The GIS payment for November 2024 will be released soon, but how much GIS amount will be deposited in your bank account this time? Are you eligible for it, and what are the rules to be followed for eligibility? In this article, we will tell you how much will be the GIS amount this month, how to check eligibility for GIS Payment and how to understand the criteria required for it. This monthly payment of GIS for senior citizens is a means of financial security and relief. If you are also a GIS beneficiary or want to know about it, then in this article you will get the answer to all the questions.
Do you also think that everything will be great in retirement? But the truth is that as age increases, expenses increase. Now Guaranteed Income Supplement (GIS) is an initiative from the Canadian government, so that those who have low income can feel some relief. In November 2024, your GIS payment date under this scheme is November 27. If you are also eligible, then taking advantage of this GIS payment can help a lot in your budget. Let’s know all the important things about this scheme.
GIS Payment Date and Details
| Detail | Description |
| Payment Date | November 27, 2024 |
| Maximum Monthly Payment (Single) | Up to $1,032.10 |
| Maximum Monthly Payment (Couples) | Up to $1,754.94 (combined income threshold dependent) |
| Income Threshold for Eligibility | Single: Up to $22,056; Couples (both OAS recipients): Up to $29,904 |
| How to Apply | Automatic enrollment if receiving OAS; otherwise, apply via Service Canada’s ISP-3550 form or online with My Service Canada Account. |
| Resource Link | Service Canada GIS Information |
What is GIS and who can get it?
The Guaranteed Income Supplement (GIS) is a non-taxable monthly plan aimed at providing financial support to Canadian seniors, especially those with limited income. It is worth noting that GIS can be availed only by those who are receiving Old Age Security (OAS) and their income is below a certain limit.
- Income limit: $22,056 for singles and $29,904 for couples.
- Automatic enrollment: Those who are already eligible for OAS do not have to apply separately for GIS.
If you fall into this category, then the government has tried to bring a little more comfortable experience in your life.
How much amount will you get in GIS in November 2024?
So now let’s come to the real question – how much will you get in November? There is no change in the amount you will get from GIS in November this year.
- Single seniors: $1,032.10 per month if income is less than $22,056.
- Couples (both receiving GIS): $1,754.94 per month if their combined income is less than $29,904.
Is that enough for your everyday expenses? Probably not. But it can provide some relief.
What is the income limit for GIS?
Not everyone receives GIS. There is an income limit.
- Singles: Annual income less than $22,056.
- Couples (both receiving OAS): Total income less than $29,904.
- Couples (one partner receiving OAS): Total income up to $43,728.
Note that if your income is above these limits, the amount of GIS decreases gradually. That is, GIS decreases as income increases.
Eligibility Criteria for GIS
If you want to apply for GIS, you must meet certain GIS eligibility criteria:
- Age: 65 years or older.
- Canadian Citizenship: GIS is only for Canadian citizens.
- Required to receive OAS: GIS is only available to those who are already receiving OAS.
If you do not meet any of these conditions, alas, you may be denied GIS.
Quarterly Adjustment of GIS Amount
The GIS amount is adjusted every three months to keep up with inflation. The next adjustment will be made in January 2025. These quarterly adjustments help keep your GIS amount in sync with inflation over time, keeping some balance in your expenses.
How to Apply for GIS?
For those who are not in automatic enrollment, here is how to apply for GIS:
Submit documents: SIN number, bank account details, and partner details (if couples).
Apply online or on paper:
Online: Use My Service Canada Account.
On paper: Download Form ISP-3550 from the Service Canada website and send it by post.
Submit application: After you submit your application, you can check your application status on My Service Canada Account.
Manage GIS payments effectively
GIS helps many seniors cover important expenses, but it’s important to manage it correctly.
File taxes on time: Service Canada uses your tax information to determine GIS eligibility.
Report income changes: If there’s a change in your income, let Service Canada know.
Set up direct deposit: This ensures that you receive payments on time and avoids mail delays.
Tips to maximize GIS benefits
There are a few tips that can help you maximize your GIS benefits:
Income reduction strategy: If possible, don’t withdraw from a Registered Retirement Savings Plan (RRSP) until you’re 71.
Coordinating other benefits: GIS recipients may also be eligible for other benefits, such as the Guaranteed Annual Income System (GAINS).
Provincial benefits alongside GIS
Some provinces offer additional benefits in addition to GIS:
Ontario: Seniors receiving GIS receive $83 monthly under the GAINS program.
Quebec: Seniors receiving GIS in Quebec may receive additional financial assistance.
British Columbia: Seniors here receive additional income support based on GIS.
Additional Benefits: Allowance and Survivor Allowance
Apart from GIS, it also includes some additional allowances that are designed for low-income spouses and survivors:
Allowance: For spouses who are between 60-64 years and whose total income is less than $40,800.
Survivor Allowance: For widow/widower aged 60-64 years whose income is less than $26,496.
