Today, Honorable, Andrew Furey, Premier of NL and Honorable, Siohban Coady, Deputy Premier and Minister of Finance, announced an additional measure to help residents and the high cost of living.
A one-time check to up to $500 will be provided to residents of the province who have reached the age of 18 years old as of December 31 this year and who find a 2021 tax return with an adjusted income of $125,000 or less.
This check will be provided to approximately 392,000 residents in the province, will be income tested based on an individual’s adjusted income, which refers to line 23600 of the income tax for most tax filers.
Those with adjusted income between $100,000 and $125,000 will receive a partial payment ranging between $250 and $500.
No application is required. The Government of NL will issue checks beginning later in 2022 to eligible individuals based on 2021 tax return filings with Canada Revenue Agency. Residents who have who still have not filed their 2021 tax return may do so up until December 31 this year to be able to receive this benefit.
Government of NL’s overall plan to help residents with the cost of living and aligns with the direction of the Health Accord to improve economic security in the province.
While these measures are necessary right now, decisions to help residents are made with the provinces fiscal-situation in mind, addressing our past, present and future.
Government will also be establishing and making the first contribution to the Future Fund this year and will ensure the benefits of the current fiscal situation will ensure solid footing for challenging years to come.
Premier Furey says, together with our initiatives such as the home heating, reduction of the gas tax, increases to income supplement and seniors benefits your government is helping due to address oil prices and the pandemic related short supplies. The relief announcement today is just one of nearly a half billion dollars in targeted cost of living measures we announced since March 2022.