|
|
Learner Policy & Procedures |
Published Date: March 03, 2021
Bookmark this page |
Financial Benefits Decision |
|
Assets – General |
|
Liquid Assets
Income Support, Training and Health Benefits Regulation, sections 1(1)(p) and 48
Federal Child Benefit Amounts (Advanced Education)
Federal Child Benefit Amounts (Labour and Immigration)
Full Time Learners: Schedules 1, 2, 3 and 4 (Advanced Education)
Full Time Learners: Schedules 1, 2, 3 and 4 (Labour and Immigration)
INTENT
Training is a joint responsibility between government, the learner, and the learner’s spouse. Where possible, learners are to contribute as much as possible financially to their training. Only a portion of liquid assets are used to determine eligibility to ensure that:
- learners are encouraged to manage their funds and save for their children’s futures, and
- learners may have some resources they can use to purchase items that are not available through the Income Support program
POLICY
Liquid assets include:
- cash on hand
- cash in a financial institution or held by a third party that is available on demand to the individual
- assets, other than exempt assets, that are readily convertible into cash (e.g., stocks, term deposits, bonds, Guaranteed Investment Certificates (GICs) and other securities)
- income tax refunds
Liquid Asset Test
Allowable liquid assets for a learner household must be less than (3 x Monthly Core Benefits) + $10,000.
Monthly Core Benefits for a learner household = Monthly Core Essential + Monthly Core Shelter + High School Incentive Benefit + Handicap Benefit
Note
Monthly Core Benefits for a Non-EI learner include the federal child benefit amount.If the learner is applying for a transitional vocational program or self-employment approved program, then the liquid asset test does not apply. See Overview Assets - General for exceptions for Sponsored Immigrants, Transitional Vocational and Self-Employed programs.
Individuals who have more than the ‘allowable liquid assets’ are not eligible to receive income support benefits.
|