What is the Guaranteed Income Supplement?

Many people who qualify for the GIS are automatically enrolled. If this happens, you will receive a letter from the government after you turn 64. If you’re eligible but haven’t been automatically enrolled, you can contact OAS and apply.

GIS payments are not taxable, but you still must file an income tax return by April 30 each year or payments may be disrupted.

Example: “After Rosa started receiving GIS payments, her husband applied for the additional Allowance benefit, available to eligible spouses and common-law partners.”

Read more about retirement:

• Planning for retirement with little to no savings to draw on
  Financial planning advice is often catered to wealthier Canadians. What can retirement look like for those without healthy RRSPs or other savings?
• The best RRSP investments
  Here are the best accounts to hold your savings and investments.
• Know your TFSA contribution limit
  Tax-free savings accounts offer a place for your cash or other investments to grow. Here’s help with selecting the best product to match your needs.
• How to plan for retirement in five or 10 years
  When deciding to retire in five or 10 years, there are a few things to consider, in addition to your mortgage, debt and work and government pensions.
• Tax-efficient retirement strategy options for Canadians
  A Canadian couple wonders about winding down their taxable investments. A Certified Financial Planner looks at the options.

About MoneySense Editors

MoneySense editors and journalists work closely with leading personal finance experts in Canada. Since 1999, our award-winning magazine has helped Canadians navigate money matters.

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