The provincial government is offering Newfoundlanders and Labradorians a one-time $500 cost-of-living benefit, with checks expected to go out by Christmas.
The check will be given to around 392,000 residents and will be based on an individual’s 2021 income tax return, and no application is required according to Finance Minister Siobhan Coady.
She says that the one-time payment is possible, because of the expected increase in income. The province’s fall fiscal update will take place in the coming weeks.
#BREAKING Prime Minister Andrew Furey announces that all adults earning less than $100,000 a year will receive a $500 check. Those who earn up to $125,000 will receive an amount based on a sliding scale @VOCMNEWS pic.twitter.com/Olhe30wJgc
— Richard Duggan (@RDugganVOCM) October 5, 2022
Those with adjusted incomes of less than $100,000 will receive $500, while those with adjusted incomes between $100,000 and $125,000 will receive a partial payment ranging from $250 to $500.
The tax-free benefit has an estimated cost of $194 million and is on top of other measures introduced over the past year.
A more detailed breakdown of who will get the money @VOCMNEWS pic.twitter.com/iTUafk8tNz
— Richard Duggan (@RDugganVOCM) October 5, 2022
Finance Minister Siobhan Coady says the government needs to go to the House of Assembly for extra supply.
She says they expect to do so imminently and have already been in contact with CRA. Premier Furey says the intention is to get the checks out before Christmas.
The move is similar to income relief programs introduced in some other provinces, including Quebec and Saskatchewan.