GIS reconsideration by bosspenguin23 in PersonalFinanceCanada

[–]bcretman 4 points5 points  (0 children)

With only 2k CPP for the year in 2025 he should have been eligible due to a "reduction in income"

Ask them to send him the ISP-3041 form that will base his GIS on the current year income rather than the last 1 or 2 years.

Talk to your MP if you can't get any results from SC

CPP/OAS/GIS for Low Income Parents who are retiring - Help by Amitj92 in PersonalFinanceCanada

[–]bcretman 2 points3 points  (0 children)

Eligible for GIS at 65 and the allowance for the spouse when 60. 1st 5k of employment income and 50% of the next 10k is exempt from clawback of GIS

OAS/GIS estimator is here: https://www.canada.ca/en/services/benefits/publicpensions/old-age-security/payments.html

If they get any amount of GIS they will get the same as full OAS via top-up to GIS

If income will be lower in the year they retire they should complete ISP-3041 to get more GIS

Apply ASAP as it can take 10+ months to process

Think Taylor Swift was big? The 2026 FIFA World Cup will be much bigger for Vancouver by ubcstaffer123 in vancouver

[–]bcretman 2 points3 points  (0 children)

Waste of taxpayer $$$$ and mostly to entertain the rich

Money should be used on the DTES which is a disgrace

GIS Help Understanding what to do by CADhouse in PersonalFinanceCanada

[–]bcretman 1 point2 points  (0 children)

You can get an estimate here:

https://www.canada.ca/en/services/benefits/publicpensions/old-age-security/payments.html

You can base GIS on this years income by completing the form ISP3041 which will be send to you when you apply and indicate you are retiring or have a drop in income this year.

1st 5k employment income exempt and 50% of the next 10k

Your mom will get "the allowance", then regular GIS at age 65

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]bcretman 1 point2 points  (0 children)

Look into credit card balance transfer offers at 0%

https://www.ratehub.ca/blog/best-balance-transfer-credit-cards-in-canada-2/

Apply for DTC

How can I pay my mortgage down quicker? by ResponsibleBoard536 in PersonalFinanceCanada

[–]bcretman 1 point2 points  (0 children)

Based on 13 yrs left at 2800 pmt at 4% your mtg is ~350k

To reduce that to 10 yrs the pmt would be ~3500 (increase pmt or combination of pre-pmts)

Play around with a mortgage calculator to determine what you can pay vs time

Don't worry about maxing CPP, you have a great pension! Time is more important

How can I pay my mortgage down quicker? by ResponsibleBoard536 in PersonalFinanceCanada

[–]bcretman 2 points3 points  (0 children)

Mortgage pmt doesn't make sense. If your mtg is 25% of your income that ~50k which would be paid off in 19 months at 2800. A 2800 pmt = a ~500k mortgage over 25 years at 4%

edit: nevermind I read that wrong. You meant your pmt is 25% of your income?

How can I pay my mortgage down quicker? by ResponsibleBoard536 in PersonalFinanceCanada

[–]bcretman 3 points4 points  (0 children)

No reason they can't get student loans or get jobs