Start by following this GIS table link, scroll to the bottom of the page, select the table that applies to you, and find your GIS eligibility amount.
Here is an example for you to follow, assuming you are single and have a CPP income of $8,000. For the purposes of GIS eligibility OAS and GIS income is not included.
- Select “table number one” for a single person.
- Scroll down and select the income range of $7,872 – $8,159.
- Another table opens, select $8,000 – $8,015.
- You’ll see your GIS is $458 per month, and combined GIS/OAS (Old Age Security) $1,071 per month.
With this information, now you can figure out how your RRIF withdrawals will affect your GIS.
Click on this link to open a RRIF calculator and fill in the appropriate fields.
Here is an example to follow, assuming you have $100,000 in a RRIF, starting minimum withdrawals Jan. 1, 2022. The minimum withdrawal amount is $440 a month or $5,280 annually from your RRIF.
Now go back to the GIS tables and add your RRIF income of $5,280 to your CPP income of $8,000 for a total GIS eligibility income of $13,280. Looking up your GIS benefit, you will see it has dropped to $221 a month for a reduction of $237 a month.
In this example, drawing $440 a month from your RRSP means a reduction in your GIS by $237 a month.
What can you do about this? There may be nothing you can do—but this is what you will talk to your planner about.