Starting this week, a one time payment for older seniors will be sent out by the Federal government. The amount of this payment is $500.00. This payment is taxable. What are the criteria for receiving this payment?
One Time Payment for Older Seniors – Criteria
The government of Canada’s website lists two criteria for seniors to be eligible for this one time payment. First, the person would have to been born on or before June 30, 1947. Second, they would have to be eligible to receive the Old Age Security pension as of June 2021.
If you have applied for Old Age Security but have not yet been approved, you will receive the one time payment if you are approved for Old Age Security retroactively to June 30, 2021 or earlier.
How Will I Receive My Payment?
The government’s website above says that if you receive your Old Age Security by direct deposit, then the one time payment will be directed deposited to you in the week of August 16, 2021. If you receive your Old Age Security by cheque then you will receive the one time payment by cheque.
Finally, no taxes or deductions will be taken from your one time $500 payment. However, because it is a taxable benefit, you will be sent a tax slip and you will be required to declare this amount on your income tax return for 2021.
The one time payment for older seniors is a nice little boost for them during these difficult times. Many seniors have very little income, so anything extra can go a long way. If you are eligible, make sure that you have applied for Old Age Security to make sure you will receive this payment as this is free money. Actually nothing is really free but this is as free as it can get.
Canadian Seniors will receive a one time covid-19 relief payment this week as announced by the government earlier in the week. The goal is to help seniors curb rising costs for things such as grocery deliveries and prescriptions. During this pandemic, seniors have been one of the hardest groups affected. This payment is one way that the government wanted to lightened their load. This one-time payment is tax free.
Canadian Seniors Receive Covid-19 Payment Relief, How Much?
Canadian seniors can receive up to $500.00 in a one-time payment from the government. Here’s the breakdown from a recent article below:
“Any senior who is eligible for the Old Age Security (OAS) pension will receive a $300 payment, and an additional $200 is being sent to seniors eligible for the Guaranteed Income Supplement (GIS).
The federal government estimates there are currently 6.7 million seniors who are eligible for the OAS pension and 2.2 million who are eligible for the GIS. These payments are set to total $2.5 billion.”
Canadian Seniors Receive Covid-19 Paymet Relief, When and How?
The payment is directly made to any senior who is eligible. No application is needed to apply. Here are the payment details from the same article:
“Seniors who reside in Canada can expect to receive the payment by direct deposit or cheque this week, whereas seniors who reside outside Canada can expect this one-time payment in July for those on direct deposit, or by cheque with delays given international postal disruptions,” said the government in a statement.
For Canadian seniors, any help is good as they have been hit hard by COVID-19. As a result, they have to take extra precautions to stay safe. This has resulted in taking on a greater financial burden with limited income for many. Because of that, Canadian seniors will gladly accept the covid-19 one-time payment as every little bit helps.