Islanders to Receive $58 Million Dollars in Inflationary Support Payments
The Government of Prince Edward Island will be providing additional financial assistance to thousands of Islanders coping with increases in the cost of living, by providing an inflationary support payment to be distributed in January 2023 with the federal HST rebate.
The support will include:
- A $500 payment for individuals with net income up to $100,000. Individuals with a net income of between $100,000 and $125,000 will receive a pro-rated payment.
- A $1,000 payment for couples and single parents with a net income up to $100,000. Couples and single parents with a net income between $100,000 and $145,000 will receive a pro-rated payment.
This provincially funded support will provide a one-time payment in January to over 117,000 Islanders and will be distributed through Canadian Revenue Agency on behalf of the province.
“Our Province has worked incredibly hard to keep our economies moving forward, while ensuring that Islanders are supported and as a result of this hard work and collaboration, we are in a much more positive economic position than originally anticipated at the start of the year. We have been through a lot together, and with increasing costs in our everyday lives, our Government will do everything it can within provincial means to invest and support in Islanders.”
– Premier Dennis King
Qualified Islanders can anticipate receiving the provincially funded support during the week of January 5, 2023. Islanders must have filed their 2021 tax return with the CRA, and those who are not subscribed to direct deposit will receive their cheque in the mail.
“The winter months are expensive for everyone on PEI, whether it be recouping from the Holidays, ensuring that houses are heated, or everyday expenses – things add up quickly,” said Minister of Finance Mark McLane. “Remaining fiscally responsible over the past few years has resulted in an unanticipated surplus for our Island which in turn will allow us to focus directly on additional investments into our local economies, communities, and residents.”
