Required local rule — maximum household assets
 32.5 (1) A service manager shall make a local eligibility rule requiring, for a household to be eligible for rent-geared-to-income assistance, that the value of the assets of the household not exceed a specified maximum value. O. Reg. 242/22, s. 7. (2) The local eligibility rule must provide that the value of the assets of the household is the total value of the assets of the members of the household other than assets that are excluded under the local eligibility rule. O. Reg. 242/22, s. 7. (3) The local eligibility rule may provide for different maximum values for units and households of different types and sizes and for units in different parts of the service manager’s service area. O. Reg. 242/22, s. 7. (4) The maximum value specified in the local eligibility rule must be at least $50,000. O. Reg. 242/22, s. 7. (5) Without limiting what else the local eligibility rule may exclude, the local eligibility rule must exclude the following from the value of the assets of the household: 1. The value of the interest of a member of the household in a motor vehicle that is not used primarily for the operation of a business by a member of the household, subject to subsection (6). 2. The value of tools of a trade that are essential to the work of a member of the household as an employee. 3. The value of assets of a member of the household that are necessary to the operation of a business that the member operates or has an interest in, subject to subsection (7). 4. The value of a prepaid funeral. 5. The cash surrender value of a life insurance policy, subject to subsection (8). 6. The proceeds of a loan taken against a life insurance policy that will be used for disability-related items or services. 7. If a member of the household has received a payment under the Ministry of Community and Social Services Act for the successful participation in a program of activities that assists the person with the successful completion of a high school diploma, the development of employment-related skills and the further development of the person’s parenting skills, the value of any portion of that payment that, within a time that is reasonable in the opinion of the service manager, will be used for the member’s post-secondary education. 8. The value of funds held in a registered education savings plan, as defined in section 146.1 of the Income Tax Act (Canada), for a child of a member of the household. 9. The value of the clothing, jewellery and other personal effects of a member of the household. 10. The value of the furnishings in the accommodation used by the household, including decorative or artistic items, but not including anything used primarily for the operation of a business. 11. The value of the beneficial interest in a trust of a member of the household who has a disability if the capital of the trust was derived from an inheritance or from the proceeds of a life insurance policy, subject to subsection (9). 12. The value of funds held in a registered disability savings plan, as defined in section 146.4 of the Income Tax Act (Canada), if the beneficiary of the plan is a member of the household. 13. The value of funds held in an account of a member of the household in conjunction with an initiative under which the service manager or an entity approved by the service manager commits to contribute funds towards the member’s savings goals. 14. The value of funds held by a member of the household in a registered retirement savings plan, as defined in section 146 of the Income Tax Act (Canada), or in a registered retirement income fund, as defined in section 146.3 of that Act. O. Reg. 242/22, s. 7. (6) Under paragraph 1 of subsection (5), the local eligibility rule is only required to exclude an interest of a member in a single vehicle, not in any other vehicle that member has an interest in. O. Reg. 242/22, s. 7. (7) Under paragraph 3 of subsection (5), the local eligibility rule is only required to exclude, (a) the value of assets of a member of the household, up to a maximum of $20,000 for that member; and (b) the value of assets necessary to the operation of a business, up to a maximum of $20,000 for that business. O. Reg. 242/22, s. 7. (8) Under paragraph 5 of subsection (5), the local eligibility rule is only required to exclude the cash surrender value of life insurance policies up to a maximum value of $100,000 for the household. O. Reg. 242/22, s. 7. (9) Under paragraph 11 of subsection (5), the local eligibility rule is only required to exclude the value of beneficial interests of a member of the household up to a maximum value of $100,000 for that member. O. Reg. 242/22, s. 7. (10) The local eligibility rule shall provide that it not be applied by a service manager in determining whether a household that is applying or waiting for rent-geared-to-income assistance is eligible for such assistance under section 45 of the Act or whether a household in receipt of rent-geared-to-income assistance continues to be eligible for such assistance under section 52 of the Act, if each member of the household is receiving basic financial assistance under the Ontario Works Act, 1997 or is receiving income support under the Ontario Disability Support Program Act, 1997. O. Reg. 242/22, s. 7. (11) Despite subsection (1), the local eligibility rule shall provide that the service manager may determine that the household is eligible for rent-geared-to-income assistance, if the service manager is satisfied that there are extenuating circumstances. O. Reg. 242/22, s. 7. (12) A service manager shall make reasonable efforts to notify households about the local eligibility rule referred to in subsection (1). O. Reg. 242/22, s. 7. (13) The local eligibility rule begins to apply on, (a) a date chosen by the service manager that is no later than July 1, 2023; or (b) if no date is chosen, July 1, 2023, and until that date any local eligibility rule that was made by the service manager under section 35, as it read immediately before it was revoked, and that is in effect on the day this section comes into force, continues to apply. O. Reg. 242/22, s. 7. (14) A service manager shall periodically review the local eligibility rule required by subsection (1). O. Reg. 242/22, s. 7.