Financial Planning and Assistance

Need Title

The Old Age Security (OAS) program, which provides most Canadians over 65 with a modest pension, is at the top of the list of financial support for seniors. In addition, the Guaranteed Income Supplement (GIS) gives extra income to low-income seniors receiving OAS. Partners of GIS recipients can apply for the GIS-Allowance (widows can apply for the Allowance for the Survivor) if they are aged 60 to 64. In addition, the Guaranteed Annual Income System (GAINS) is a top-up for low-income Ontario residents age 65 or older who receive GIS.

Another possible form of financial support if you have worked outside the home is the Canada Pension Plan (CPP) retirement pension. You need to be at least 65 to get the full pension, although you can take a reduced CPP retirement pension when you turn 60. CPP also provides survivors benefits to partners of deceased contributors.

If you have lived or worked in another country, you may be eligible for benefits from abroad.

Veterans of war are also eligible for a War Veterans Allowance, monthly financial assistance based on income, marital status and number of dependents, if any.

When it comes to health, most of the cost for approved drug prescriptions is covered under the Ontario Drug Benefits (ODB) program if you are 65 or older. (You can apply to have the deductible waived and co-payment reduced to $2 per prescription). A wide array of health care benefits, including prescription drugs, dental care and prosthetic devices, are also provided to war vets. The War Veterans Allowance also covers medically related travel costs.

If you have a long-term physical disability you can apply to the Assistive Devices Program (ADP) for financial support for equipment or supplies ranging from home oxygen to wheelchairs to hearing aids. In addition, Seniors In Need can connect low-income seniors to donors who can help out with assistive devices. (This program can, in fact, help out with a range of non-health care items such as groceries). As well, a number of programs can help offset some of the associated costs of diabetes, and the Kidney Foundation may offer short-term and emergency financial assistance to cover medical expenses associated with treating kidney disease.

Although the Ontario government does not fund any optical programs, Give the Gift of Sight does provide free vision care and eyewear to low-income persons. (You must be referred from a local community organization). There is also no specific provincial dental program for seniors, although some community health clinics offer free care and some dental hygiene schools as well as offer reduced prices in their student clinics.