Definition: The Guaranteed Income Supplement is a Canadian federal government income support program which provides money in addition to the Old Age Security pension to low-income seniors living in Canada. You must be entitled to the Old Age Security pension to qualify for the Guaranteed Income Supplement. The Guaranteed Income Supplement is not considered taxable income, although it must be reported on your tax return.
The Guaranteed Income Supplement is not automatic; you must apply for it. Because income changes from year to year, you must renew your application each year. Renewals are normally done by filing a Canadian income tax return.
The Guaranteed Income Supplement is not automatic; you must apply for it. Because income changes from year to year, you must renew your application each year. Renewals are normally done by filing a Canadian income tax return.
