Financial Help For Seniors During COVID-19 Crisis
May 12, 2020
The Prime Minister, Justin Trudeau, today announced a series of additional measures to help Canadian seniors and provide them with greater financial security in this time of crisis. These measures include:
- 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.
This money, announced on Tuesday, is in addition to $1.3 billion in a one-time special payment through the Goods and Services Tax (GST) credit in April. The government says more than four million seniors have received this credit, with an average of $375 going to single seniors and $510 for senior couples.