Social assistance
Liquid assets
Cash and assets you can quickly convert to cash, such as bank balances and some investments, counted in many assistance programs.
Exceeding asset limits can disqualify you even with low monthly income.
Where you may see this
Social assistance applications and annual reviews.
In everyday language
Money or property that can usually be turned into cash quickly.
Example
A program may count savings in a bank account even when monthly income is low.
May include
- Cash on hand
- Chequing and savings balances
- Some readily sellable investments
May not include
- A principal home
- A necessary vehicle
- Certain protected savings — exemptions depend entirely on the program
Do not transfer, spend, or dispose of assets to try to qualify. Check the official asset rules for the program you are applying for.
Related terms
Social assistance
Deemed income
Income a program treats you as having even if you did not receive it, for example, room and board from family or deemed returns on assets.
View termSocial assistance
Earned income exemption
The amount of employment or self-employment income you can keep before a benefit is reduced dollar-for-dollar.
View termIncome-tested benefits
Means-tested
A program that considers your financial resources, usually income and sometimes assets, before paying benefits.
View termSocial assistance
Social assistance
Provincial or territorial income support for people with little or no money for basic needs, with strict asset and earnings rules.
View term