The Government of Canada provides various pension benefits to its citizens, including the Guaranteed Income Supplement (GIS). In March 2024, the Canada Revenue Agency (CRA) announced new GIS payments for July and September 2024. Adjustments to the GIS are made quarterly—in January, April, July, and October—based on the Consumer Price Index (CPI) and Cost of Living Adjustment (COLA). This ensures that the payments reflect the current cost of living, helping beneficiaries cope with inflation.
GIS Payment Dates for 2024
The GIS payments for July 2024 will be issued to all eligible recipients. Although the specific amount, $3400, may vary, new applicants can apply online or offline by submitting their personal information and Social Insurance Number (SIN). Existing beneficiaries of the Old Age Security (OAS) will automatically receive their GIS payments without needing to apply separately. These payments are directly deposited monthly, as detailed in the official letter from Service Canada.
| Month | Payment Date |
|---|---|
| July | 29 July 2024 |
| August | 28 August 2024 |
| September | 25 September 2024 |
| October | 29 October 2024 |
| November | 27 November 2024 |
| December | 20 December 2024 |
GIS Income Limits for 2024
Eligibility for the GIS is determined by annual income. Here are the income limits for various categories:
| Eligible Candidates | Income Limit 2024 |
|---|---|
| Single Individual | $21,624 |
| Divorced/Widowed | $21,624 |
| Spouse/Common-law Partner (Receiving OAS) | $28,560 |
| Spouse/Common-law Partner (Not Receiving OAS) | $51,840 |
| Spouse/Common-law Partner (One Receiving GIS) | $39,984 |
Understanding GIS Payment Amounts for 2024
GIS payments are adjusted quarterly to keep up with inflation. The amounts depend on the CPI and COLA, ensuring beneficiaries receive adequate support for their monthly expenses.
| Eligible Candidates | GIS Payment Amount 2024 |
|---|---|
| Single Individual | $1,072.93 |
| Divorced/Widowed | $1,072.93 |
| Spouse/Common-law Partner (Receiving OAS) | $645.84 |
| Spouse/Common-law Partner (Not Receiving OAS) | $1,072.93 |
| Spouse/Common-law Partner (One Receiving GIS) | $654.84 |
Eligibility for GIS Payments in 2024
To qualify for the GIS, candidates must meet the following criteria:
- Existing beneficiaries of the OAS.
- Senior citizens over the age of 65.
- Canadian citizens and residents.
- Residents living abroad must have spent at least six months in Canada each year.
- Must possess a birth certificate and SIN.
Applying for GIS
New applicants can apply for the GIS through online or offline modes by providing personal details and their SIN. Existing OAS beneficiaries are automatically enrolled and receive their payments without additional applications. For more details, individuals can visit the official CRA website.
Important Considerations
The information provided about GIS payments is based on official sources and is accurate as of now. However, the details may change in the future. For the latest information, individuals are advised to consult professionals or visit the official CRA website.
FAQs:
How often are GIS payments adjusted?
GIS payments are adjusted quarterly based on the Consumer Price Index and Cost of Living Adjustment.
Who is automatically enrolled for GIS payments?
Existing beneficiaries of the Old Age Security are automatically enrolled for GIS payments.
What is the income limit for a single individual to qualify for GIS?
The income limit for a single individual to qualify for GIS in 2024 is $21,624.