Seniors across Canada will see a little more money in their bank accounts this week.
The federal government announced earlier this year that eligible seniors will receive additional funds on their Old Age Security pension and the Guaranteed Income Supplement.
Federal Minister of Seniors Deb Schulte calls it a great week for seniors who have seen their expenses rise during the COVID-19 pandemic…
“They are getting the special automatic tax free payment. That’s 6.7 million seniors who are on Old Age Security will receive 300 dollars, and an additional 200 dollars will go to seniors on Guaranteed Income Supplment. So a low income couple will receive $1,000.”
Schulte didn’t rule out more payments down the road…
“The government has been watching very closely what’s been happening and looking at the economy and seeing how it has been changing, and the Cost Of Living Index has been changing, and we will be constantly watching to see what other supports may be required.”
The money was first announced back in May.