Confirming The Life Insurance Will Be Treated As A Monetary Gift
[ Friday December 22nd 2017 at 10:36 am ]
I've been playing phone tag with my disability case worker. The life insurance policy my dad had through the professional association of accounts is going to be classified as a gift. I will be receiving ⅓ of it. This is approximately $8,415 CAD. With the recent changes that allow for up to $10,000 a year in monetary gifts and assets of a single adult to be $40,000 there is no impact on my ability to receive the disability pension and it's benefits (my pain medication, wheelchair maintenance and medical travel coverage).
There is a "shed" on my property which was built in 2002 after the previous shed burned to the ground. I didn't own the property at the time. The insurance replaced this building using current construction techniques. These funds will allow me to finish off this space for year round usage (insulation, vapor barrier, drywall, paint and heavy duty commercial grade flooring suitable for a power wheelchair) so I may use it as an office. I will be able to film my youTube channel videos here. This is an amazing opportunity.