Finance
Seniors, Wellness and Social Development
October 9, 2015
Supporting the Province’s Seniors
Enhanced Seniors’ Benefit Being Received by Over 43,000 Seniors
More than 43,000 seniors in the province began receiving an enhanced low income seniors’ benefit this week. With the October 2015 payment, the maximum payment seniors may receive will be $1,059 for seniors with a net income of up to $29,284.
“Our government is committed to supporting seniors in this province. We are proud to offer the low income seniors’ benefit again this year. As a result of the benefit being indexed on an annual basis since 2003, this year’s maximum payment to seniors is the highest ever. The Seniors’ Benefit is just one of many government investments that benefit seniors in our province.”
- The Honourable Ross Wiseman, Minister of Finance and President of Treasury Board
Key elements of this benefit are:
- The Newfoundland and Labrador Low-Income Seniors’ Benefit is a refundable tax credit for low income seniors who are at least 65 years old at any time during the year;
- This Newfoundland and Labrador benefit is administered on behalf of the Provincial Government by the Canada Revenue Agency;
- The benefit is paid automatically in October of each year and is included in the same payment as the GST/HST credit;
- It is based on family net income from the previous year; and
- No application is required, however, individuals must ensure that their annual income tax return is filed.
“The Low Income Seniors’ Benefit puts money directly back into the pockets of seniors who need it most. It complements other Provincial Government initiatives which are of benefit to low income seniors, such as affordable housing initiatives, the Provincial Home Repair Program, the Residential Energy Efficiency Program, the Home Modification Program, age-friendly transportation grants, various fee reductions, and improvements made to the 65Plus Plan, a component of the Newfoundland and Labrador Prescription Drug Program.”
- The Honourable Clyde Jackman, Minister of Seniors, Wellness and Social Development
The maximum payment provided under the program in 2003 was $350 for single seniors. That amount has increased by 203 per cent to $1,059. The amount for senior couples in 2003 was $700. That amount has increased by 51 per cent to $1,059. In addition, in 2007, the Provincial Government increased the qualifying threshold for single seniors so that more individuals receive the full benefit.
QUICK FACTS
- More than 43,000 seniors in the province will receive an enhanced low income seniors’ benefit this week. As a result, the maximum payment seniors may receive will be the highest ever at $1,059.
- Over the last 13 years, the benefit has increased 203 per cent for single seniors and 51 per cent for senior couples.
- The Newfoundland and Labrador Low-Income Seniors’ Benefit is a refundable tax credit for low income seniors who are at least 65 years old at any time during the year.
- The benefit is paid automatically and is based on family net income from the previous year.
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Media contacts:
| Jennifer Tulk Director of Communications Department of Finance and Human Resource Secretariat 709-729-6830, 728-4104 jennifertulk@gov.nl.ca |
Heather May Director of Communications Department of Seniors, Wellness and Social Development 709-729-0928, 697-5061 heathermay@gov.nl.ca |
2015 10 09 10:40 a.m.