AISH Program Policy

Published Date: June 26, 2015
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Assets

Assets

AUTHORITY

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

INTENT

To define assets and how the AISH program classifies them.

POLICY

Assets are valuable items that are owned by the applicant, client, or their cohabiting partners. Examples of assets include: cash, securities and investments, stocks, shares, bonds, inventory, equipment, real estate, vehicles, and other property. As AISH uses assets to determine eligibility, applicants, clients, and their cohabiting partner are required to declare their assets and provide appropriate documentation to substantiate the value of those assets.

AISH classifies assets as either exempt (not counted) or non-exempt (counted). As a program eligibility requirement, the total value of all non-exempt assets owned by an applicant, client, and their cohabiting partner must not exceed $100,000. The non-exempt asset limit for Personal Benefits and the Child Benefit must not exceed $3,000, except in situations of financial hardship.

Exempt assets are not counted in the $100,000 limit. These include:

  • One principal residence, or one home quarter section of a farm (including buildings on the quarter section) in or on which an applicant or client resides. If the applicant or client is residing in a facility or institution, one principal residence where his or her cohabiting partner or dependent child principally reside.
  • One vehicle that is not primarily used as a recreational vehicle.
  • One vehicle adapted for the disability of the applicant, client, cohabiting partner, or dependent child if required for the disability.
  • A Locked-In Retirement Account (LIRA), Life Income Fund (LIF), Locked-In Retirement Income Fund (LRIF).
  • A Registered Disability Savings Plan (RDSP).
  • Clothing and reasonable household items.
  • A pre-paid funeral.
  • Money from the sale of a principal residence or vehicle previously designated as an exempt asset by AISH, as long as the money is reinvested in another exempt asset within 90 calendar days. This time limit may be extended to 180 calendar days if the purchase of a new exempt asset is commenced within 90 calendar days, and AISH determines appropriate circumstance exist.
  • Money from an insurance settlement for the replacement of a damaged principal residence or vehicle or a stolen vehicle previously designated as an exempt asset by AISH, as long as the money is used to repair or replace the property within 90 calendar days. This time limit may be extended to 180 calendar days if the purchase of a new exempt asset is commenced within 90 calendar days, and AISH determines appropriate circumstances exist.
  • Assets held by a trustee in a bankruptcy proceeding.
  • A non-commutable annuity purchased on or before February 1, 2002.
  • Money received, or assets purchased with that money, from specific Government of Canada or Government of Alberta payments. However, interest earned from this money is not exempt.
  • Assets exempted by a director if it is disposed of within the time specified by the director.

    Note
    Per capita distribution (PCD) payments issued to members ofthe Tsuu T'ina First Nation under the Calgary Ring Road Agreement must be fowarded to the Director for consideration of an exemption.

Non-exempt assets are all other assets owned by the applicant, client, and their cohabiting partner.

The assets of an incorporated business are legally separate from its shareholders. The assets of an incorporated business are not a factor in determining eligibility for AISH benefits. However, all shares of an incorporated business owned by a client or cohabitating partner are considered an asset and may affect eligibility for AISH benefits.