The Canada Revenue Agency (CRA) plans to increase the Guaranteed Income Supplement (GIS) payments in February 2025. This will provide more financial support to low-income seniors. The GIS is a federal program that gives extra money to seniors who have a low income.
It is meant to help reduce their financial stress. To qualify for the higher GIS payments in 2025, seniors must:
1. Be legal residents of Canada
2.
Already get the Old Age Security (OAS) pension
3. Have an annual income below certain amounts
4. File their 2024 tax return
Single seniors can get the increase if their yearly income is less than $20,784.
For couples, their combined income must be under $27,456.
Increasing GIS payments for 2025 seniors
Eligible seniors will get about $140 more per month.
Over the year, this adds up to around $1,700 in extra support. The goal is to help seniors afford essential costs like food, medicine, and utilities as prices rise. The CRA has announced the exact payment dates for the higher GIS in 2025.
The first payment will be on January 29, 2025. Having set dates lets seniors better plan their spending. This GIS increase shows the government’s promise to help older Canadians.
It aims to let seniors keep a decent standard of living despite inflation. For more details on payment dates and amounts, seniors should check official CRA announcements and resources. The views in this article are the author’s own.
Image Credits: Photo by Towfiqu barbhuiya on Unsplash
