The provincial government is providing Newfoundlanders and Labradorians with a one-time $500 cost-of-living benefit—with cheques expected to go out between now and Christmas.
The cheque will be provided to some 392,000 residents and will be based on an individual’s 2021 income tax return, and no application is necessary according to Finance Minister Siobhan Coady.
She says the one-time payment is possible, because of projected increased revenue. The province’s fall fiscal update is due in the coming weeks.
#BREAKING Premier Andrew Furey announces that all adults who make less than $100,000 per year will receive a cheque for $500. Those making 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 income of less than $100,000 will receive $500, while those with an adjusted income between $100,000 and $125,000 will receive a partial payment ranging between $250 and $500.
The tax-free benefit has an estimated cost of $194 million and is in addition to other measures introduced over the last year
A more of a detailed breakdown of who will be receiving the money @VOCMNEWS pic.twitter.com/iTUafk8tNz
— Richard Duggan (@RDugganVOCM) October 5, 2022
Finance Minister Siobhan Coady says government has to go to the House of Assembly for Supplementary Supply.
She says they’re hoping to do that imminently and they have already been in contact with CRA. Premier Furey says the intent is to get the cheques out before Christmas.
The measure is similar to income relief programs introduced in some other provinces including Quebec and Saskatchewan.
