If you apply for both CPP and OAS at the same time, assuming you have no other income other than these two sources, you should be eligible for GIS benefits. We cannot comment on the exact amount of GIS you would receive- it should be noted that CPP benefits will result in your GIS being clawed back (OAS does not). If you have any investment assets, there may be an argument to delaying CPP to age 70 as that may result in less GIS clawback. This strategy would need to be planned out further with a financial planner or advisor.
Can u please tell me what is the grocery rebate and how do I get it
Also
My friends get a 500 dollar summer top up every year. What is that and how do I get it
The grocery rebate was a one-time tax credit issued on July 5, 2023 for eligible Canadians- this CRA page contains full details and whether you qualified: www.canada.ca/en/revenue-agency/services/child-family-benefits/goods-services-tax-harmonized-sales-tax-gst-hst-credit/grocery-rebate.html. We’re not sure what $500 summer top up you are referring to- there are various tax credits and benefits issued by the government which are listed on this page: www.canada.ca/en/services/taxes/child-and-family-benefits.html
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