Eligibility for the refundable tax credit is based on your family net income from the previous year.
Whether single or as a couple, seniors with family net income of up to $29,402 are eligible to receive the maximum benefit of $1,313.
The amount of the benefit will be phased out at a rate of 11.66% as net income increases between $29,402 and $40,663. This means that if you earn more than $40,633 in a year, you will not be able to get this benefit.
To qualify for this benefit, you must be 64 years old or over by December 31st of the tax year.
No application is required for the Newfoundland and Labrador Seniors’ Benefit. However, you must file your taxes to get it.