AISH Program Policy

Published Date: March 01, 2014
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Assets

Selling Exempt Assets

AUTHORITY

Assured Income for the Severely Handicapped Act, sections 3(3)(d) and 5(3)(c)
Assured Income for the Severely Handicapped General Regulation, section 3(2); Schedule 2

INTENT

To allow time for an applicant, client, and their cohabiting partner to replace exempt assets after being sold.

POLICY

Assets such as a principal residence, a vehicle or an adapted vehicle are classified as exempt assets and are not counted in the $100,000 asset limit. When these assets are sold, money from the sale may be granted a temporary exemption from the asset limit for 90 calendar days if the applicant, client, or cohabiting partner intends to replace the sold asset with another exempt asset. AISH provides this exemption to allow sufficient time to replace a sold exempt asset with another exempt asset.

Any money remaining after the exempt asset has been replaced will be considered a non-exempt asset and included in the $100,000 asset limit. If an exempt asset is not replaced with another exempt asset, all proceeds from the sale of the original exempt asset will be included in the asset limit.

Extension of 90-Day Exemption

AISH may grant an additional 90 calendar days if the purchase of an exempt asset was started within the first 90 days. The applicant or client is responsible to provide AISH with a reasonable explanation of the need for an extension.