The following statement was given today in the House of Assembly by the Honourable Tom Marshall, Minister of Finance and President of Treasury Board:

Seniors’ Benefit Payments Provided to 42,000 Seniors in Newfoundland and Labrador

Mr. Speaker, I am sure that all members in this Honourable House will be pleased to hear that 42,000 seniors in our province have recently received a payment of up to $971 as a result of the Newfoundland and Labrador Seniors’ Benefit, a refundable tax credit for low income seniors.

Our government is proud to have significantly increased the benefits under this program three times in recent years. In 2003, the annual budget for the program was $7.5 million. This year that has increased to approximately $36.7 million, an increase of 389 per cent. In 2003, the maximum payment provided under the program was $350 for single seniors. That amount has increased by 177 per cent. The amount for senior couples in 2003 was $700. That amount has increased by 39 per cent.

Mr. Speaker, the refundable tax credit is an amount paid to an individual, even if they have no tax payable. With the October 2013 payment, whether single or as a couple, seniors with net income of up to $28,231 are eligible to receive the maximum benefit. The amount of the benefit will be phased out as net income increases between $28,231 and $36,559.
In order to qualify for this benefit, the person must be 65 years of age by December 31st of the taxation year. This benefit is paid in October of each year and is included in the same cheque as the GST/HST credit. The amount of the credit is based on family net income from the previous year.

Mr. Speaker, our government is proud to continue our commitment to assisting seniors once again by providing the Seniors’ Benefit. As a result of the benefit being indexed on an annual basis, this year’s maximum payment to seniors is the highest ever at $971.

Payments for those who qualify for the Seniors’ Benefit were automatically issued in October either by cheque or direct deposit. If a resident has not already received their payment for this year, they are encouraged to contact the Canada Revenue Agency toll-free at 1-800-959-1953 or call the Department of Finance.

Mr. Speaker, the Seniors’ Benefit is just one of many initiatives that our government is investing in to benefit seniors in our province. Our vision for a prosperous Newfoundland and Labrador is demonstrated in our commitment and investments in important social programs, strengthened communities, and the health and well-being of our children, families and seniors. Thank you, Mr. Speaker.

2013 11 14                                     2:00 p.m.