Inflation relief payments on the way for P.E.I. residents
Over 90,000 Prince Edward Island residents will see a top-up in their bank accounts to help alleviate the pressure of record inflation rates affecting the cost of living in the province.
Known as an inflationary support payment, eligible individuals will see $150 directly deposited in their bank accounts by the Canada Revenue Agency (CRA) as early as Tuesday. For those without direct deposit set up, cheques will be arriving by mail over the coming days.
“As we emerge from a global pandemic and face significantly high inflation due to global events, we know that as a government we have to deliver whatever support we can within our provincial means, to help people,” Premier Dennis King said in a statement. “We are proud to partner with our federal colleagues to reach more than 90,000 Islanders with this support payment.”
According to the provincial government, the payment will be made in conjunction with the provincial carbon rebate and quarterly HST rebate cheque regularly distributed by the CRA.
Islanders are eligible for the $150 support payment if they are single and making less than $70,000 per year, with a prorated amount based on the level of income for single individuals making between $70,000 and $80,000. Couples who earn a combined income of $70,000 or less will each receive $150, while couples with a total family income between $70,000 and $100,000 will receive a prorated amount.
“Our government has always, and will always be here to support Islanders who are most affected by external factors beyond their control, which is what we are seeing with high inflationary prices right now,” said Minister of Finance Darlene Compton. “As our residents continue to feel the impact of price increases, this initiative coupled with other targeted supports that we have announced, will help those who are feeling the effects everyday.”
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