Households

Household Assets / Maximum Household Assets

Purpose

The Service Manager can set a local rule limiting assets of a household to be eligible for Rent-Geared-to-Income assistance.

Housing Services Act

  1. A Service Manager may make a local eligibility rule requiring, for a household to be eligible for Rent-Geared-to-Income assistance, that the value of the assets of the household not exceed a specified maximum value.
  2. The local eligibility rule must provide that the value of the assets of the household is the total value of the assets of the members of the household other than assets that are excluded under the local eligibility rule.
  3. The local eligibility rule may provide for different maximum values for units of different types and sizes and for units in different parts of the service manager’s service area.
  4. The maximum value specified in the local eligibility rule must be at least $20,000.
  5. Without limiting what else the local eligibility rule may exclude, the local eligibility rule must exclude the following from the value of the assets of the household:
    1. The value of the interest of a member of the household in a motor vehicle that is not used primarily for the operation of a business by a member of the household, subject to subsection (6).
    2. The value of tools of a trade that are essential to the work of a member of the household as an employee.
    3. The value of assets of a member of the household that are necessary to the operation of a business that the member operates or has an interest in, subject to subsection(7).
    4. The value of a prepaid funeral.
    5. The cash surrender value of a life insurance policy, subject to subsection(8).
    6. The proceeds of a loan taken against a life insurance policy that will be used for disability-related items or services.
    7. If a member of the household has received a payment under the Ministry of Community and Social Services Act for the successful participation in a program of activities described in paragraph 9 of section 26 of Ontario Regulation 134/98 (General) made under the Ontario Works Act, 1997, the value of any portion of that payment that, within a time that is reasonable in the opinion of the service manager, will be used for the member’s post-secondary education.
    8. The value of funds held in a Registered Education Savings Plan, as defined in section 146.1 of the Income Tax Act (Canada), for a child of a member of the household.
    9. The value of the clothing, jewellery and other personal effects of a member of the household.
    10. The value of the furnishings in the accommodation used by the household, including decorative or artistic items, but not including anything used primarily for the operation of a business.
    11. The value of the beneficial interest in a trust of a member of the household who has a disability if the capital of the trust was derived from an inheritance or from the proceeds of a life insurance policy, subject to subsection (9).
    12. The value of funds in a Registered Disability Savings Plan, as defined in section 146.4 of the Income Tax Act (Canada), if the beneficiary of the plan is a member of the household.
    13. The value of funds held in an account of a member of the household in conjunction with an initiative under which the service manager or an entity approved by the Service Manager commits to contribute funds towards the member’s savings goals.
  6. Under paragraph 1 of subsection (5), the local eligibility rule is only required to exclude an interest of a member in a single vehicle, not in any other vehicle that member has an interest in.
  7. Under paragraph 3 of subsection (5), the local eligibility rule is only required to exclude.
    1. The value of assets of a member of the household, up to a maximum of $20,000 for that member; and
    2. The value of assets necessary to the operation of a business, up to a maximum of $20,000 for that business.
  8. Under paragraph 5 of subsection (5), the local eligibility rule is only required to exclude the cash surrender value of life insurance policies up to a maximum value of $100,000 for the household.
  9. Under paragraph 11 of subsection (5), the local eligibility rule is only required to exclude the value of beneficial interests of a member of the household up to a maximum value of $100,000 for that member (Ontario Regulation 367/11, s35).

Policy: 2013-04

No asset limit will be instituted.

Approved January 2013

Household Incomes / Maximum Household Incomes

Purpose

The Service Manager can set a local rule regarding the maximum income of a household eligible for Rent-Geared-to-Income assistance.

The maximum income for a unit specified in the local eligibility rule must be at least the household income limit prescribed, under Ontario Regulation 370/11 (High Needs Households and Household Income Limits – Subsection 40 (4) of the Act) made under the Act, for such a unit.

Housing Services Act

A Service Manager may make a local eligibility rule requiring, for a household to be eligible for rent-geared-to-income assistance, that the income of the household not exceed a specified maximum income (Ontario Regulation 367/11, s 34).

Policy: 2013-03

The maximum household income for Rent-Geared-to-Income eligibility is equivalent to the Household Income Limits found in Schedule 2 of Ontario Regulation 370/11, Housing Services Act, 2011, Subsection 40 (4) – High Needs Households and Household Income Limits.

Approved January 2013