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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.

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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

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