The Canada Revenue Agency provides financial support for senior citizens with low incomes to help them during critical times and after their retirement. These payments aim to provide them with monthly payments so they can live a respectable life and achieve their basic needs of food, water, electricity, etc.
CRA Announced $3900 GIS/OAS/CPP Payments
With the new year, updates to major programs such as the Canada Pension Plan (CPP), Old Age Security (OAS), Guaranteed Income Supplement (GIS), and various pension schemes are expected to be doubled up to $3,900. People who are eligible for these payments may get $3900 payments directly into their bank accounts. The amount of $3900 is not a whole amount that will be given to a single individual but it is made up of all three payment amounts.
These payments will be distributed to the eligible senior citizens according to their eligibility and income. Payments will be dispensed by CRA on a monthly basis. CRA, keeping an eye on inflation and the rise in the costs of living, has increased the payments of GIS, OAS, and CPP to provide financial stability to senior citizens.
Payment Amount Breakdown for GIS/OAS/CPP
| Program Name | Monthly Payment | Details |
| Guaranteed Income Supplement (GIS) | Up to $1,086.88 | These payments are an additional benefit for senior citizens with low income. |
| Old Age Security (OAS) | $718.33 for age 65-74 $790.16 (75+) |
These payments are not related to any contributions and are distributed by the Canadian government. |
| Canada Pension Plan (CPP) | $1,364.60 (Maximum)
$1,306.57(Average) |
These payments are based on your contributions you made at the time of your working years. |
Eligibility Criteria
For OAS:
- You will be eligible for OAS if your age is 65 or above. If your partner is aged 75 or above, you will get even a higher payment.
- You must be a Canadian citizen or a permanent resident at the time your OAS pension is getting approved.
- Your income must be under the limit set by the Canadian Government; otherwise, you will get a reduced OAS payment or might not get it at all.
- You must be a resident of Canada for at least 10 years after turning 18.
For GIS:
- You must be a Canadian citizen or a permanent resident of Canada.
- You must be an individual who receives OAS but whose income is insufficient to meet their basic needs to access GIS.
For CPP:
- To be eligible for CPP, you must be 60 or older in age.
- You must be a Canadian citizen or a permanent resident at the time your CPP payment is getting approved.
- It is mandatory that you have made at least one valid contribution.
How to Claim Your $3900 GIS/OAS/CPP Payments?
To claim $3900 in GIS/OAS/CPP payments, you must follow the simple steps given below (if you are new):
- Firstly, make sure you are eligible for the payments by checking the eligibility criteria and terms & conditions written on the official website of the Canadian government or above.
- Then, visit the official website and log in to your My Service Canada Account (MSCA) using your ID and password.
- Click on the category for which you are applying, such as GIS, OAS, and CPP.
- Fill out the application form by entering the necessary information. Double-check the form to avoid any mistakes.
- Upload the required documents, such as:
- Social Security Number
- Proof of Identity
- Banking Details
- Medical Certificates (If any)
- After uploading the documents, submit the form and wait for the CRA to approve it and get your payment started.
Tips and Tricks to Maximize Your Pensions
- Make sure to register and apply for your pension application on time. Many citizens are involuntarily enrolled but ensure your status with Service Canada.
- If you start your payment early, you will get a reduced payment amount. Therefore, you should think about delaying because your benefits will increase by 0.6% per month after the age of 70, for a total increase of up to 36%.
- Always file your taxes early to get all your pensions on time. Even if your income is low, filing taxes will ensure your GIS payments.
FAQs
Can I receive the payments if I live outside Canada?
Yes, you can receive the payments even if you live outside of Canada, but you must be eligible for the payments.
Do I have to apply to claim these payments?
No, you do not need to apply to claim these payments. These payments will automatically be processed into your bank account if you are eligible.