The golden years can be a time to relax and enjoy your life without the stress of work. However, if you stop working and no longer have an employer-sponsored pension plan, you might worry about your financial stability. Fortunately, there are several programs and services in Canada that provide financial help for low-income seniors who need it.

When you stop working and no longer have an employer-sponsored pension plan, you may worry about your financial stability.

It’s not too late to start planning for your retirement. In fact, it’s never too late. But if you are already retired, you may be feeling a little anxious about your future financial security.

When you stop working and no longer have an employer-sponsored pension plan to fall back on, you may worry about how long your savings will last and whether or not they will be enough to see you through old age.

To ease this anxiety and help ensure that you enjoy a comfortable senior years ahead, there are four things that you need to do:

If you’re a Canadian citizen or permanent resident of Canada, you may qualify for benefits from the federal government and your provincial or territorial government.

As a Canadian citizen or permanent resident of Canada, you may qualify for benefits from the federal government and your provincial or territorial government. The following is a list of programs and services that seniors can access:

Old Age Security (OAS) is a monthly benefit paid to Canadians who are 65 years old or older, regardless of their income level. In 2019, OAS beneficiaries will receive up to $622 per month if they live alone; those who live with others will receive up to $426 per month. If you’re 65 years old or older and want to apply for OAS benefits, contact Service Canada at 1-800-277-9914 (TTY 1-800-529-3742).

It’s important to explore all the programs and services you can use to help improve your quality of life.

It’s important to explore all the programs and services you can use to help improve your quality of life. You can get financial help from the Canadian government and other sources.

In addition, there are other benefits that are not so obvious, but they can make a huge difference in how you live your life as you age. For example, if you don’t need glasses or hearing aids now, but start needing them when you’re older, Medicare will cover those expenses for a limited time after your 65th birthday.

Many seniors have concerns about the federal government’s Old Age Security program (OAS).

Many seniors have concerns about the federal government’s Old Age Security program (OAS). They think it is a guaranteed income, an investment or a retirement savings plan. It’s not any of those things.

It is a government pension program that does not consider your financial assets when calculating your eligibility for benefits.

It doesn’t matter whether you are living in Canada or abroad, if your primary residence is outside Canada but you have immigrated to this country and intend to settle here permanently, then you will continue to receive OAS as long as you meet all other eligibility criteria.

There’s one thing you must do in order to receive OAS.

The first thing you must do in order to receive OAS is be a Canadian citizen or permanent resident. You must also have lived in Canada for at least 10 years after age 18, and not be receiving social assistance. If you were married before April 1, 1952, your partner must not receive OAS if they meet all these requirements.

If you meet these requirements, then it’s time to fill out an application form with the Government of Canada’s Service Canada representative office near where you live. Then wait for about six months until they send your actual cheque!

You’ll be entitled to a higher OAS benefit if you continue working after age 65.

You might be wondering, “How will I get by?” You’ll have to work longer. If you’re over 65 and still working, there is no reduction in your CPP or OAS benefits. However, if you continue to earn income after age 65, then your OAS payments will be reduced by a set amount depending on the amount of income earned. This means that if you have a higher income from employment than what would normally result from receiving the maximum OAS benefit (in 2015 this was $569), then those earnings may reduce it further until no more money is being taken out of your paycheque at all—the exact point at which this happens depends on where in Canada you live relative to average earnings levels across the country as well as how much money is left over after taxes are paid on top of other deductions like CPP contributions (if applicable).

If you do choose not to work longer past retirement age but instead receive only GIS benefits based on low-income thresholds set at certain levels below average wages across Canada (which vary slightly depending on whether they’re based off Basic Needs Allowance levels or Market Basket Measurement calculations), then those will not be affected by any additional revenue sources such as employment earnings – so even though it seems counterintuitive at first glance when compared against other financial institutions such as banks who often provide loans based solely upon credit history without regard for income status (and so tend toward issuing larger loans rather than smaller ones), having marketable skills does come with some advantage here: namely knowing which employers may provide higher wages relative their competitors.”

Canadians who are 65 years old or older also qualify for Guaranteed Income Supplement (GIS) payments.

If you are 65 years old or older, you may also qualify for Guaranteed Income Supplement (GIS) payments. These payments are based on your net income and the number of years that you have lived in Canada. If you’re single, for example, and your net income is less than $17,544 per year and the number of years that you’ve lived in Canada is at least 10 out of the last 15 years, then you might be eligible for GIS payments.

Some residents of Canada live in provinces that supplement their GIS payments with additional benefits designed specifically for low-income seniors.

The Quebec government, for example, provides a supplemental income program called the Senior Citizen Allowance (RCS) to help eligible seniors aged 65 or older who have low incomes. You must be a legal resident of Quebec and your net income must be $5,949 or less per year if you’re single.

The Ontario Seniors’ Public Transit Tax Credit can also qualify low-income seniors for transportation subsidies. This credit allows you to claim refunds on some of the costs associated with public transit passes purchased between January 1 and December 31 each year. To apply for this tax credit, fill out Form ON-BEN and submit it along with any receipts from your purchase(s).

If you have children living with you, consider applying for Canada Child Benefit (CCB) even if your kids are 18 years old or older.

If you have children living with you, consider applying for Canada Child Benefit (CCB) even if your kids are 18 years old or older. CCB is a tax-free monthly payment made to eligible families to help them with the cost of raising children under age 18. You may be able to receive the benefit as long as your child is in an approved program at a secondary school, or they’re attending elementary or secondary school full time. There are three payments per year – one each in July, October and January.

The amount of CCB depends on the number of children eligible for it in your household:

One child = $533 per month
Two children = $622 per month
Three or more children = $839 per month

Apply for provincial income support programs as soon as possible if you need financial assistance.

If you need financial assistance, the first thing to do is apply for provincial income support programs.

Apply for social assistance. You can apply online or by filling out a paper application form and mailing it to your local government office. Many provinces also have regional service centers where you can go in person.
Apply for provincial income support programs. Social assistance will provide you with a monthly payment based on your net income after certain deductions are made, such as basic living expenses like rent and food costs (but not mortgage payments). In some provinces, the amount of money that seniors receive from provincial income support varies depending on their marital status or medical condition—for example, if they have diabetes or chronic heart failure—so make sure you check with your local government office about this when applying! You may be eligible for additional benefits such as dental care insurance through an extra fee paid directly into an account opened up specifically to collect those funds; this would cover all necessary dental care related expenses (like getting fillings done) but does not cover anything else related to other medical issues besides just basic oral health maintenance such as flossing daily etcetera so keep that in mind before making any decisions about how much money should go into these accounts each month versus how much should go elsewhere like towards paying off debt instead of just leaving things up until later when we get closer towards retirement age where hopefully life doesn’t become more expensive then what it already has been recently due mostly due poor planning done during earlier years spent working hard at different jobs trying desperately hard not only save money but also make enough money too.”

There are also many local community programs for low-income seniors that provide meals and housing supports.

There are also many local community programs for low-income seniors that provide meals and housing supports. Some of them can be found in your area by calling the numbers listed below, or you can search online.

You can get financial help from the Canadian government and other sources.

In Canada, your eligibility for financial help largely depends on your age and the amount of income you have. If you are 65 or older and living in British Columbia on a low fixed income, you may be eligible for the Guaranteed Income Supplement (GIS). This is money from the government that helps to pay for your food and shelter expenses.

Other sources of financial assistance include:

The Canadian Pension Plan (CPP) and Old Age Security (OAS) benefits, which are provided by employment earnings during your working life;
The Canada Child Benefit (CCB), which is an annual payment given directly to families with children under 18 years old;
Employment Insurance Benefits, which provide payments while looking for a job or training program if you’ve lost yours through no fault of your own;
Housing supplements like Rent Supplements or Shelter Allowances offered by provinces/territories across Canada—these help cover what’s left after paying rent after deducting monthly housing costs such as utilities;

Conclusion

If you’re a senior citizen who needs financial assistance, don’t be afraid to ask for help. You may qualify for benefits from the federal government and your provincial or territorial government. It’s also important to explore all the programs and services that can help improve your quality of life—especially if you’re not working anymore or if your income isn’t enough to cover all of your expenses on its own. You may have questions about what’s available in terms of insurance coverage, healthcare costs, housing options, transportation support services or food banks near where you live; find out more today by contacting someone directly who can answer them!

Getting by on Limited Income as a Senior Citizen in Canada