🚨 HORRIBLE NEWS FOR CANADIAN SENIORS STARTING JULY — 3 Changes You Need To Know About

Starting with your July 29th payment, three things change at the same time for your Old Age Security and your GIS — and at least one of them can quietly cut your cheque, or wipe out your GIS completely, with no letter in the mail to warn you. One looks like good news (a raise) and isn't. The second can strip a low-income senior's GIS for a full year because of a one-time bit of income from LAST year. And the third decides how much of your OAS the government claws back. In this video I break down all three in plain English — what each does to your July cheque, who it actually hits, and the exact steps that protect you. None of it is a scandal — but the people it hurts most are the ones who never saw it coming. I'm Jake Morrison. For fifteen years I worked inside Canada's retirement, tax, and benefits system — the pensions, the paperwork, the rules that quietly govern a senior's money. I'm not a financial advisor and I'm not here to frighten you; I take the rules written to be missed and lay them out in plain English, so nothing about your own money catches you off guard. 📘 Everything I cover on this channel — the rules, the numbers, the deadlines, and the exact forms and words to use with Service Canada — is in one plain-English guide: The Canadian Seniors' Money Playbook. 👉 https://jakemorrison.gumroad.com/l/Pl... ⏱ CHAPTERS 0:00 — 3 changes hit your July 29 cheque 0:53 — Who I am 1:33 — Change 1: the OAS "raise" (just 1.2%) 2:25 — Why the raise is really a squeeze 3:45 — Change 2: the July GIS recalculation (the trap) 4:27 — Margaret's story: a one-time RRIF withdrawal 6:25 — The fix: estimate your income (form ISP-3041) 7:02 — Didn't file your return? GIS suspended 7:51 — Change 3: the OAS clawback 8:17 — The $93,454 line and the 15% recovery tax 9:31 — David's story: selling a rental property 10:42 — Legal ways to soften it (splitting, TFSA, timing) 11:44 — How the three changes stack 12:08 — This is not a punishment 12:43 — What does NOT change this July 13:42 — Your action steps 15:33 — Recap 16:42 — Subscribe 📋 WHAT THIS VIDEO COVERS ✅ CHANGE 1 — THE "RAISE": OAS is re-indexed to inflation every quarter; for July–September 2026 it's +1.2%, taking the max to about $751.97/mo (65–74) and $827.17/mo (75+) — roughly $9 more a month, while a senior's real basket (food, rent, heat, meds) often rose by more ✅ CHANGE 2 — THE JULY GIS RECALCULATION: every July, Service Canada re-tests your GIS against your PRIOR-YEAR (2025) tax return. A one-time 2025 income bump — a RRIF/RRSP withdrawal, starting CPP, a capital gain, severance — can cut or zero your GIS for a full 12 months, even though your income is back to normal ✅ THE FIX: if a one-time event cut your GIS, ask Service Canada to re-base it on your estimated CURRENT-year income — the Statement of Estimated Income, form ISP-3041. And FILE your 2025 return even if late: a missing return can get your GIS (and OAS) suspended ✅ CHANGE 3 — THE OAS CLAWBACK: for July 2026–June 2027 the recovery tax starts at $93,454 of net income (15¢ back per dollar over), and fully claws back your OAS at about $152,062 (65–74) / $157,923 (75+) — all based on your 2025 income. Rising RRIF minimums pull more ordinary seniors over the line every year ✅ HOW THEY STACK: all three land on the same July 29 cheque and all three hinge on the income you reported for 2025 — which is why filing accurately is the single thread through all of it ✅ ★ THE TRUTH: none of this is a punishment — it's routine indexation and re-testing, the way it works every year. If your income was low and steady last year, you get the small bump, your GIS carries on, and the scary parts don't apply ✅ WHAT TO DO: file your 2025 return (even late); use ISP-3041 if a one-time event cut your GIS; check where a big RRIF withdrawal or sale puts you against the $93,454 line BEFORE you do it; look at pension income splitting and TFSA-first withdrawals ⚠️ DISCLAIMER General information for Canadian seniors — not financial, tax, or legal advice, and I'm not affiliated with any government body. Rules and figures change; always confirm your own situation with Service Canada / canada.ca or a qualified professional. #OAS #GIS #CanadianSeniors #OASClawback #Seniors2026 #CPP #RRIF #ServiceCanada #JakeMorrison