Seniors' Corner - Tax Time can be Benefits Time for Seniors - By Jim Bradley, Ontario Minister Responsible for Seniors
TORONTO, Jan. 23 /CNW/ - Regrettably, many Ontario seniors are not
receiving all the benefits to which they are entitled - benefits made possible by their generation's own hard work.
For many seniors of modest means, tax time is an opportunity to make sure they obtain - or retain - those benefits.
First off, it is important that seniors make sure they are getting the
Canada Pension Plan (CPP) benefits they earned when they were working. You must apply for your CPP benefits. You can do so as early as age 60, but full benefits are only available if you wait until your 65th birthday. CPP cheques run as high as $844 a month.
To get a CPP application, call toll-free 1-800-277-9914, or if you are
internet-savvy, go to www.sdc.gc.ca. Once your eligibility has been
established, your benefits will flow throughout your lifetime.
Almost all seniors are eligible for some or all of the "old age pension",
which is actually made up of two parts - Old Age Security (OAS) and the
Guaranteed Income Supplement (GIS).
The OAS is provided regardless of a senior's income, but you must apply.
You can apply six months before your 65th birthday - or if you are already 65 apply right now to get your benefits flowing as soon as possible. Fully
eligible seniors are entitled to $484 a month.
To apply for OAS, call the same toll-free line or visit the same internet
site listed above for CPP. You only need to register once for OAS benefits.
If your income is less than $13,500 a year, you are likely also eligible
for GIS benefits. Again, you must apply to receive this benefit, which is
worth as much as $593 a month for singles or more for couples.
You can get your GIS benefit application from the same telephone number or internet address as for CPP and OAS . If you file an income tax return - whether you owe tax or not - you keep the GIS benefits flowing. Otherwise you have to re-apply each year. It is a good reason to file a tax return.
Ontario seniors who get GIS may also be eligible for our province's extra old age benefit called the Guaranteed Annual Income System (GAINS). This pension top-up of up to $83 a month will go to you automatically if the age and income information on your income tax return shows you are eligible.
Veterans Affairs Canada (VAC) also provides financial and other benefits to many seniors who served in the armed forces, or had a spouse or parent who served. You can learn more about your eligibility for VAC benefits by calling toll-free 1-866-522-2122, or by checking the internet at www.vac-acc.gc.ca.
You have earned these benefits, and I urge you to make sure that you are getting everything to which you are entitled.
