The basic exclusions allowed on the aggregate value of property are:
- $1,500 for an independent adult or for a minor sheltered with her child;
- $2,500 for a family;
- $2,500 for family or for an adult with a spouse who is eligible for the 66/72 benefit.
These exclusions are separate from the ones for liquid assets and the calculation is done completely separately.
However, possessions that are subject to an exclusion of $266,284 or $381, 924 do not benefit from this additional EXCLUSION of $1500 or $2500. The surplus is calculated at a rate of 2% (refer to 3.2.7).
Clients eligible for the 66/72 benefit
For persons eligible for the 66/72 benefit, the aggregate value of all assets as of December 31 is excluded from the calculation of the benefit up to a value of $500,000.
This exclusion amount also includes liquid assets treated as property.
Surplus to the basic exclusion
To establish the value of the included property, the amount obtained after applying the basic exclusion is then multiplied by 15%.
This amount is then divided by 12 in order to be distributed monthly for the duration of the reference period beginning the following July 1.
Reassessment of the value of the property
When the value of included property on file causes the amount paid to the person eligible for the 66/72 benefit to decrease, the value of the property may be reassessed during the reference period when both of the following conditions are met:
- The aggregate value of property owned by the adult has been below the basic exclusion of $500,000 for at least one month;
- The adult does not expect the value of the property to exceed the exclusion before the end of the calendar year (as of December 31) in which the decrease has occurred.
The new value of the property is applicable as follows:
- From the beginning of the next reference period (the following July), when the decrease occurs between January 1 and April 30;
- From the beginning of the second month following the month in which the value of the property no longer exceeds the basic exclusion for the remainder of the reference period (ending the following June), when the decrease occurs after April 30.
Specific situation when an adult meets the criteria for the 66/72 benefit
When an adult meets the criteria for the 66/72 benefit, the amount to be considered during the first reference period for the aggregate value of property is established by taking into account the adult’s situation on the last day of the month preceding the one in which he or she met the criteria.
When an adult meets the criteria between January 1 and June 30, the value of the property to be considered for the next reference period remains the same as that mentioned above.
When an adult meets the criteria between July 1 and December 31, the value of the property to be considered for the next reference period remains the same as the value as of the previous December 31.