Finance announces additional support for eligible seniors via a one-time payment of up to $500
Finance has announced additional relief for seniors, who will receive a one-time payment of up to $500 to help offset any cost increases due to COVID-19. According to a news release issued May 12, 2020, seniors who qualify for Old Age Security (OAS) will be eligible for a one-time, tax-free payment of $300, and those eligible for the Guaranteed Income Supplement (GIS) will get an extra $200. Those eligible for both will receive $500.
Finance also announced that GIS and Allowance payments will be temporarily extended for seniors that have not had their 2019 income information assessed. Seniors are encouraged to submit their 2019 personal tax returns by the extended filing deadline of June 1, 2020. However, to avoid an interruption in benefits, seniors should ensure they submit their 2019 income information no later than October 1, 2020.
These measures are in addition to previous relief targeted to seniors, including a reduction of the required minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25% for 2020.
For more details, contact your KPMG advisor.
Information is current to May 19, 2020. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500
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