Canada: Tax-free payments, other relief for older individuals (COVID-19)

Canada: Tax-free payments, other relief

The Ministry of Finance announced economic relief for older individual taxpayers in response to the coronavirus (COVID-19) pandemic.


Related content

Relief for eligible older individuals (senior citizens) includes the following:

  • Senior citizens who qualify for old age security (OAS) will be eligible for a one-time, tax-free payment of $300.*
  • Seniors citizens eligible for the guaranteed income supplement (GIS) will receive $200.
  • Seniors citizens eligible for both OAS and GIS will receive $500.

The Ministry of Finance also announced that GIS and allowance payments will be temporarily extended for senior citizens who have not had their 2019 income information assessed. These relief measures are in addition to previous relief targeted for older taxpayers, including a reduction of the required minimum withdrawals from registered retirement income funds (RRIFs) by 25% for 2020.

Read a May 2020 report prepared by the KPMG member firm in Canada

*$ = Canadian dollar

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor 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 on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


loading image Request for proposal