Personal Finance

Is $3000 a month family income the cutoff limit to receive any old age benefits - GIS/Allowance etc?

  • Last Updated:
  • Jan 29th, 2023 6:44 pm
Sr. Member
Mar 6, 2010
892 posts
374 upvotes
Brampton

Is $3000 a month family income the cutoff limit to receive any old age benefits - GIS/Allowance etc?

Am I correct in my understanding that annual income of $36000 for a family is pretty much the limit at which both spouses become ineligible for most old age benefits such as GIS and Allowance etc.? (excluding OAS)
6 replies
Deal Addict
Oct 7, 2012
2002 posts
694 upvotes
Montreal
luking wrote: Am I correct in my understanding that annual income of $36000 for a family is pretty much the limit at which both spouses become ineligible for most old age benefits such as GIS and Allowance etc.? (excluding OAS)
This the copy paste top part of the page


How much you could receive
Guaranteed Income Supplement amounts – January to March 2023

If you are a single, widowed or divorced pensioner
Your situation Maximum monthly payment amount Your annual income must be
If you are a single, widowed, or divorced pensioner $1,026.96 Less than $20,832

If you have a spouse or common-law partner

Your situation Maximum monthly payment amount Your annual income plus the annual income of your spouse/common-law partner must be

  • If your spouse/common-law partner receives the full OAS pension $618.15 Less than $27,552
  • If your spouse/common-law partner receives the Allowance $618.15 Less than $38,592
  • If your spouse/common-law partner does not receive an OAS pension $1,026.96 Less than $49,920
Sr. Member
Mar 6, 2010
892 posts
374 upvotes
Brampton
Thanks for posting these numbers. However there is a bit more to the story.
The CPP income is considered income. So a couple receiving 1000 a month individually have already hit $24000 a year income.
How about dividend income, specially the grossing up part?
gogoblender wrote: This the copy paste top part of the page


How much you could receive
Guaranteed Income Supplement amounts – January to March 2023

If you are a single, widowed or divorced pensioner
Your situation Maximum monthly payment amount Your annual income must be
If you are a single, widowed, or divorced pensioner $1,026.96 Less than $20,832

If you have a spouse or common-law partner

Your situation Maximum monthly payment amount Your annual income plus the annual income of your spouse/common-law partner must be

  • If your spouse/common-law partner receives the full OAS pension $618.15 Less than $27,552
  • If your spouse/common-law partner receives the Allowance $618.15 Less than $38,592
  • If your spouse/common-law partner does not receive an OAS pension $1,026.96 Less than $49,920
Deal Fanatic
Jan 19, 2017
9735 posts
5863 upvotes
luking wrote: Thanks for posting these numbers. However there is a bit more to the story.
The CPP income is considered income. So a couple receiving 1000 a month individually have already hit $24000 a year income.
How about dividend income, specially the grossing up part?
Since GIS is looking for taxable income, then the dividend is the grossed up amt used.
Member
Jun 6, 2014
317 posts
145 upvotes
Toronto, ON
luking wrote: Thanks for posting these numbers. However there is a bit more to the story.
The CPP income is considered income. So a couple receiving 1000 a month individually have already hit $24000 a year income.
How about dividend income, specially the grossing up part?
If you receive the maximum CPP or close to maximum CPP, you probably receive maximum or close to maximum OAS was well. GIS is lumped into the OAS calculation. In this situation, your GIS will be a very small amount, if any. And GIS will be reduced by any other source of income - example dividends.

So to answer your original question, yeah pretty much.
Sr. Member
Mar 6, 2010
892 posts
374 upvotes
Brampton
icedtea365 wrote: If you receive the maximum CPP or close to maximum CPP, you probably receive maximum or close to maximum OAS was well. GIS is lumped into the OAS calculation. In this situation, your GIS will be a very small amount, if any. And GIS will be reduced by any other source of income - example dividends.

So to answer your original question, yeah pretty much.
Yeah, i guess one needs to postpone getting cpp to work around this issue. if GIS amount is worth it in the first place

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