Some Prince Edward Islanders will see extra money in their bank accounts on Friday as the province rolls out its new Island Essentials Benefit.
The benefit, first announced in the provincial budget earlier this year, is meant to help Islanders cope with the rising cost of everyday living.
It is available to P.E.I. residents who are 19 or older, file their income taxes and live in the province.
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No one needs to apply. The province is delivering the payments through the Canada Revenue Agency using the same method already used for tax refunds or credits.
“As long as you file your taxes and meet the other requirements, you will receive your payments,” Finance Minister Jill Burridge said at a news conference Tuesday.
Burridge stressed that no one from government will contact people to sign up or ask for banking information. Anyone who gets such a call should contact local police.
The new benefit is available to eligible single people, single parents and couples who file their taxes together.
Payments will range from $365 for single parents and couples, and $310 for single people in the lowest income bands, to a minimum of $175 for those in the highest income band, Burridge said.
The amount each household receives depends on its net income. Islanders can use the calculator on the program’s website to estimate how much they are eligible to receive.
This year, payment schedules vary depending on income.
Those income ranges differ depending on household type.
For couples and single parents, the three income bands are: up to $114,000; more than $114,000 and up to $131,500; and over $131,500.
For single people, the thresholds are: up to $108,500; more than $108,500 and up to $126,000; and over $126,000.
Next year once the Island Essentials Benefit fully replaces the P.E.I. sales tax credit, that payment schedule will end. Payments will instead follow the CRA’s regular payment schedule.
Burridge has said the Island Essentials Benefit folds the P.E.I. sales tax credit and the P.E.I. energy rebate into one program, with that money still there but now all housed inside this new benefit.
The province estimates about 95,000 Islanders will receive the new benefit in some form.
