What is the purpose of the Guaranteed Income Supplement (GIS)?

The Guaranteed Income Supplement (GIS) is designed specifically to provide financial assistance to low-income seniors. It is a federal program in Canada that supplements the Old Age Security (OAS) pension to ensure that seniors have a minimum income to cover their living expenses. The GIS is targeted towards individuals who have little to no additional pension income and helps to alleviate poverty among elderly citizens by providing additional monthly income. This makes it especially important for those seniors who may be struggling financially and need support to maintain their standard of living.

The other options do not accurately reflect the purpose of the GIS. Tax deductions for retirees, funding life insurance premiums, and managing investment portfolios do not align with the program's intent, which is specifically aimed at enhancing the financial well-being of low-income seniors. Thus, the focus of the GIS is clearly on income supplementation rather than the other financial strategies mentioned.