Haven't received your P.E.I. inflation support yet? Here's what you need to know

Islanders who have enabled direct deposit from CRA will likely have already received their payments, while others will be receiving a cheque in the mail. (CBC - image credit)
Islanders who have enabled direct deposit from CRA will likely have already received their payments, while others will be receiving a cheque in the mail. (CBC - image credit)

Eligible Islanders began receiving P.E.I. inflation support payments last week, a non-taxable benefit paid out by the provincial government as the province grapples with the highest inflation in the country.

The $58-million program is funded by the provincial government and delivered by the Canada Revenue Agency along with the P.E.I. Sales Tax Credit, allowing Islanders to receive their payments without having to sign up for it.

Islanders who have enabled direct deposit from CRA will likely have already received their payments. Others will have to wait for a cheque, which would have been mailed out Jan. 5.

Island residents with questions about their inflation benefit should call the Canada Revenue Agency, but the CRA is asking Islanders to wait 10 days after the scheduled payment date — so after Jan. 15 — before calling.

Payment combined with P.E.I. Sales Tax Credit

The P.E.I. government announced in late October it would supply up to $1,000 to families, couples and singles parents, while individuals would receive up to $500.

Islanders with a net income of less than $100,000 will receive the full amount, while individuals who make between $100,000 to $125,000 will receive a pro-rated amount, as will couples with incomes of between $100,000 and $145,000.

The inflation support payment is a non-taxable benefit, which means it does not count as taxable income.

Because the money is combined with the P.E.I. Sales Tax Credit, most Islanders will see a deposit or cheque for more than the $500 or $1,000 of inflation support.

Details of the benefit payment are available online through CRA My Account.

Islanders can also check out the province's FAQ here, or call CRA's benefit inquiries service at 1-800-387-1193 for English service, or 1-800-387-1194 for French service. Again, CRA asks that you wait until Jan. 15 before calling.