2.8 - Trust Funds

Trust funds refer to monies held by a Bank or other financial institution for the applicant/client or other member of the household. They are considered liquid assets when they can be converted to cash and fixed assets when they cannot be converted to cash or are exempted.

Written documentation must be obtained from the financial institution to confirm the value of any trusts fund. This documentation must also state under what conditions the trust fund(s) may be converted to cash.

Those funds which can be converted to cash (regardless of the penalty) are considere liquid assets.

• The capital and the accumulated interest of up to $200,000.00 may be established in a registered trust fund for individuals certified as Blind, Deaf or Disabled. This amount is excluded as an available resource in determining eligibility for assistance. The income generated from a trust fund, (including interest earned from the investment, which places the value of the Trust Fund over $200,000.00), should be considered as an available resource. Note: Interest earned which is not withdrawn from the Trust Fund and does not increase the value above the $200,000.00 level, is not to be considered as an available resource.

Income generated from Trust Funds up to $800 a month is exempt. Special amounts over this monthly limit may be allowed when it supports a beneficiary remaining in the community or to purchase health related support items. The client or trustee is responsible to submit statements every year, detailing the income generated from the trust fund. A brought forward must be created to remind the case manager of the required trust fund review.

Funds invested in a RDSP up to $290,000 for units with a Blind, Deaf or Disabled person. Income generated from a Registered Disability Saving Plan (RDSP) up to $800 a month is exempt. Special amounts over this monthly limit may be allowed when it supports a beneficiary remaining in the community or to purchase health related support items.

These clients may only have a total of $800 per month from the Trust Funds and/or RDSP’s exempt.

• Funds invested in RRSPs up to $50,000 for units with a Blind, Deaf or Disabled person

• Funds in a Registered Education Savings Plan (RESP's) for children is exempt.

Those funds which are not convertible to cash are considered fixed assets, and are not to be included in the calculation of available resources. Income generated from these trust funds, however, is to be considered an available resource.

The income generated from the trust fund up to $800 a month is exempt when calculating a  Section 4(4) or a Section 4(2)(b).