Actuarial Science 1021A/B Study Guide - Income Statement, Gust Co. Ltd.
16 Oct 2014
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Designed for pensioners, their spouses and for surviving spouses, who have a low annual income. To be eligible for gis, the person must be receiving oas benefits. Gis is only payable outside of canada for 6 months, no matter how long person has lived in canada. Gis is financed out of general tax revenue. In july 2013: gis paid out . 6 million to 1,652,821 recipients. (a) single, widowed, divorced or separated pensioners: The maximum monthly gis benefit is 747. 11 (oct-dec 2013) Benefit is reduced by for every of other monthly income over and above the. Oas pension (income would include any rrif, rrp, cpp, income, annuities, investment income, but not oas) Gis benefit reduces to sh if family income equals or exceeds ,088 a year. Suppose a retiree (65 or over) has total retirement income in a year (all sources) of.
