Eligible seniors in Canada will finally be receiving their one-time COVID-19 payments, a measure first promised by Prime Minister Justin Trudeau in mid-May, to aid in the rising costs associated with the pandemic.
Seniors have been anxiously awaiting the up to $500 payment. Many have watched their retirement savings take a hit, and have been paying higher fees for grocery deliveries and medical prescriptions.
Any senior who is eligible for the Old Age Security (OAS) pension will receive a $300 payment, and an additional $200 is being sent to seniors eligible for the Guaranteed Income Supplement (GIS).
The federal government estimates there are currently 6.7 million seniors who are eligible for the OAS pension and 2.2 million who are eligible for the GIS. These payments are set to total $2.5 billion.
The payments are being made directly to anyone who is eligible, with no application needed.
“Seniors who reside in Canada can expect to receive the payment by direct deposit or cheque this week, whereas seniors who reside outside Canada can expect this one-time payment in July for those on direct deposit, or by cheque with delays given international postal disruptions,” said the government in a statement.