Certified Financial Planner (CFP) Practice Exam · Question
What is the primary role of Guaranteed Income Supplement (GIS) in Canada?
The Guaranteed Income Supplement (GIS) provides additional financial support to low-income Old Age Security (OAS) recipients in Canada.
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Question: What is the primary role of Guaranteed Income Supplement (GIS) in Canada?
Answer options:
- To provide a universal benefit to all Canadian seniors. ✅ To supplement the Old Age Security (OAS) pension for low-income seniors.
- To replace lost income due to disability for seniors.
- To encourage seniors to continue working past retirement age.
Correct answer: To supplement the Old Age Security (OAS) pension for low-income seniors.
Explanation: The Guaranteed Income Supplement (GIS) provides additional financial support to low-income Old Age Security (OAS) recipients in Canada.
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