Changes To “Persons With Disabilities” Rules
The Ministry of Social Development has announced some changes to the legislation that applies to individuals receiving income assistance under the Employment and Assistance for Persons with Disabilities Act. These changes are intended to come into effect on October 1, 2012.
One of the key changes to the legislation is the amount that a Person with Disabilities is permitted to place into trust. Under the existing legislation, up to $100,000 can be contributed to a trust for a Person with Disabilities without resulting in the loss of disability benefits. These trusts are frequently used when a Person with Disabilities receives an inheritance or a settlement payment, and allows that individual to preserve that money to use for future disability-related costs. The new rules will increase the amount that can be placed in trust to $200,000.
For more changes to the Persons with Disabilities rules, please see the Ministry of Social Development release at: http://www.sd.gov.bc.ca/clientinfo/2012-10-update.htm
For more information on related matters, contact Melodie Lind who is part of our Tax Law Group at: email@example.com or (250) 869-1210.