ICYMI: Runaway inflation hit P.E.I. residents especially hard in 2022. But this month will see a slew of programs implemented by both the provincial and federal governments, aimed at helping to ease some of the cost pressures for the new year.
1. P.E.I.’s Inflationary/Fiona Support PaymentMost Prince Edward Islanders will receive a tax-free payment of between $500 and $1,000, beginning on Jan. 5. Single individuals whose net yearly income is below $100,000 will receive $500 while couples with a combined income of up to $100,000 will receive a total of $1,000.
Couples and single parents with a combined net 2021 income between $100,000 and $145,000 will receive a partial, prorated amount. Those earning over $145,000 are not eligible. If you believe the governing Progressive Conservatives, the payments are meant to offset heavy inflation and financial costs from post-tropical storm Fiona.Call up the CRA at 1-800-387-1193 or 1-800-387-1194 .
Utilities and taxes that are not paid as part of rent cannot be claimed. Additional rules for moves or marital or common-law separations can be found on the CRA website.Renters need to apply. Applications can be online through the Canada Revenue Agency or by calling 1-800-282-8079. Applications must be made prior to March 31, 2023.
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