Advice From Reegan Financial
There are always rules. And then there are exceptions to those rules. ODSP is comprised of a myriad of financial rules, limits, and restrictions. Rules that have been created and modified over many years. At the same time, exceptions to those rules were developed. Those aware of the rules but not the exceptions easily assume ODSP benefits are beyond their reach., when that is often not be the case.
People with disabilities in Ontario feel they are getting the short end of the financial stick during the Covid-19 crisis. I can’t say I disagree with them. Hundreds of thousands of Ontarians with disabilities receive social assistance from the Ontario Disability...
The federal government has reduced the minimum withdrawal requirements for Registered Retirement Income Fund accounts for 2020 because of the Covid-19 pandemic impact on the markets. Registered Disability Savings Plans are subject to even more severe minimum withdrawal amounts, but measures to ease these requirements in light of the current crisis have not materialized.
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A single person without children living on their own can expect to receive approximately $1,168.27 a month as a recipient of the Ontario Disability Support Program. Not a lot of money when you consider the cost of living.
You have an adult son or daughter who is receiving assistance from the Ontario Disability Support Program (ODSP) and you know leaving them with an inheritance in their name after you die could easily spell the end to their ODSP benefits.
Understandably, parents of children with disabilities want to make sure their child will be okay when they can no longer parent. Making sure their child is financially secure after they are gone is one of the biggest challenges parents face.