If you’re a senior, you may receive up to $500 in support from the Government of Canada. Here’s what you need to know about eligibility and coverage.
What is the payment?
The payment provides:
- $300 for seniors eligible for the Old Age Security (OAS) pension
- An additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS)
That means, the payment could provide up to $500 in financial support to help cover increased costs (i.e. grocery delivery fees, increased prescription costs, etc.) caused by COVID-19.
The one-time payment for seniors is available to anyone who is eligible to receive the Old Age Security pension (for the $300), or the Guaranteed Income Supplement (for the $200). In both cases, you must be eligible for the June 2020 payment.
- If you have not automatically been enrolled in the OAS program you will have to apply.
- If you are already enrolled in the OAS program, you will receive the GIS automatically, if you qualify.
- The GIS provides a monthly non-taxable benefit to recipients of the OAS whose income is under a certain threshold.
- This is automatically calculated (meaning you don’t need to apply), but you can find out more about how the “maximum annual threshold” is calculated on the Government of Canada website.
Do I need to apply? How and when will I receive the payment?
You don’t need to apply. If you are eligible, you will automatically receive the one-time payment.
If you are enrolled for Direct Deposit, the payment will be deposited directly into your account. If you are not enrolled for Direct Deposit, you can expect to receive a cheque with the payment.
- The Government of Canada recommends that you sign up for Direct Deposit as you will get your deposit more quickly.
There is no specific date or waiting time for the payment. You will receive the payment as soon as possible.
What else to know:
- The payment is tax free.
- If you and your spouse are both eligible, you will each receive payments (up to $500 each).
- You can find more information on the Government of Canada website.
We hope this information was helpful to you!
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- How to apply for BC Housing’s BC Temporary Rental Supplement Program
- Under financial stress? Watch out for loans that ask for a fee upfront
This is an evolving situation and information is changing all the time, so go to the source for updated information.
Where do we fit in? Yes, we are a provincial regulator. We are responsible for some very specific transactions in BC. We aren’t experts on COVID-19. We won’t – and shouldn’t – ever give medical or legal advice. But we are in a unique circumstance right now and we want to help people navigate the current reality. We don’t have all the answers, but we will do our best to share information from reliable sources, put it in ways that are easy to digest and understand, provide referrals and help you navigate this situation.
About Consumer Protection BC: We are responsible for regulating specific industries and certain consumer transactions in British Columbia. If your concern is captured under the laws we enforce, we will use the tools at our disposal to assist you. If we can’t help you directly, we will be happy to provide you with as much information as possible. Depending on your concern, another organization may be the ones to speak to; other times, court or legal assistance may be the best option. Explore our website at www.consumerprotectionbc.ca.