Learn about inheritances over $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?If you inherit more than $100,000, you can continue to get from the Ontario Disability Support Program (ODSP) if the money is put in a “discretionary trust”.
Setting up a discretionary trust is more complicated than a simple trust, which can be used if you inherit less than $100,000. It’s important to get legal help setting up a discretionary trust.
With a discretionary trust, a trustee has the power to decide when to pay you and how much to pay you from the trust. The trustee could be a person or an institution, such as a community organization or a bank.
A discretionary trust is sometimes called an “absolute discretionary trust” or a “Henson trust”.
Setting up a discretionary trust
A discretionary trust must be set up in the will that gives you your .
If this isn’t done and you inherit more than $100,000, ODSP will count the inheritance as an asset.
And this will affect whether you can still get income support.
