New Guaranteed Income Supplement earnings exemption

To help low-income working seniors keep more of what they earn, Budget 2019 proposes to enhance the Guaranteed Income Supplement (GIS) earnings exemption, beginning with the July 2020-21 benefit year. The enhancement would:

• Extend eligibility for the earnings exemption to self-employment income.
• Provide a full or partial exemption on up to $15,000 of annual employment and self-employment income for each GIS or Allowance recipient as well as their spouse, specifically by:
  • • Increasing the amount of the full exemption from $3,500 to $5,000 per year for each GIS or Allowance recipient, as well as their spouse.
    • Introducing a partial exemption of 50 per cent, to apply on up to $10,000 of annual employment and self-employment income beyond the new $5,000 threshold for each GIS or Allowance recipient, as well as their spouse.

Source: Canada.ca (https://www.budget.gc.ca/2019/docs/themes/seniors-aines-en.html)