I've inherited $10,000 but I am going to lose my BC Disability Assistance
BC Disability Assistance has long permitted people who recevie sums of money, such as an inheritance, to set it up in a trust and continue to receive their income and other benefits. The problem is that setting up a trust is complicated and generally we don't encourage people to do it themselves without visiting a lawyer (which has a cost).
NOW under some circumstances, people can deposit the inheritance in a Registered Disability Savings Plan (RDSP) (at no cost).
The person must qualify for the federal disability tax credit and be 59 years old or younger.
The RDSP is an exempt asset in BC (and all other provinces) and can be used for any purpose in bc (and MOST other provinces) without impacting Disability Assistance.
For more information, visit www.rdsp.com