Seniors across Canada will see a little more money in their bank accounts this week.  

The federal government announced earlier this year that eligible seniors will receive additional funds on their Old Age Security pension and the Guaranteed Income Supplement. 

Federal Minister of Seniors Deb Schulte calls it a great week for seniors who have seen their expenses rise during the COVID-19 pandemic.

“They’re getting a special automatic tax-free payment,” Schulte said. “That’s 6.7 million seniors who are on old-age security will receive $300, and an additional $200 will go to seniors on guaranteed income supplement. So a low-income couple will receive $1,000.”

She added that the government will continue to monitor the economy and the cost of living index to determine whether more aid is required.

“The government has been watching very closely what’s been happening, and looking at the economy and seeing how it is changing and (how) the cost of living index has been changing, and we’ll be constantly watching to see what other supports may be required.”