Government Subsidies
The OAS pension is a monthly payment available to seniors aged 65 and older who meet the legal status and residency requirements in Canada. The GIS provides additional financial support to low-income seniors receiving OAS. These payments are not taxable and are adjusted quarterly based on inflation​ (Savvy New Canadians)​​ (Canada.ca)​.
The CPP is a contributory program that individuals contribute to during their working years. Seniors can start claiming CPP benefits from age 60 (reduced benefits) or wait until age 65 to receive full benefits. Continuing to work while receiving CPP can also increase your monthly pension through the CPP Post-Retirement Benefit​ (Savvy New Canadians)​.
These benefits are part of the OAS program, designed for low-income seniors aged 60-64 whose spouse or partner is receiving OAS and GIS. The Allowance for the Survivor is specifically for those whose spouse or partner has died, providing crucial financial support until they qualify for OAS​ (Savvy New Canadians)​.
As we age, managing finances becomes increasingly important. Fortunately, Canada offers a wide array of subsidies and discounts specifically designed to help seniors maintain a comfortable and independent lifestyle. Here’s a comprehensive guide to some of the most beneficial financial aids and discounts available to seniors across Canada.
Retail Discounts
- Shoppers Drug Mart: Offers a 20% discount on regularly priced items every Thursday for seniors aged 65+ who are PC Optimum members​ (Seniors Bulletin Canada)​.
- Rexall: The Advantage 55+ program provides a 20% discount on the last Tuesday of every month​ (Savvy New Canadians)​.
- Lawtons Drugs: Seniors aged 55+ can enjoy a 20% discount on most items every Wednesday​ (Seniors Bulletin Canada)​.
- Hudson’s Bay: Offers a Timeless Style Tuesday discount on the first Tuesday of every month for seniors aged 55+​ (Savvy New Canadians)​.
- Value Village: Provides a 30% discount every Tuesday for seniors aged 55+​ (Savvy New Canadians)​.
- Michael’s: Seniors aged 55+ can benefit from a 10% discount on their purchases​ (Savvy New Canadians)​​ (Savvy New Canadians)​.
Transportation Discounts
- BC Transit: Offers discounted passes for low-income seniors and seniors with disabilities​ (Seniors Bulletin Canada)​.
- GO Transit: Seniors aged 65+ can save 50% on single fare rides​ (Seniors Bulletin Canada)​.
- OC Transpo (Ottawa): Free rides for seniors 65+ on Wednesdays and Sundays​ (Seniors Bulletin Canada).
- Halifax Transit: Free fares every Tuesday during certain hours for seniors 65+​ (Seniors Bulletin Canada)​.
Travel Discounts
- VIA Rail: Offers a 10% discount to seniors aged 60+ on all classes​ (Seniors Bulletin Canada)​.
- Air Canada: Provides up to a 10% discount on fares for seniors, excluding taxes and surcharges​ (Seniors Bulletin Canada)​​ (Loans Canada)​.
- Avis and Budget: CARP members can enjoy up to 25% off on rentals​ (Loans Canada)​.
- Hertz: Offers a 20% discount to seniors 50+ through their Fifty Plus program​ (Loans Canada)​.
Entertainment and Attractions
- Seniors 65+ receive a $5 discount on general admission​ (Savvy New Canadians)​.
- Seniors 65+ can enjoy discounts of up to $2.50 off regular movie tickets, with additional discounts available on Tuesdays​ (Savvy New Canadians)​.
Banking Discounts
- The Smart for Seniors program offers reduced fees and free services for seniors aged 65+​ (Retire Happy)​.
- Seniors 60+ can benefit from no monthly fees on certain accounts and other banking perks​ (Retire Happy)​.
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