COVID Support for Seniors
The government has announced financial support for seniors in light of additional expenses incurred due to COVID. Seniors who qualify for Old Age Security (OAS) will be eligible for a one-time, tax-free payment of $300, and those eligible for the Guaranteed Income Supplement (GIS) will get an extra $200. Those eligible for both will receive $500. Information will be posted on the government's COVID-19 response page as available: https://www.canada.ca/en/department-finance/economic-response-plan.html
Eased the rules for Registered Retirement Income Funds
The Government of Canada is reducing required minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25% for 2020, in recognition of volatile market conditions and their impact on many seniors’ retirement savings. This will provide flexibility to seniors that are concerned that they may be required to liquidate their RRIF assets to meet minimum withdrawal requirements. Similar rules would apply to individuals receiving variable benefit payments under a defined contribution Registered Pension Plan.
While wait times may be longer than usual, Service Canada's website and call centre remain fully operational to assist with any issues you may be experiencing with your pension. Visit: https://www.canada.ca/en/services/benefits/publicpensions.html or call 1-800-277-9914.