Prime Minister Justin Trudeau announced a $2.5 billion aid package for seniors Tuesday, which includes one-time top-ups to Old Age Security and the Guaranteed Income Supplement.
Here's a breakdown of the funding package from the federal government:
- Providing additional financial support of $2.5 billion for a one-time tax-free payment of $300 for seniors eligible for the Old Age Security (OAS) pension, with an additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS). This measure would give a total of $500 to individuals who are eligible to receive both the OAS and the GIS, and will help them cover increased costs caused by COVID-19.
- Expanding the New Horizons for Seniors Program with an additional investment of $20 million to support organizations that offer community-based projects that reduce isolation, improve the quality of life of seniors, and help them maintain a social support network.
- Temporarily extending GIS and Allowance payments if seniors’ 2019 income information has not been assessed. This will ensure that the most vulnerable seniors continue to receive their benefits when they need them the most. To avoid an interruption in benefits, seniors are encouraged to submit their 2019 income information as soon as possible and no later than by October 1, 2020.
The federal government says the direct supports announced Tuesday is expected to assist 6.7 million seniors across Canada.
Prime Minister Justin Trudeau holds his regular media briefing on COVID-19 from Ottawa at 11 a.m. this morning.
The press conference will be streamed live on Trudeau’s Facebook page, and Village Media will carry the livestream feed.