Finance
Seniors, Wellness and Social Development
October 16, 2014

Supporting the Province’s Seniors

Approximately 42,000 Seniors Receive Enhanced Benefit

As committed in Budget 2014: Shared Prosperity, Fair Society, Balanced Outlook, some 42,000 seniors in the province have now received an enhanced Low Income Seniors’ Benefit. As of October 3, seniors received the highest payment ever at $1,036, up from $971 in 2013.

“We are proud to enhance the Low Income Seniors’ Benefit again this year. Through our continued investment in this important area, this year the $40.4 million budget is more than five times higher than the $7.5 million budget in 2003. This enhanced benefit, along with our government’s investments in important social programs, will help seniors and strengthen our communities and province as a whole.”
- The Honourable Ross Wiseman, Minister of Finance and President of Treasury Board

Budget 2014 included an increase, beyond the increase for annual indexation, to the Low-Income Seniors’ Benefit. This is the fourth time the benefit has been increased by the Provincial Government since 2003. As a result, seniors will see the maximum benefit increased by $65 over last year alone and by $686 as compared to the amount that single seniors would have received in 2003. Senior couples will receive $336 more than they would have received in 2003.

“Our government values the contributions that seniors and older adults make to our province. We have invested in many initiatives that complement the Newfoundland and Labrador Low Income Seniors’ Benefit including age-friendly community grants, fee reductions, affordable housing, and ensuring that clients of the 65Plus Plan pay no more than $6 for prescription medications. As demonstrated by the establishment of the new Department of Seniors, Wellness and Social Development, Premier Paul Davis has put an even greater emphasis on providing support and investing in the people who have helped build Newfoundland and Labrador.”
- The Honourable Clyde Jackman, Minister of Seniors, Wellness and Social Development

The Newfoundland and Labrador Low-Income Seniors’ Benefit is a refundable tax credit for seniors living on low incomes who are at least 65 years old at any time during the tax year. The benefit is paid automatically in October of each year and is included in the same cheque as the GST/HST credit. The benefit is based on family net income from the previous year.

The maximum payment provided under the program in 2003 was $350 for single seniors. That amount has increased by 196 per cent to $1,036. The amount for senior couples in 2003 was $700. That amount has increased by 48 per cent to $1,036. In addition, in 2007, the Provincial Government increased the qualifying threshold for single seniors so that more individuals receive the full benefit. In 2003, approximately 30,000 individuals received the benefit, compared to approximately 42,000 this year.

QUICK FACTS

• Approximately 42,000 seniors in the province have now received an enhanced Low Income Seniors’ Benefit. As of October 3, seniors received the highest payment ever at $1,036, up from $971 in 2013.
• This is the fourth time the benefit has been increased by the Provincial Government since 2003.
• The Newfoundland and Labrador Low-Income Seniors’ Benefit is a refundable tax credit for seniors living on low incomes who are at least 65 years old at any time during the tax year. The benefit is paid automatically and is based on family net income from the previous year.
• In 2014, the $40.4 million budget for the program is more than five times higher than the $7.5 million budget in 2003.

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Media contacts:

John Tompkins Director of Communications Department of Finance 709-729-6830, 728-7762 jtompkins@gov.nl.ca

Heather May Director of Communications Department of Seniors, Wellness and Social Development 709-729-0928, 697-5061 heathermay@gov.nl.ca

2014 10 16                                             1:55 p.m.