On January 14, 2020, members of the OBA Trusts and Estates Law section gathered for another series of discussions on various trusts and estates law topics at the Brown Bag Lunch (BBL). Members highlighted practice issues, and shared information and professional anecdotes.
The first topic of the day picked up where some of the discussions in December left off: Ontario Disability Support Program (“ODSP”) limits on assets and income. BBL’er Blair Botsford shared an insightful article she wrote that identified questions raised by recent changes to the Ontario Disability Support Program Act, which allow for an individual receiving ODSP to own non-exempt assets of up to $40,000.00. Blair’s article and comments lead to a very interesting discussion about how the increased asset limit may interact with the current income limit of $10,000.00 in a 12 month period.
The next topic addressed lifetime benefit trusts. Members discussed at what level, and in whose hands, a lifetime benefit trust is taxed. There was a thought-provoking discussion involving various sections of the Income Tax Act that relate to lifetime benefit trusts and attribution rules.
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