One-time payments for seniors coming in July
In response to the COVID-19 epidemic, a one-time assistance payment will be coming specifically for seniors in early July, according to the federal government.
The tax-free payment will consist of $300 for those eligible for Old Age Security Pension and an additional $200 for seniors eligible for the Guaranteed Support Income.
If you were eligible to receive Old Age Security Pension or Guaranteed Support Income of June of 2020, you’ll be eligible for this one time payment.
No application is necessary; if you are eligible and registered for the above programs, you’ll automatically receive this payment through direct deposit or your current method of receiving funds from those programs.
Recipients of the Old Age Security Pension or the Guaranteed Support Income are encouraged to register for direct deposit if they are currently receiving funds by check to avoid payment delays. Separate payments are set to be issued the week of July 6, and if you are a current Canadian resident, you should receive payment that week.
“Canada’s seniors have done so much for our country, and we need to be there for them during this challenging time,” said Prime Minister Justin Trudeau in a statement.
“That’s why we are continuing to support our seniors during this pandemic, with measures that will protect their health, and ensure their economic and social well-being.”
If you have a spouse or common-law partner, you and your partner will each receive $500 if you are both receiving the Guaranteed Income Supplement.
For couples where one partner receives the Guaranteed Income Supplement and one partner (between the age of 60 and 64) receives the Allowance, the partner receiving the Guaranteed Income Supplement will receive $500 and the partner receiving the Allowance will receive $500.
This income is non-taxable. Individuals receiving it will not be required to report it on their 2020 tax return.