A Henson trust, also known as a discretionary trust, is structured to protect the assets of a person living with a disability, as well as their right to collect government benefits and entitlements such as The Ontario Disability Support Program.
It is very important for families to consider whether a HensonTrust should be a component of your estate plan and long-termfinancial plan.
A Henson Trust is most often set up in a person’s will. When settingup a Henson Trust you will want to consult with a lawyer whohas experience setting up this type of trust.
When setting up a Henson Trust it is important to consider thetrustees you appoint. The Trustee is given the responsibility ofhandling the assets that have been left in the trust for your sonor daughter.
The Trustee(s) responsibilities can extend over a long period of timeand end when the trust is terminated.
For more information on a the Henson Trust, visit P4P Planning Network
This is a financial resource that is designed to provide opportunities for individuals to be actively involved in the life of their community as engaged citizens.
Passport funding is considered individualized funding. While there are criteria in terms of how the funds are spent, the individual and their
family have flexibility in determining how
Individuals can use Passport dollars to cover tuition costs for post secondary courses or community programs, or hire a person to help support them with activities that build skills or explore leisure
opportunities in the community.
For more information on Passport Funding, visit gov.on.ca
The RDSP is a long-term savings plan made available by the federal government.
With personal contributions combined with federal grants andbonds, an RDSP can grow in to a significant financial asset your childmay use later in life.
You can receive up to $70,000 in Grants and $20,000 in Bonds.
In order to qualify for an RDSP you must first qualify for theDisability Tax Credit.
The great benefit of an RDSP is that it will not impact provincialbenefits like the ODSP in anyway. You can receive funds through anRDSP with no reduction in provincial disability benefits.
Partners for Planning offers Introductory RDSP Webinars monthly.
For more information on a Registered Disability Savings Plan, visit rdsp.com
Development Services Ontario
The (DSO) is the first point of contact when looking for information on how to access services such as funding, housing and programs.
Individuals can begin the application process at age 16, with parental consent, however must be 18 years of age to receive services.
To apply, individuals must have proof that they live in Ontario,proof of date of birth and will need a copy of a psychologicalassessment. When filling out the application form, be sure to request Passport Funding.
For more information, visit DSOntario.
Ontario Disability Support Program (ODSP)
A provincial benefit that provides financial assistance for adults
18 years and older.
This benefit is meant to assist with the cost of living expenses such
as food and housing.
Individuals may apply six months prior to their 18th birthday and
may be eligible to receive health, drug, dental coverage and other
For more information on the Ontario Disability Support Program, visit Gov.on.ca.
Ontario Works (OW)
Ontario Works provides income and employment assistance for individuals who are temporarily in need of financial help.
To be eligible for this program, individuals need to be a resident of Ontario, have an immediate financial need and be willing to participate in employment activities.
Individuals may also be eligible to receive health, drug, dental coverage and other benefits.