Benefits for low-income seniors
Old Age Security Program
The Old Age Security (OAS) program, which is financed from general revenues of the Government of Canada, is the cornerstone of Canada's retirement income system and provides benefits to almost all seniors.
The Old Age Security pension
The OAS pension combines with the Canada Pension Plan (CPP), private pension plans, and retirement investments to provide Canadians with one of the best retirement income systems in the world.
Most people in Canada who are 65 or over and meet the residence requirements receive this pension each month. For details, call us and ask for the booklet Old Age Security Pension.
But even the best programs don't cover all situations. That's why the Government of Canada has added the Guaranteed Income Supplement and the Allowance to the OAS program for seniors whose income is low.
The Guaranteed Income Supplement
The Guaranteed Income Supplement (GIS) provides additional income to seniors living in Canada who have a low income even with their OAS pension. To be eligible for the GIS, you must be receiving the Old Age Security pension and meet the income requirements.
The Allowance
The Allowance is a benefit for low-income seniors between 60 and 64. Its purpose is to help them until they become eligible for the OAS pension (and possibly the GIS) at the age of 65.
There are two types of Allowance benefits:
- Known simply as the Allowance, the first is for spouses/common-law partners of OAS pensioners.
- The second benefit is called the Allowance for the survivor. This benefit is intended for low-income seniors whose spouse or common-law partner has died and who have not remarried.