Nearly two months into living in some form of isolation, watching retirement savings take a hit, and having to take additional health precautions due to the COVID-19 pandemic, eligible seniors are set to receive a one-time tax-free payment of up to $500.
“There’s no question that COVID-19 has been taking its toll on seniors both emotionally and financially… our government is taking action to alleviate some of the stress they may be feeling,” said Prime Minister Justin Trudeau, adding that there’s still work ahead to find long-term solutions to how Canada’s elderly are cared for.
Who is eligible for the Canadian government’s new COVID-19 aid for seniors?
Any senior who is eligible for the Old Age Security (OAS) pension will receive a $300 payment, and an additional $200 is being sent to seniors eligible for the Guaranteed Income Supplement (GIS). No application is required to receive this one-time payment.
Seniors are a demographic that continues to be hardest hit from a health standpoint by COVID-19, with deadly outbreaks in long-term care homes across the country. Others are facing additional economic challenges as many live on a fixed income and have expressed concerns about their ability to make ends meet during this time.
If you, or someone you know, have investments that have suffered during this pandemic the Reverse Mortgage which allows you to access your equity without penalty might be the solution you’re looking for. Contact us at callateam@dominionlending.ca for more info.
Learn more about the seniors’ aid here.
Angela Calla is a 16-year award-winning woman of influence mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best-selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from all sales will be donated to Access Youth Outreach Services. Angela can be reached at callateam@dominionlending.ca or 604-802-3983.
