905-735-5333 Welland, Ontario
Return

Guide to Senior Benefits in Ontario

senior benefits ontario

*Please note that Seasons Retirement does not have any afflation with this program. Please call 1-888-910-1999 or visit the government of Ontario website for enquiries or more details.

After retirement, older adults may need additional financial support to support their lifestyles. The good news is that the government of Ontario acknowledges this and has created several benefit plans to ease the financial pressure on older adults.

For an older adult, the average monthly cost of living at home in Ontario is about $3,823, excluding some variable costs. Meanwhile, living in a Seasons Retirement community can help reduce these costs and unknown variables so that your older loved ones spend less in retirement.

Below are the different senior benefits Ontario can offer to your older one. We’ll discuss the eligibility for each program and the financial help they offer.

1.   Canada Pension Plan (CPP) Retirement Pension

The Canada Pension Plan retirement pension is a taxable Canadian government senior benefit paid monthly to replace the income of an older adult after retirement. It is a payment that goes on for the rest of the recipient’s life.

That said, the monthly amount received by all eligible CPP candidates varies. The sum is determined by several factors, including the recipient’s average earnings during their working years, their contribution to the CPP – based on their income, time away from work to care for their children, and the age chosen to begin receiving pension payments, etc.

Although the typical age to start receiving the CPP is 65, your parents and grandparents can begin obtaining the benefit as early as 60 years or even into their 70s. It is worth noting that the monthly payment increases with age, albeit the maximum monthly payment is reached at age 70.

There are a few eligibility criteria for the CPP payment, and they include:

  • Your loved one must be 60 years or older.
  • They must have made at least one valid input to the CPP. This could be from their work in Canada or from receiving credits from a former spouse or former common-law partner after the end of the relationship.

CPP payments are not automatic – applicants must apply online at least two weeks before the proposed start date. However, applicants should do so at least three months before the proposed date

if they wish to submit physically or via mail.

Other CPP benefits for older adults in Ontario include post-retirement benefits, disability pension, post-retirement disability benefits, survivor’s pension, and children’s benefits.

2.   OAS/GIS/GAINS

These programs are some of the lucrative senior benefits Ontario has to offer.

The Old Age Security (OAS) is a pension program that offers a monthly payment to adults aged 65 or older. This payment is taxable, and the amount your older one receives is mainly determined by their income and time spent in Canada or some other specific countries since turning 18 years.

Ideally, your loved one doesn’t need to apply for the OAS benefit, as Service Canada – the managing body – automatically enrolls eligible candidates. But in rare cases where Service Canada doesn’t have sufficient information to register your parents and grandparents, they’ll have to apply themselves.

Meanwhile, there is the Guaranteed Income Supplement (GIS), another monthly benefit for older adults at least 65 years old. To qualify for the GIS, your loved one must be a resident of Canada, a recipient of the Old Age Security pension, and a low-income earner – below the program’s maximum annual income threshold based on your older folk’s marital status.

Interestingly, the GIS benefit is not taxable. Even though the program’s managing body automatically registers eligible candidates in most instances, your parents and grandparents should apply for the benefit themselves.

In Ontario, GIS beneficiaries can also receive the Guaranteed Annual Income System (GAINS) benefit, another non-taxable payment for older folks. As long as your loved one gets the OAS pension and the GIS benefit, they don’t need to apply to receive GAINS.

It is essential to point out that the monthly amount paid out to eligible candidates of GAINS is reviewed every quarter to accommodate inflation changes in the province.

3.   Ontario Drug Benefit (ODB)

Ontario Drug Benefit (ODB) is a program that covers a good proportion of the cost of approved drug prescriptions for individuals aged 65 years or above. It is one of Ontario’s best senior health benefits for older adults.

Although the ODB is primarily available to Ontario residents above 65 years, it is also open to younger people living in homes or communities for special care services.

For your older ones to have their drug costs covered, their prescription must be filled by a pharmacy in Ontario. Fortunately, the Ontario Drug Benefit scheme covers most of the cost of about 5,0000 prescription medications. These drugs include allergy shots, anti-diabetic products, nutrition products, and over-the-counter medications.

4.   Ontario Seniors Dental Care Program

The Ontario Seniors Dental Care Program is another government-funded scheme that provides health coverage for seniors in Ontario. It offers free routine dental services to low-income older adults at least 65 years old.

The Ontario Seniors Dental Care Program covers several dental services, including dental examinations, X-rays, fixing of broken teeth and cavities, plaque removal, and polishing.

After enrollment, the program can continue to run for up to a year, ending on July 31st, regardless of the time one registers.

The following are requirements that your loved one must meet to qualify for this program.

  • They must be at least 65 years old.
  • They must live in Ontario.
  • They must meet the income requirements – an annual net income of no more than $22,200 for singles while no more than $37,100 for a couple.
  • They must not be receiving dental coverage under private insurance or other government benefit programs.

After confirming their eligibility, your older one can apply for the Ontario Seniors Dental Care Program online or via mail.

Other medical benefits for seniors in Ontario include Assistive Devices Program (ADP), Ontario Disability Support Program (ODSP), and so on.

Conclusion

Above are schemes set up by the government to support and augment the finances of older persons in Ontario. The information in this article should enable you or your loved ones to pick the most suitable senior benefits Ontario offers.

Seasons Retirement always aims to offer affordable residence services for all retired Canadians. Suppose your parents and grandparents are looking for an ideal place to settle down to enjoy their retired lifestyles. In that case, they check out the retirement homes provided by Seasons Retirement in different cities in Ontario.

Discover Life at Seasons. Book a Personal Visit Today.