Who’s eligible for the $500 one-time payment to seniors
The federal government gives seniors a tax-free one-time payment of up to $500 to cope with added fees amid COVID-19.
The financial aid amounts to $2.5 billion which is estimated to help 6.7 million seniors in the country. Seniors who qualify for Old Age Security (OAS) will receive $300. Those who qualify for the Guaranteed Income Supplement (GIS) will get an extra $200.
Old Age Security pension Eligibility
- 65 years old or older
- A Canadian citizen or a legal resident at the time OAS pension application is approved
- Resided in Canada for at least 10 years since the age of 18
Guaranteed Income Supplement Eligibility
- you are receiving an Old Age Security pension
- your annual income (for couples, your combined income) is lower than the maximum annual threshold
Seniors receiving both pensions are not required to apply. Payments are given automatically.