The Liberal government’s proposed increase to the guaranteed income supplement top-up benefit by up to $947 annually for the most vulnerable single seniors comes in July 1, 2016.
The measure, which was introduced in the federal budget in March, is aimed at supporting those seniors who rely almost exclusively on old-age security and GIS benefits, and may therefore be at risk of experiencing financial difficulties, according to the budget.
Read: Budget 2016: Changes to OAS and GIS benefits confirmed
“This enhancement more than doubles the current maximum guaranteed income supplement top-up benefit and represents a 10 per cent increase in the total maximum guaranteed income supplement benefits available to the lowest-income single seniors,” said the budget document.
“This measure represents an investment of over $670 million per year and will improve the financial security of about 900,000 single seniors across Canada.”
Single seniors with annual income (other than OAS and GIS benefits) of about $4,600 or less will receive the full increase of $947 from July, according to the budget. Above this income threshold, the amount of the increased benefit will gradually decline and will be completely phased out at an income level of about $8,400.
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