Government of Canada announces $2.5 billion for Old Age Security

Seniors to receive a one-time special tax-free payment

The federal government has announced another aid package for seniors who have been the most affected group of population during the Covid-19 pandemic.

In a press release provided by an official with the Minister of Seniors Deb Schulte, the announcement for additional aid for seniors has been made. As per the release, 6.7 million seniors will be eligible to receive the payment that will be posted to their accounts during the week of July 6.

Earlier in April, the federal government had pledged a $2.5 billion aid to help seniors struggling during the Covid-19 pandemic. The payment was a one-time tax-free payment of $300 for those eligible under Old Age Security and an additional $200 for those eligible under Guaranteed Income Supplement (GIS).

RELATED: Feds announce $2.5 billion in seniors aid amid pandemic

The newly announced aid of $2.5 billion would also be a one-time tax-free payment that would be automatically made to the seniors, without them having to submit an application. The government hopes that such automatic payment would prevent frauds.

The government estimates that for a low-income couple on GIS, this payment, in addition to the April payment would mean a total of over $1,500 in support.

”We continue to look at all the ideas that are coming in on how we could better help seniors. During these unprecedented times, we will always to be there for Canadian seniors,” wrote Schulte.

Priyanka Ketkar
Multimedia journalist

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