- A liquid asset maximum of $10,000 for units with a Blind, Deaf or Disabled person. Subsequently, this means if there is more than one person in the unit the maximum liquid asset exemption will remain at $10,000.
- 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 Note: Interest earned which is not withdrawn from the Trust Fund and does not increase the value above the $200,000.00 level, is not to be considered as an available resource.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.
Life Insurance
The amount of money that individuals obtain if they dissolve a life insurance policy is fully exempt when determining eligibility for basic assistance for both applicants and clients. This exemption will allow applicants and clients (and their families) to be better prepared for final expenses.
Life insurance is considered a liquid asset when an applicant or client applies for the funeral benefit.
Pre-Paid Funeral
A pre-arranged funeral is considered a fixed asset that is fully exempt when determining eligibility for basic assistance for applicants and clients. All applicants/clients are entitled to establish/maintain a pre-arranged funeral with a licensed funeral home prior to or at the time of their application. A copy of the contract should be part of client's file.
Business Assets
Applicants who were/or are currently self-employed and clients who become self-employed may have fixed assets such as, tools/equipment/property which may be considered business assets. This may include business assets such as: farming equipment, baler or tractor; commercial boat or nets; a woodlot or skidder; industrial saws or tools; clippers or scissors; massage bed or electrolysis machine etc. These business assets are not used in determining initial eligibility; however, applicants/clients will be expected to liquidate their assets within the following specific time frames:
All applicants who are self-employed in a business enterprise will be expected to liquidate their assets after an accumulated total of 6 months’ worth of assistance. See Applicants Who Are Self-Employed policy.
All applicants who were self-employed in a business enterprise will be expected to liquidate their assets if they do not plan to return to this type of employment. However, if the Case Manager determines there may be an opportunity for the client to use these assets to become self-employed again, they may maintain these assets up to a maximum period of 12 months. After 12 months of assistance they are to be considered excess fixed assets. See Applicants who are Self-Employed policy.
All clients who become self-employed as part of their case plan, may maintain these business assets up to a maximum of period of 12 months. See Clients Who Become Self-Employed policy.