In a press release Monday April 27th NWT Minister of Finance announced the NWT Cost of Living Offset payments will be sent by Monday (April 30th).
Caroline Wawzonek noted the timing of the April 30th payment will provide families with a welcome boost of funds that may help reduce their financial stress as we all work to support each other through the COVID-19 health crisis
On Thursday April 30th NWT residents will receive their second NWT Cost of Living Offset payment in the amount of $52.00 per adult and $60.00 per child under the age of 18.
- For example, a family of two adults and two children will receive $224.00.
- For a child in shared custody each parent will receive one-half of the benefit for the child.
The NWT Cost of Living Offset (COLO) is a benefit paid to individuals and families living in the NWT to help offset the cost of the NWT carbon tax.
- The benefit is tax-free to NWT residents and families.
To be eligible for the April 30th COLO payment, one must be an NWT resident for at least three months before the payment date and have filed an income tax and benefit return for the 2018 year.
Starting in July 2020, annual COLO amounts will increase to $156 for an individual and $180 per child and payments will be issued quarterly.
- Single individuals in the NWT will receive their full annual payment in July because their quarterly payments would be less than $50.
- NWT residents will automatically receive the July 2020 quarterly payment if they have filed their 2019 tax return before June 1st, 2020.
The Canada Revenue Agency issues all COLO payments on behalf of the Government of the NWT.
- Payments will be issued by cheque or direct deposit based on the information and preferences recipients have on file with the Canada Revenue Agency.
- There is only one payment issued per household.
NWT residents who are eligible for the April 2020 COLO payment but have not received it by May 18th, 2020 are directed to call the Canada Revenue Agency’s dedicated individual and benefits enquiries line at 1-866-426-1527.