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Email this7:43 am
December 12, 2009
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Source: The Canadian Press, via TMXmoney (https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=OGTU1020)
Details:
* One-time $300 top-up to Old Age Security payments
* One-time $200 top-up to Guaranteed Income Supplement payments
* OAS and GIS tax filers will not see OAS and GIS payments suspended if they forget to file by the June 1, 2020, deadline, for the duration of the COVID-19 emergency
Edit: Note that the first two items are being on a tax-free basis. Not sure if that will be federally- and provincially-tax-free or just federally, but that will be a nice boost, too.
My Take:
The one-time top-up for OAS payments is perhaps too generous on a one-time basis. I would've preferred to see a $100/mo. top-up for for the duration of the COVID-19 emergency or the end of 2020, whichever is less. Similarly, the $200 GIS top-up, provided one-time, is not enough and insufficient. I would've preferred to see a $200-300 top-up for the duration of the COVID-19 emergency or the end of 2020, whichever is greater. The latter item is a good move and should've been done already. I didn't realize OAS/GIS payments could be suspended for non-filing of income taxes; I thought that was just unique to things like CCB and GST/HST. 😉
Cheers,
Doug
8:46 am
September 11, 2013
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Last thing my household needs is $600 tax-free paid for by other people, many of them young and who will be paying for this long after I'm gone. We don't even work, money keeps rolling in. Ridiculous to spend on those who don't need it.
8:58 am
January 12, 2019
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Bill said
Last thing my household needs is $600 tax-free paid for by other people, many of them young and who will be paying for this long after I'm gone. We don't even work, money keeps rolling in. Ridiculous to spend on those who don't need it.
Agreed ❗
This whole plan should have been income tested, so people like us don't receive it.
" Live Long, Healthy ... And Prosper! "
9:36 am
December 15, 2016
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It is rather silly so I'll just give our favorite charity an extra $ 600.
9:52 am
October 29, 2017
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“bluehairs”
Never heard that term before. I had to look it up, refers to elderly women.
10:07 am
January 9, 2011
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Dean said
Agreed ❗
This whole plan should have been income tested, so people like us don't receive it.
Exactly. They are just going insane blowing money around. Yes, most other daily giveaways are sorely needed, but the key is "needed", not "bought".
I can't help but think about Jack Nicholson in the Parade scene in the movie Batman 🙁
The main accomplishment of almost all organized protests is to
annoy people who are not in them.
10:38 am
October 10, 2016
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I think it is important to remember that not all (or even most) seniors in Canada are as financially secure as the posters on this forum.
10:39 am
December 12, 2009
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Bill said
Last thing my household needs is $600 tax-free paid for by other people, many of them young and who will be paying for this long after I'm gone. We don't even work, money keeps rolling in. Ridiculous to spend on those who don't need it.
Yeah, I agree. It should've been targeted to GIS recipients and been more than just a one-time payment.
You could donate that $600 to a registered Canadian charity which you happy to regularly support due to a combination of their good works and low cost structure.
You would get a 15% federal tax credit on the first $200 and 29% on the next $400. Taken together, that would net you $146 in terms of your reduction of your 2020 federal income tax payable next year.
Effectively, you get the $600 tax-free, get the benefit of being generous and giving it away, and then get a further $146 back in terms of reduced income taxes owed. 😉
Cheers,
Doug
10:50 am
October 21, 2018
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We will get $600 from the feds and $400 from the Manitoba govt because we are poor seniors, barely getting by, and need help to cope with the virus. My taxable income was $176,000 last year and I sent CRA $30,000 of it, so now I get $1,000 back.
The mentality of politicians, especially of Liberal Party, is astounding!
10:56 am
July 10, 2011
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Again nothing for the unemployed and homeless etc lol.. The lefts' goal is to keep this going as long as possible.. Re-open your businesses etc folks.. This thing isn't even as deadly as the flu. It's time to reopen fully.
11:05 am
September 11, 2013
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Got other plans, Doug, thanks anyway. Plus that would just cost my friend and neighbour taxpayers another $146.
Does this amount count as OAS, subject to clawback?
11:34 am
September 7, 2018
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pwm said
We will get $600 from the feds and $400 from the Manitoba govt because we are poor seniors, barely getting by, and need help to cope with the virus. My taxable income was $176,000 last year and I sent CRA $30,000 of it, so now I get $1,000 back.
My understanding is that only persons eligible for OAS would be eligible to receive this $300 announced today. One is not eligible for OAS at an income level of $176K.
It is obscene if you receive this payment and it is not taxable either. The Liberals must be in re-election mode to gain favour with everyone.
11:40 am
September 11, 2013
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I'm not sure, if your income is $176k you're eligible for OAS, it's just that it all gets clawed back so they don't send you any to begin with, I believe.
As soon as Liberals are sure it can't be seen as covid-opportunistic maybe they'll call a snap election while the cheques are still going out. Mr Trudeau's approval ratings are (his usual) high.
11:54 am
October 29, 2017
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pwm said
We will get $600 from the feds and $400 from the Manitoba govt because we are poor seniors, barely getting by, and need help to cope with the virus. My taxable income was $176,000 last year and I sent CRA $30,000 of it, so now I get $1,000 back.The mentality of politicians, especially of Liberal Party, is astounding!
I love how some consider $176k to be poor and just getting by.
12:08 pm
April 6, 2013
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OAS is still "paid" regardless of income.
According to Repayment of Old Age Security pension, there will be an attempt to deduct the required repayment over 12 months next year so that one won't have to repay in one lump sum.
But, there will still be a T4-OAS slip showing the gross OAS "received" and showing the deducted repayments as income taxes paid.
12:20 pm
October 21, 2018
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That $176k was for both tax returns. I get most of my OAS clawed back, but will still get the $300.
12:26 pm
October 21, 2018
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Another thought: People who are delaying OAS will not get the money.
12:32 pm
October 21, 2018
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Vatox said
I love how some consider $176k to be poor and just getting by.
Trudeau does, apparently.
12:40 pm
September 15, 2017
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I suggest that a more appropriate and meaningful term be substituted for "bluehairs" in the title of this thread.
1:00 pm
September 11, 2013
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pwm, I'm not so sure, if it's for those who are "eligible" for OAS it might not matter if you're actually already getting it or not, or are getting it clawed back. Have to wait for the legislation, I guess.
Yeah, bluehairs is kind of limiting, need to add another one to include us old guys too.
Please write your comments in the forum.