More than 43,000 seniors in the province began receiving an enhanced low income seniors’ benefit this week.
With the October 2015 payment, the maximum payment seniors may receive will be $1,059 for seniors with a net income of up to $29,284.
This Newfoundland and Labrador benefit is administered on behalf of the Provincial Government by the Canada Revenue Agency.
The benefit is paid automatically in October of each year and is included in the same payment as the GST/HST credit.
It is based on family net income from the previous year and no application is required, however, individuals must ensure that their annual income tax return is filed.
The maximum payment provided under the program in 2003 was $350 for single seniors.
That amount has increased by 203 per cent to $1,059.
The amount for senior couples in 2003 was $700.
That amount has increased by 51 per cent to $1,059.
In addition, in 2007, the Provincial Government increased the qualifying threshold for single seniors so that more individuals receive the full benefit.
The Newfoundland and Labrador Low-Income Seniors’ Benefit is a refundable tax credit for low income seniors who are at least 65 years old at any time during the year.