Finance committee  That's correct.

Finance committee  We estimate that 330,000 low-income seniors will benefit from this measure.

Finance committee  Right now, the money they earn, if it's considered employment income for tax purposes, they can exempt up to $3,500 of this income. If they earn beyond $3,500, they will benefit from this enhancement. If it's considered self-employment income, right now there is no exemption at

Finance committee  It's as specified in the Income Tax Act. Suppose I have a contract. If I am a consultant, for example, and I make a bit of money out of it, it would be considered self-employment income. If it is considered self-employment income for tax purposes and it's included in net inco

Finance committee  You're welcome.

Finance committee  That's correct.

Finance committee  Yes. The full exemption will apply to the first $5,000 of income, and a partial exemption will apply at a rate of 50% up to $10,000, beyond $5,000. For example, if you have $7,000 of employment income, for GIS purposes, we will ignore the first $5,000 completely and we will exe

Finance committee  Thank you, Mr. Chair. Good afternoon. Clause 156 amends the Old Age Security Act to enhance the guaranteed income supplement earnings exemption. The guaranteed income supplement, or GIS, is a benefit paid to low-income seniors in addition to the old age security pension. The