On May 12th, 2020 Prime Minister Trudeau announced some financial support measures for seniors.
- Seniors who receive Old Age Security payments will receive a one-time payment of $300,
- Seniors who receive Guaranteed Income Supplement payments will receive a one-time payment of $200.
- Seniors who receives both OAS and GIS payments will receive a one-time payment of $500.
The Prime Minister did not say whether the payments will be taxable or not; however, BNN Bloomberg and CBC are reporting that they will be tax free.
Please contact your DMCL advisor if you have any questions about these measures.
