A single person without children living on their own can expect to receive approximately $1,151 a month as a recipient of the Ontario Disability Support Program. Not a lot of money when you consider the cost of living.
Maintaining a reasonable standard of living on this amount alone is next to impossible.
When ODSP is not enough
People on ODSP and their parents are constantly looking for ways to supplement ODSP benefits, but they have to concern themselves with the very restrictive asset rules. Most people understand that you are not allowed to have more than $40,000 in assets to qualify for ODSP ($50,000 for couples). If you have more than that, you can lose your ODSP.
But there are exceptions. There are a number of ways to save money beyond the $40,000 limit without jeopardizing ODSP benefits.
My knowledge of ODSP has helped clients with the following:
- Restructuring assets in order to qualify for or maintain ODSP benefits
- Save money for the long-term
- Estate planning for parents who have children on ODSP
For a more detailed explanation of how to plan when you or your child is on ODSP, see these posts: