Guaranteed Income Supplement
The Guaranteed Income Supplement (GIS) provides a monthly non-taxable benefit to Old Age Security (OAS) pension recipients who have a low income and are living in Canada.

The amount of the GIS you receive depends on your marital status and your previous year's income (or in the case of a couple, your combined income).

GIS is a supplement of up to:

• $7,608 of tax-free income paid to seniors with an income under $18,240 Individual Income
• $24,096 combined income if your spouse receives the Old Age Security payment .  
• $43,728 if your spouse/common-law partner does NOT receive an OAS pension

For every $2 of taxable income, the GIS is reduced by $1.

These amount change each year so if you require more detailed information then you should go to the government website  www.Canada.ca or speak to a tax professional.

Age Deduction Amount for seniors over 65
If they were 65 years of age or older on December 31 of the taxation year. The maximum amount you can claim in 2018 is $7,333; in 2019, it's $7,494.  If your net income is more than $36,430, but less than $84,597, the deduction is reduced by 15%.

Old Age Security (OAS) clawback
If your 2018 net income is greater than $75,910 ($77,580 for 2019) you will have to repay 15% of the excess over this amount, to a maximum of the total amount of OAS received.

**NOTE**

Sale of a second property (foreign or domestic) such as a cottage or cashing in RRSP's can affect all of these.  It is important that you talk to a tax professional before you cash in an RRSP.