ASSET IMPACT ON ODSP INCOME
The Ontario Disability Support Program provides eligible people with disabilities with income support to pay for living expenses such as food and housing. Eligibility for this program, as well as the amount of income support you can receive, is directly affected not only by a person’s income, but also the assets they own.
Like some forms of income, there are also some forms of assets that are exempt from the calculation of eligibility. For example, a home you own and live in will be exempt as an asset (rental properties are not exempt). Your primary vehicle (that is, a vehicle you own and use most regularly) is also exempt. So are pre-paid funerals, RESPs, RDSPs, and necessary household and personal items like furniture and clothing.
There are special exemptions that apply if you are the recipient of trust funds or life insurance proceeds. Please contact us to discuss these exemptions and how they may apply to you and your situation.
ODSP sets limits on the value of all other assets that are not included in the exempt list. A single person can own $5,000 worth of assets and not have their ODSP eligibility affected. A person with a spouse can own $7,500 worth of assets. These limits increase by $500 for each child an ODSP recipient has.
CONTACT US
Feel free to contact us at any point for assistance or advice with respect to Corporate Law, Estate Law, Estate Planning or Estate Administration or Estate Litigation. We may be reached at 705-435-4339 / 1-877-85LEGAL (1-877-855-3425) or contact us via email.
