- Wed Nov 11, 2015 1:59 pm
#22
I was asked an important question.
There people that on the ODSP but have a small business or want have an seasonal self employment. What will happen
with the ODSP?
I found some information and i hope it will help:
Nancy runs her own business all year round. She has a total of $12,000 in business income/revenue this year. She had $500 in business expenses each month. She had no childcare or disability-related work expenses. Before starting her business, she received $1,053 a month in income support.
Step 1
Average Nancy’s business income/revenue over the year
$12,000 / 12 = $1000 month
Step 2
Deduct business expenses (- $500) to calculate net profits
$1000 - $500 = $500
Step 3
Apply $200 earnings exemption to monthly net profit
$700 - $200 = $500
Step 4
Calculate half her monthly net profits above $200 (50%)
$500 x 50% = $250
Step 5
Subtract this amount from income support
$1,053 - $250 = $803
Step 6
Add Work Related Benefit (+ $100)
$803 + $100 = $903
Nancy will receive $903 from ODSP income support per month. Add this to her average net profits of $700 per month and she will have $1,603 each month.
What you need to report to your caseworker
You and your adult family members need to report:
the money you earn from running a business
your business expenses, and
your child care and disability-related work costs.
Your caseworker can tell you how to report this information.
There people that on the ODSP but have a small business or want have an seasonal self employment. What will happen
with the ODSP?
I found some information and i hope it will help:
Nancy runs her own business all year round. She has a total of $12,000 in business income/revenue this year. She had $500 in business expenses each month. She had no childcare or disability-related work expenses. Before starting her business, she received $1,053 a month in income support.
Step 1
Average Nancy’s business income/revenue over the year
$12,000 / 12 = $1000 month
Step 2
Deduct business expenses (- $500) to calculate net profits
$1000 - $500 = $500
Step 3
Apply $200 earnings exemption to monthly net profit
$700 - $200 = $500
Step 4
Calculate half her monthly net profits above $200 (50%)
$500 x 50% = $250
Step 5
Subtract this amount from income support
$1,053 - $250 = $803
Step 6
Add Work Related Benefit (+ $100)
$803 + $100 = $903
Nancy will receive $903 from ODSP income support per month. Add this to her average net profits of $700 per month and she will have $1,603 each month.
What you need to report to your caseworker
You and your adult family members need to report:
the money you earn from running a business
your business expenses, and
your child care and disability-related work costs.
Your caseworker can tell you how to report this information.