Ottawa – No doubt that seniors are hit hard financially, with the COVID pandemic. On Tuesday, The PMO – Prime Minister’s Office under Justin Trudeau, announced a one time payment which breaks down as such:
- Providing additional financial support of $2.5 billion for a one-time tax-free payment of $300 for seniors eligible for the Old Age Security (OAS) pension, with an additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS). This measure would give a total of $500 to individuals who are eligible to receive both the OAS and the GIS, and will help them cover increased costs caused by COVID-19.
- Expanding the New Horizons for Seniors Program with an additional investment of $20 million to support organizations that offer community-based projects that reduce isolation, improve the quality of life of seniors, and help them maintain a social support network.
- Temporarily extending GIS and Allowance payments if seniors’ 2019 income information has not been assessed. This will ensure that the most vulnerable seniors continue to receive their benefits when they need them the most. To avoid an interruption in benefits, seniors are encouraged to submit their 2019 income information as soon as possible and no later than by October 1, 2020.
Since the start of the COVID-19 pandemic, the Government of Canada has invested $1.3 billion in a one-time special payment through the Goods and Services Tax (GST) credit in April. More than 4 million seniors benefited from this top-up, which gave an average of $375 for single seniors and $510 for senior couples.