Hi all, this might be more appropriate for a financial subreddit, but hopefully someone here has been in a similar situation...
My wife is beginning the process of trying to get on ODSP as she has substantial mental and physical health difficulties which make it difficult/dangerous to work as much as she currently is.
We are fairly confident she will qualify on the medical side (our family doctor has been very helpful) but my concern is that our assets are above the $50,000 cut-off. Our income is actually collectively quite low (and will be lower if she has to work less, which is looking likely), but I got lucky on a stock trade a couple years back and have about 60k parked in a TFSA. She has like 15k-ish in GICs and other savings that will be available to move soon. I receive dividends from the asset in my TFSA which supplements our income to cover expenses (mostly groceries/meds/gas).
I am aware of the RDSP option but I also know you can't really withdraw anything from it until later in life without losing some of the gov. benefits/grants. We are in our early 30s and are more concern about living expenses at present rather than retirement. Are there any other places we can put some of the money that won't be locked-in for as long as an RDSP? Or would we be better off putting the excess in an RDSP and just keeping ~40,000 in the TFSA?
Thanks.