Some residents on Prince Edward Island are set to receive between $500 and $1,000 this week to help cope with the rising cost of living.
The inflationary support payment was announced by the province back in October, to the tune of $58 million.
The one-time payment is in addition to the PEI Sales Tax Credit and is set to provide up to $500 for each eligible person and $1,000 for qualified couples and single parents.
According to the provincial government, the Canada Revenue Agency (CRA) will begin processing benefits on Thursday. While Islanders don’t need to apply for the benefit, eligibility requirements state individuals must have filed their annual income tax return in 2021 to receive the payment.
For those who don’t have direct deposit set up with their bank, a cheque will be delivered to their mailing address.
Finance Minister Mark McLane noted in a release that the payments will help over 117,000 people on the island.
The tax-free payment will see individuals with an income of up to $100,000 receive an additional $500, while single individuals with incomes between $100,000 and roughly $125,000 will get a prorated amount.
Couples and single parents with a combined income of up to $100,000 will receive an increase of $1,000. Couples and single parents making between $100,000 and $145,000 will get a prorated amount as well.
