Islanders to receive financial assistance to cope with cost of living

Prince Edward Island has announced residents will soon be receiving additional financial assistance as a way to cope with the increasing cost of living.

The $58 million in inflationary support will be distributed in January 2023 through a one-time payment through the Canadian Revenue Agency.

"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," said Premier Dennis King in a news release Monday.

The support includes:

• 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.

"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," said King.

According to the province, those who qualify for the assistance should anticipate receiving the funding during the week of Jan. 5, 2023. However, in order to receive the funding Islanders, must have filed their 2021 tax return with CRA.

Those who are not subscribed to direct deposit will have a cheque sent in the mail.

"The winter months are expensive for everyone on P.E.I., 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," he added.

More information on this support can be found online.