Learn about inheritances up to $100,000
The Ontario Human Rights Commission has released their latest take on mandatory vaccines, passports and testing, here: http://www.ohrc.on.ca/en/news_centre/ohrc-policy-statement-covid-19-vaccine-mandates-and-proof-vaccine-certificates. In light of this update, and the new directives that the Province released a few weeks ago, we are in the process of updating our covid testing content. Please re-visit the site to access the updated content when it is available.
Question & Answer
Can I get ODSP if I get an inheritance?The Ontario Disability Support Program (ODSP) will not count an that’s worth up to $100,000 as an asset if it’s put in a “trust”.
Putting money in a trust means that someone called a “trustee” manages the money for you.
The trustee could be a person or an institution, such as a community organization or a bank.
Setting up a trust
It’s most helpful to have a trust set up in the “will” that gives you your inheritance.
A will is a document in which someone says who should get their property when they die. If someone dies without leaving a will, there are laws about what happens to their property and who gets it.
Even if a trust was not set up in a will, you may still be able to set one up.
It’s best to act quickly and to get legal advice.
Your ODSP could be affected, if a trust is not set up:
- following the rules, and
- within 6 months of the date you get the inheritance.
