Pensions & seniors
Guaranteed Income Supplement (GIS)
A monthly non-taxable top-up for low-income seniors receiving OAS. Amount decreases as other income rises.
GIS is highly income-sensitive, even small pension income can reduce payments.
Where you may see this
Service Canada payment statements and annual renewal notices.
Related terms
Pensions & seniors
OAS recovery tax
A repayment mechanism that reduces OAS payments when your net income exceeds a yearly threshold.
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Old Age Security (OAS)
A monthly pension for people 65 and older who meet residency requirements. It is not based on employment history.
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Canada Pension Plan (CPP)
A monthly retirement pension based on your contributions while working. You can start as early as 60 or delay to 70 for a higher amount.
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CPP post-retirement benefit (PRB)
Additional CPP contributions and benefits if you work while already receiving CPP retirement pension before age 70.
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Indexation
Periodic adjustment of benefit payment amounts to reflect changes in the cost of living or program formulas.
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