Recipients of the Ontario Disability Support Program

Exempt an inheritance or other assets over $6,000 without jeopardizing the ODSP 

Recipients of the Ontario Disability Support Program (ODSP) can save of up to $100,000 in a Savings Plan without losing their entitlement to their ODSP benefits. Under the ODSP regulation payments from the plan of up to a maximum of $6,000 during a twelve-month period are excempt as income. Any amount without restriction may be withdrawn if the money is used for disability-related items or services. Similar regulations apply in other provinces.

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A Savings Plan OUTCOME RESULT
An individual ODSP application was denied because she had $40,000 in  liquid assets which exceeded the $5,000 liquid asset limit. The funds were deposited into a savings account in her name and LifeTRUST filed a request to exempt her funds. ODSP recognized the plan as an exempt asset vehicle and two months later she began receiving the maximum ODSP benefit. She received back payments from the month that she had applied.(Those funds have now grown to over $70,000) To learn more about how to exempt assets in excess of the asset limit . CONTACT US   

A FAMILY RESULT OUTCOME

A financial advisor contacted us on behalf of his married clients both of whom were ODSP recipients. Their ODSP office had deemed that they had funds in excess of the joint liquid asset limit. LifeTRUST Planning created a savings plan filed documents with  their regional ODSP office and their funds were recognized as exempt assets. Their ODSP benefits were reinstated through a letter they received from the regional ODSP office.To learn more   CONTACT US

A “SAVINGS PLAN” TESTIMONIAL LETTER
We would like to express our appreciation of the work John Dowson LifeTRUST Planning has done for our family. When he, after much detective work, discovered a type of insurance policy which met the needs or our family financial situation and satisfied the requirements of the ODSP act and regulations, we were glad to take advantage of his expertise and purchase a policy on behalf of our daughter. Mr. Dowson's expertise would make him a valuable resourse to individuals or organizations seeking guidance in this often complex area.
Don and Janet F
Burlington Ontario Canada   CONTACT US

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