ARTICLE · 29 MAY 2020

COVID-19: Support For Seniors

Crowe

The required minimum withdrawals from Registered Retirement Income Funds (RRIFs) have been reduced by 25% for 2020. This will provide flexibility to seniors that are concerned that they may be required to liquidate their RRIF assets ...

CanadaCoronavirus (COVID-19)

Crowe MacKay LLP

Author LinkedIn connections

Registered Retirement Income Funds

One-Time Tax-Free Payments

An additional financial support of $2.5 billion will be provided to seniors in the form of a one-time tax-free payment of $300 for seniors eligible for the Old Age Security (OAS) pension, with an additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS). This measure would give a total of $500 to individuals who are eligible to receive both the OAS and the GIS, and will help them cover increased costs caused by COVID-19.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

COVID-19: Support For Seniors

Registered Retirement Income Funds

One-Time Tax-Free Payments

Related Articles

Exercising Precaution In Applying The Precautionary Principle: The BCCA Sets Aside Arbitration Award On COVID-19 Vaccination Policy

Fin du brouillard entourant les politiques de vaccination obligatoire : un contrôle judiciaire clarifie à nouveau les règles

Termination For Failure To Follow COVID-19 Policy Not Discriminatory

The COVID-19 Virus Does Not Trigger Business Interruption Insurance Coverage

COVID-19 Tests Are Not Genetic Tests For The Purpose Of The Canada Labour Code

Read more about

Related Comparative Guides

Employment and Labour Law

Insurance Disputes

See more popular content from

Canada Introduces Rent Relief For Small Businesses

Vaccines Mandates And Legal Immunity For Ontario's School Boards

Covid-19: Advertising & Regulatory Issues (Video)

The COVID-19 Virus Does Not Trigger Business Interruption Insurance Coverage

Student Takeover (Podcast)

COVID-19: Canada Emergency Wage Subsidy Update

Regional Relief And Recovery Fund (RRRF)

New Canada Recovery Benefits

The Liability Of Long-term Care Facilities: COVID-19's Projected Impact

Exercising Precaution In Applying The Precautionary Principle: The BCCA Sets Aside Arbitration Award On COVID-19 Vaccination Policy

Crowe Master Series - Beedie's CFO Mason Bennett: Advice For Those Looking For A Career At Beedie (Video)

The GST/HST Self-Supply Rules: What Residential Builders Should Know

Accounting Standards For Private Enterprises (ASPE) Updates

Ford, Hyundai Report Large Declines In October EV Sales Automotive Weekly

Rental Income And Tax Requirements For Non-Canadian Residents

Ford Proposes $30M-Plus Settlement In Transmission Suit

U.S. Auto Sales Could Drop By Almost Two Million Units This Year

Applying Artificial Intelligence To Audit

Biggest DDoS Attack On Record Hits GitHub

Q&A With Daniel Eberhard: 28 Year Old CEO And Co-Founder Of Koho, A Vancouver-Based Financial Technology Startup