Two Provinces In Canada Are Giving Residents $500 & Here's Who's Eligible
The payments are expected this year.
An aerial view of Regina, Saskatchewan. Right: Canadian money.
Two provinces in Canada are giving residents one-time payments of $500 to help address the high cost of living, and there aren't many eligibility requirements to receive it.
Saskatchewan and Newfoundland have announced one-time cheques for residents who have filed an income tax return for the 2021 year, in addition to some other requirements.
Who is getting the $500 from the government?
Newfoundland Premier Andrew Furey announced on Wednesday that a one-time payment of $500 would be provided to residents who filed a tax return for the previous year and had an adjusted income of less than $100,000.
Those who had an adjusted income between $100,000 and $125,000 will also be able to receive a cheque, with the amount to be between $250 and $500.
Residents must be 18 years old or older by December 31, 2022, in order to be eligible. If you haven't filed an income tax return for 2021, the government says you may do so up until December 31 to receive the payment.
The government says cheques will be issued "beginning later in 2022."
Similarly, Saskatchewan is offering residents a one-time payment of $500, although this payment does not depend on an individual's level of income.
Residents are eligible for the Saskatchewan Affordability Tax Credit if they have filed an income tax return for 2021 by October 31, 2022, have filed as a resident of the province, and are at least 18 years old by December 31, 2022.
The government says payments will be sent out in the fall of 2022.
In both cases, applications aren't required in order to receive the payment.
The payments are being issued to help address inflation and the cost of living in both provinces.
Canada benefits for low income
Besides these provincial payments, there is a multitude of benefits offered by the Government of Canada for individuals and families with low income.
Over the summer, the federal government laid out its Affordability Plan, which aims to reduce the impact of inflation on Canadians.
As part of the plan, eligible low-income renters in Canada will be able to get a one-time payment of $500 in 2022, although further details on who qualifies and the timing of the payment have yet to be given.
Individuals and families can also take advantage of the Canada Workers Benefit, a refundable tax credit that recently had its eligibility expanded to include more low-income workers.
Inflation in Canada
Data released by Statistics Canada in August found that inflation in Canada was actually slowing down.
However, Canadians are still forking out quite a bit for basic necessities. In August, gas price tracking website GlobalPetrolPrices.com reported that Canadians are spending the highest proportion of their income on gas of all G-7 nations.
In the same month, Canada saw the cost of groceries rise at its fastest pace since 1981, with prices increasing by 10.8%, on average.
This article's cover image was used for illustrative purposes only.