Learner Policy & Procedures

Published Date: August 23, 2016
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Financial Benefits Decision

Assets – General

Liquid Assets

AUTHORITY

Income Support, Training and Health Benefits Regulation, Section 1(1)(p)
Income Support, Training and Health Benefits Regulation, Section 48
MO 311/2016 Exemption of Canada Child Benefit
MO 2016-13 Exemption of Canada Child Benefit

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 (2 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 full Federal Child Benefit amount (maximum NCBS) as calculated by the Government of Canada.

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.