Scratching for money
Question: I am 67 years old. I have $8,000 cash in a savings account and no other investments. I receive $1,200 per month from Canada Pension Plan and Old Age Security. Any advice would be most helpful. – D.J.B.
Gordon’s answer: It sounds like you are really scratching for income. It must be hard to live on only $1,200 a month. However, I have one suggestion that might help ease matters a little.
It appears from what you say that you are eligible for the federal government’s Guaranteed Income Supplement (GIS) which is available to those 65 and over who qualify as lower-income Canadians. The maximum income you can receive to be eligible is $13,464 a year, not including Old Age Security payments. Your income totals $14,400, but with OAS taken off you should be well under the threshold.
The maximum monthly GIS payment in the first quarter of 2005 is $560.69 for a single person. The amount is adjusted quarterly for inflation.
To find out more, visit the government’s Income Security Programs website at www.sdc.gc.ca/en/gateways/nav/top_nav/program/isp.shtml
If you qualify, I’m sure the extra income will help a lot.
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