Seniors who are no longer working and earning a regular income from employment can easily experience financial difficulties if their retirement funds are scant. While they may be receiving a government pension, it may not be enough to cover all of life’s expenses.
If you’re a senior in the low-income bracket in Ontario, you may be eligible for payments through the Guaranteed Annual Income System (GAINS) program to help top up your income when money is tight.
Let’s take a closer look at the GAINS program to see how much you can get and what is required to qualify.
Key Points About The Guaranteed Annual Income System (GAINS)
- GAINS is a income support program for seniors in Ontario.
- You can get up to $87 a month through GAINS as a single senior and up to $174 as a couple.
- You’ll receive your GAINS payments on the 25th of each month.
- You don’t have to apply for GAINS, you’ll automatically be considered for it when you file your income tax return.
What Is The Guaranteed Annual Income System (GAINS) Program?
The GAINS program pays out a benefit to low-income seniors in Ontario on a monthly basis. The purpose of the program is to ensure that the elderly in Ontario receive a guaranteed minimum income to cover life’s expenses.
GAINS payments are made in addition to Old Age Security (OAS) benefits and Guaranteed Income Supplement (GIS) payments from the federal government.
Who Is Eligible For The Guaranteed Annual Income System (GAINS) Program?
To be eligible for the GAINS program, you must meet the following criteria:
- Be at least 65 years old or older.
- Lived in Ontario for the past year or a total of 20 years since the age of 18.
- Have been a Canadian resident for at least 10 years.
- Receive OAS pension and GIS benefits.
- Earn a private income (ie. private pension, Canada Pension Plan (CPP), bank interest, etc) of no more than $4,176 if you’re single, or more than $8,352 if you’re married or in a common-law relationship.
Guaranteed Annual Income System (GAINS) Payment Dates 2025
If you qualify for the Guaranteed Annual Income System (GAINS) program, you’ll receive monthly payment on the 25th of each month. Payments are made from July to June of the next year.
You’ll receive your payments via cheque or direct deposit (if you’ve signed up for it).
How Much Can You Get Through The GAINS Program?
Payments from the GAINS program go up to $87 for single seniors and up to $174 for couples. The amount you get depends on your private income and marital status. If you have no private income, you’ll receive the maximum benefit amount of $87 or $174.
Your guaranteed income level is a combination of the maximum benefits from GAINS, OAS, and GIS payments. Every 3 months, the guaranteed income level is updated with changes in inflation.
What If You Don’t Agree With The Payment Amount?
If you feel you’re not being evaluated correctly and deserve a higher GAINS payout, you can speak with someone from the Ontario Ministry of Finance to discuss your objections by calling the number below.
If you’re not satisfied with your answer, you can go a step further and fill out an objection form within 90 days from the date of the written decision. You can send the completed form by registered mail to the address below:
| Telephone | 1-866-668-8297 or 1-800-263-7776 |
| Objection Form | Ministry of Finance c/o Director, Advisory, Objections, Appeals and Services Branch 33 King Street West P.O. Box 699 Station A Oshawa, ON L1H 8S6 |
How Do You Apply For The Guaranteed Annual Income System (GAINS) Program?
If you’re already receiving OAS and GIS, you don’t have to apply. You’ll automatically be considered for it based on the information from your income tax and benefit return, as well as the information received from Employment Social Development Canada.
You must file your income tax return each year by no later than April 30, regardless of whether or not you earn a private income, in order to receive your GAINS payments. Or, you’ll need to fill out a GIS application form and submit it to a Service Canada office.
Additional Sources To Financially Help Seniors
It can be tough to cover big purchases and emergency expenses in retirement if you don’t have additional income coming in from other sources other than government benefits. Luckily, there are some resources available that can help cover some bills.
Personal Loans
If you have a last-minute expense and your bank account is a bit short, you can take out a personal loan to help cover your bills or debt. That way, you can pay off the expense in full without having to come up with the total amount on your own.
Meanwhile, you’ll make much smaller installment payments towards paying off your personal loan over a long term that suits your budget.
To qualify for a personal loan, you’ll need some form of income. Fortunately, lenders typically accept non-traditional forms of income, including government benefits and pensions. That means you can use the income you receive from GAINS, OAS, and GIS to qualify for a loan. However, these lenders do charge higher rates. To ensure you get the best rate possible, you should apply when your credit score is in good health. If you don’t know what your credit score is, you can check it for free on Compare Hub.
Senior Discounts
All sorts of businesses offer senior discounts, including retailers, banks, restaurants, hotels, and others. Senior discounts are savings programs specifically for people over the age of 55 or 60, depending on the business. Each company offering a senior discount program will determine the age of eligibility, discount amount, and other specifics, such as days of the week when senior discounts are honoured.
As a senior on a tight budget, it would be helpful to find out where senior discounts are offered and take advantage of them when you can to ease the financial burden on your pocketbook.
Defer Property Taxes
If you own a home, you’re required to pay property taxes every year. Failure to pay your property taxes puts you at risk of having a tax lien placed on the title of your home. If you can’t afford to pay this bill, consider looking into programs that allow you to delay your property tax payment.
Many provinces in Canada offer programs that allow seniors to defer their property taxes. This means you can pause your payments and pay them at a later date. This will buy you some time to get back on your feet and gather the funds needed to pay your deferred taxes at a later time. Keep in mind, however, that interest will continue to accrue on the deferred amount.
Ontario Trillium Benefits (OTB)
The OTB combines payments from the:
- Northern Ontario Energy Credit
- Ontario Energy and Property Tax Credit
- Ontario Sales Tax Credit
To receive OTB benefits, you must qualify for at least one of these three credits.
Final Thoughts
Given, the cost of living has been rising, it can be difficult for seniors to cover all their bills. Especially on limited government pensions and benefits. The GAINS program is designed to help top up other benefits you receive including OAS and GIS, in order to ensure they are financially secure to cover their basic needs. If your retirement income is inadequate to cover all your bills, you may be eligible for the GAINS program.
