C-480

Details

Full Title

An Act to amend the Old Age Security Act (funeral arrangements)

First Reading

February 27, 2013, Parliament 41, Session 1

Type

Private Member’s Bill

Full Content

https://www.parl.ca/legisinfo/en/bill/41-1/c-480

Summary

Bill C-480 aims to change the Old Age Security Act regarding the Guaranteed Income Supplement (GIS). The bill focuses on how income is calculated for the GIS. It proposes that when figuring out a senior's income for GIS purposes, a certain amount of money they get from a retirement savings plan or retirement income fund should not be counted as income. This amount would be either the money received from the plan or fund, or the amount (up to $2,500) that they paid into a funeral arrangement, whichever is less. This change would allow seniors to set aside money for funeral expenses without it affecting their GIS benefits.

Issues

Social Services

• Seniors and Pensions

  This bill affects seniors receiving the Guaranteed Income Supplement (GIS) under the Old Age Security Act. It changes how a senior's income is calculated for the GIS, so that money put aside for funeral arrangements (up to $2,500) will not be counted as income. This could allow some seniors to receive a higher GIS payment or become eligible for the GIS, as their calculated income would be lower.

Social Justice

• Income Inequality and Poverty

  This bill may help reduce income inequality and poverty among seniors who rely on the Guaranteed Income Supplement (GIS). By not counting funds set aside for funeral arrangements as income, it could allow some low-income seniors to receive a higher GIS payment, giving them more money to live on.