Newfoundland and Labrador giving some residents $500 to help with cost of living
The Newfoundland and Labrador government is offering residents one-time payments of up to $500 in an effort to offset high inflation and soaring costs of living.
Residents who made less than $100,000 last year will get a cheque for $500, officials announced Wednesday. Those who made between $100,000 and $125,000 will get a payment ranging from $250 to $500, depending on their income.
"The fiscal situation temporarily has improved in the province," Premier Andrew Furey told reporters. "And we feel that given the stress and strain that families are feeling, it's important that we take some of that change and give it back to people."
Quebec introduced a similar measure in March, offering $500 to residents who made less than $100,000, and newly re-elected Premier Francois Legault says his government will issue Quebecers another payment -- up to $600 -- in December. Prince Edward Island gave its residents up to $150 in July.
Siobhan Coady, Newfoundland and Labrador's finance minister, told reporters her department felt that a one-time payment rather than a tax break would be the fastest way to put money in people's pockets.
About 392,000 of Newfoundland and Labrador's approximately 525,000 residents will qualify for a cheque, Coady said. The program will cost the province nearly $200 million, she added.
Higher-than-forecasted revenues will help pay for it, she said, adding that the province is expecting more royalties from the four oil installations in the province's offshore region. Her department compiled the current fiscal year's budget with a forecasted oil price of $86 per barrel. As of Wednesday afternoon, the price per barrel was nearly $88, after soaring to more than $120 in early June.
Residents aged 18 and older who had adjusted incomes of $125,000 or less in 2021 are eligible for a cheque. Those who have not yet filed their taxes for 2021 have until Dec. 31 to do so and still be eligible for the one-time payment, according to a government news release.
The release says the payments will begin later this year.
This report by The Canadian Press was first published Oct. 5, 2022.
CTVNews.ca Top Stories
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.