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Video instructions and help with filling out and completing Fill Form 8815 Guarantees

Instructions and Help about Fill Form 8815 Guarantees

As I mentioned last week today I'm going to talk about the guaranteed income supplement otherwise known as G is now G is is a government benefit given to low-income seniors in Canada and when I first learned about GIS it scared the hell out of me because I never knew this existed and I was like oh my god so many people are completely unprepared for retirement and it shows in the numbers that I'm about to talk about so that is why I think what I'm doing is absolutely of the utmost importance and I am NOT an expert in GIS and I hope that this is the last time that you ever have to understand what it even is because you're listening to what I'm saying and you're starting to plan for your future but currently right now in Canada there are over three million elderly Canadians that are taking some form of GIS which means that they're living below the poverty line and that number is only going to grow at the end of this video I'm going to explain like a really cool strategy where you can actually potentially take advantage of the government and get G is even though you shouldn't be deserving of it whatsoever but first I'm just gonna explain it really simply because when you read about this on the website it's quite confusing so the first thing that you need to know about GIS is that it's available to all senior Canadians who are eligible for old age security which I talked about last week you also have to be residing in Canada to receive a GIS and you have to have an income below a certain threshold and any income that you have will reduce your GIS benefit excluding what you're getting from old age security and G is is not taxable income unlike all the other government benefits another thing to note is that if you're in jail for two years even though you're receiving all I ask you can't receive GIS so just don't go to jail I guess now I'm going to explain to you how this works if you have absolutely no income whatsoever other than old age security so you have no CPP benefits whatsoever in retirement you have nothing to draw from from your RSP you're not working at all and just know that every piece of income that you have on top of that will reduce this benefit so there are four types of people and therefore sort of places where you can receive GIS first is if you're a single person receiving the OAS benefit and that's all you're receiving then GIS will top up your income tax free by eight hundred and seventy one eighty six per month so that means including OAS and GIS you're now receiving fourteen hundred and fifty five dollars a month second is if you're a couple and you guys are both receiving OAS and that's it and now you're both entitled to get a GIS benefit of five hundred and twenty four eighty five a month so your household income is going to be twenty one hundred and ninety seventy for a month next is if you are receiving all ass but your spouse isn't eligible to receive it because maybe they didn't live in Canada long enough so you're the only person in your house receiving OAS then you are eligible to get eight hundred and seventy one dollars and 86 cents in a know it in a GIS top-up so that means your household income in a month is gonna be fourteen hundred and fifty five dollars and sixty cents and lastly if you're married and receiving Oh yotz but your spouse is not 65 yet but you guys fall below a certain threshold of income then they'll be eligible to receive an allowance which is basically like an OS allowance for people that don't have enough money in that case you can receive five hundred and twenty four eighty five a month so I hope that that was depressing you just realize that there's three million Canadians basically living off of nothing because they didn't plan for their future and I hope that that pushes you to start doing something if you're not because you need to realize that everybody starts at zero so if you just start saving a little bit and get into that habit you will not have to deal with this now as I said I was gonna show you like a cool government screwing strategy where you could potentially get G is even though you shouldn't be deserving of it whatsoever.

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