Upcoming changes to asset limits for RGI tenants
The City of Toronto has set a new asset limit for rent-geared-to-income (RGI) households that will come into effect on March 1, 2024.
The Province of Ontario recently implemented changes to the Housing Services Act. In response, the City of Toronto has implemented an asset limit for rent-geared-to-income (RGI) households that will come into effect on March 1, 2024. At that time, your household’s assessment for RGI eligibility will include any assets that your household has.
That means that all members of your household who are 16 years of age or older, who are not receiving basic financial assistance through Ontario Works or the Ontario Disability Support Program, must declare all assets you have that are not exempt. If households have non-exempt assets that total over $150,000, they won’t be eligible to continue getting RGI assistance.
Exempt and non-exempt assets
Not all of your assets will be included in what you have to declare. The City of Toronto has put together a list of assets you must declare, as well as ones that are exempt.
Toronto Community Housing will be sending out the City of Toronto’s notice to all households in the coming months. We will also include the appropriate declaration forms in any Annual Review packages that go out after March 1, 2024.