Starting in January, asset limits for single people on OW will rise from $2,500 to $10,000 and go up for couples from $5,000 to $15,000. For those receiving ODSP benefits, cash and other liquid asset limits will jump from $5,000 to $40,000 for individuals and from $7,000 to $50,000 for couples.
How much money can I have in the bank on Ontario Works?
If you are a single person receiving Ontario Works, you can now have up to $2,500 in personal assets like bank savings. If you and your spouse are both receiving Ontario Works you can now have up to $5,000 in assets. The asset limit for each additional dependent in your family is $500.
Does Ontario Works monitor your bank account?
OW looks at your assets because your assets cannot be worth more than a certain amount. This amount also depends on the size of your family. There are some types of income and assets that OW does not count.
What assets can you have on Ontario Works?
Assets may include cash, as well as bonds, debentures, stocks, certificates, the cash surrender value of a life insurance policy, interest in property, a beneficial interest in assets held in trust and other property which can be readily converted into cash, even if a financial penalty must be incurred to do so.
What are exempt assets for Ontario Works?
All funds held in RDSPs are exempt as assets when assessing eligibility for Ontario Works. Contributions made to RDSPs by family members, other third parties, or the federal government through the CDSGs and CDSBs are exempt as income. Interest earned and reinvested into an RDSP are exempt as income.
Do I have to pay back Ontario Works?
Yes. Ontario Works (OW) can ask you to pay back financial assistance out of money that you get in the future. And if you don’t agree to do this, they can refuse to give you assistance or cut off your assistance.
Does inheritance affect Ontario Works?
Money, property or possessions you inherit could affect your eligibility or the amount of money you get for Ontario Disability Support Program Income Support. This means it does not affect your eligibility or the amount you get for Income Support. …
How long can you stay on welfare in Ontario?
Single recipients and couples without children would be denied benefits altogether for the remainder of the 60-month period, while recipients with children would have their benefits reduced by between $100 and $200 per month.”
How much savings can you have on ODSP?
How much can I own? The maximum value of assets you can hold as an ODSP recipient is currently $40,000 for one person, $50,000 for a couple, and $500 for each dependent. (There are exceptions, which are explained below.) ODSP requires that you report all changes to your income or assets.
Can you collect Cerb while on Ontario Works?
* The Canada Recovery Benefit (CRB) ended on October 23, 2021, but you may still be able to apply for this benefit if you were eligible, until December 22, 2021. … If you are on Ontario Works and eligible for any of these benefits, you are required to apply for them.
Can you own a house on Ontario Works?
OWP does not count your home. OW also does not count another property if a child who lives in your household: owns the property, for example, they got it as an inheritance.
Can you own a home and be on welfare?
Will DSS help me pay the costs of owning my own home while I am on public assistance? Yes. DSS must pay you a shelter allowance up to the maximum allowed to help you pay for some of the costs of owning your home (such as mortgage payment, real property taxes and homeowner’s insurance).
What counts as income for Ontario Works?
All earnings and amounts received under a training program of a dependent child are exempt as income. Other income for the dependent child is considered income for the benefit unit unless a specific exemption for the income exists (see Directive 3.9: Dependent Children for more information).