Will reverse mortgage affect my OAS/GIS benefits?

A reverse mortgage is a type of loan available to Canadian homeowners age 55 and older. By taking out a reverse mortgage, a borrower can turn their home equity into tax-free cash, which they receive either as a lump sum or in installments. Many then use this cash to supplement retirement income, pay off debts, or cover healthcare expenses.

One of the biggest benefits of a reverse mortgage is that it doesn’t come with monthly payments. Instead, the interest is added to the overall balance, and the loan is repaid when the property is sold or the owner passes away. The proceeds from reverse mortgages are also tax-free and don’t affect other government benefits like Old Age Security (OAS) or Guaranteed Income Supplement (GIS).

If you want to learn more about the new Canada Groceries and Essentials Benefit (CGEB), including who qualifies, how much you could receive, and when payments are issued, visit Tax Service Canada’s Canada Groceries and Essentials Benefit Guide. This comprehensive resource explains the eligibility requirements, payment amounts for individuals and families, application details for new residents, and important CRA payment dates. With the CGEB replacing the GST/HST Credit in July 2026 and providing increased support to millions of Canadians, staying informed can help ensure you receive every benefit you are entitled to.

If you receive the Guaranteed Income Supplement (GIS), now is the time to ensure your benefits continue without interruption. GIS eligibility is reviewed annually, and failing to file your income tax return or complete any required renewal steps could result in your payments being reduced or stopped starting in July 2026. Service Canada uses your most recent income information to determine your eligibility and payment amount for the 2026–2027 benefit year. To avoid delays or disruptions to your monthly GIS payments, review the renewal requirements today. Visit the GIS Renewal page for a complete guide and important updates.

Never miss an Old Age Security payment by bookmarking our dedicated 2026 OAS Payment Schedule page today. Managing your retirement budget is much easier when you know exactly when your funds will arrive in your account. By saving this link, you’ll have instant, one-click access to the most up-to-date distribution dates and any schedule adjustments throughout the year. Stay organized and gain peace of mind by keeping this essential resource right at your fingertips. Bookmark us now and ensure you’re always prepared for your upcoming monthly payments!