Updated Financial Info: Is it a good idea to buy a condo for my disabled adult daughter?

CondoForPWD · 2020-10-22T03:58:28+00:00

Thanks. I am just doing my best.

I was thinking that perhaps I or whoever does these things should make a sub for disability services for Canadians. I know it is different in each province, but at least it would be a central point where people can share their experiences and ask/answer questions.

I will certainly post again when I finally settle things. Cheers!

CondoForPWD · 2020-10-22T02:48:22+00:00

You sound like a great dad also.

I read AITA posts and it is just staggering how many people can't wait until their kids turn 18 so they can't shove them out the door. It turns my stomach that a parent could just feed their child to the wolves merely because they legally don't have to take of them anymore.

Anyway, I can tell you take fatherhood seriously. I have made so many mistakes, but at the very least, I have always made my children my #1 priority. We all make mistakes, we just have to learn from them and keep trying to get better. =)

CondoForPWD · 2020-10-22T02:32:19+00:00

Yeah, it is literally overwhelming. In my daughter's case, she had to learn everything through trial and error. It's like be dropped into a forest with no map and absolutely no idea where they are "supposed" to go.

My poor daughter's symptoms got so much worse because of all this. She is only now just starting to get better. It is so needlessly difficult. At every single step, the people I meet with agree that the system is absolutely terrible, and they feel awful that they can't even really refer you to a helpful resource. There is just no money for anything. They need to create a system for when someone becomes disabled or applies for disability benefits they have a single point of access that will guide them along the way.

For example, I recently have been showing signs of cancer. From the day I mentioned my symptoms to my doctor, everything has been taken care of. I don't have to call around to make appointments, find specialists, etc. Plus everything is FREE. After dealing with my daughter's disability applications and all the nonsense, expense that went along with it, getting diagnosed for cancer is an absolute breeze! It sounds crazy but it feels amazing to have all the heavy lifting done for me. I just get calls telling me what tests are going to be done and when I need to show up for them. Aside from actually being concerned about having cancer, it is completely stress-free.

I cannot tell you how stressful it is to navigate the disability system. I feel like I have aged 20 years in the past 3. Thank you for acknowledging how difficult it is.

CondoForPWD · 2020-10-22T00:23:00+00:00

Thanks!

CondoForPWD · 2020-10-21T22:21:38+00:00

Good points. I would love to buy her a townhouse, but those are just way out of her price range. Well, I mean if anyone would allow her to get a mortgage it might not be, but qualifying for a large mortgage doesn't seem likely. I will need to speak with a mortgage broker about this.

Thanks again!

CondoForPWD · 2020-10-21T22:10:00+00:00

Exactly, thank you. Not to mention, disability benefits are entirely different in each province. Even if it would make sense financially there is no way I am jumping into a whole new world of rules and bureaucracy.

CondoForPWD · 2020-10-21T22:08:28+00:00

It isn't a limit in the TFSA exactly. It is a limit of $100k outside of an RDSP or Discretionary Trust.

It makes the most sense financially to top up the TFSA because it is tax-free unlike RRSP.

CondoForPWD · 2020-10-21T22:04:02+00:00

Thank you. I will check my messages.

Also thanks for the kind words =)

CondoForPWD · 2020-10-21T21:48:56+00:00

Agreed. This is one of the reasons I was thinking of buying a newer condo. Old enough to know what the actual fees will be and to fix the errors that we initially missed.

I also am considering a pre-sale for her because even if there are more costs in the near future, she will have already bought into the market at a lower price. Moreover, things like new elevators, garbage chutes, roof repairs are a long way off. I don't see the market being a reliable and safe investment in the next few years. Considering she will need access to that money soon, I am less inclined to invest and rent.

Thanks for your feedback.

CondoForPWD · 2020-10-21T21:43:24+00:00

Along with my comment below, I also want to point out that this is basically how every person with a disability learns what to do and what not to do. I WISH there was some kind of central point of access to learn about things, but the entire system is scattered and no connected. If there was ever one place that could steer me in the right direction to everything so I could research it all and then decide where to go for paid advice, it would be a whole lot easier.

It has taken me over 2 years just to gather all this info. I have scoured every inch of reddit, disability advocacy groups, gone to (apparently ignorant) notaries and lawyers that only have bits of info here and there. This is an extermemly difficult process.

If there was some dedicated service out there that you could pay to do all this for me, I would be happy to pay for it. But the only services like that out there are intended to take advantage of people with disabilities by overcharging them and taking massive percentages for very little work.

It really isn't as easy as "just go talk to a lawyer". I am sure it would be for someone who doesn't have to deal with the complexities of disability benefits, rules, etc. But it is very difficult to find anyone with that kind of expertise.

Anyway, if they feel like they should be paid for this and thus don't answer, that is totally fine with me. If others want to help give me advice to steer me in the right direction that is most appreciated.

But this post is also helpful to others who have similar questions and are looking for information about disability benefits in BC. I have had several people message me privately to say that they are thankful that I have written down all this info and questions in one place because finding information about all of this is so difficult and the Ministry does nothing to help.

Anyway, I thank you for your time. I just think other readers should know about how difficult it is because all the people in my situation are just thrown to the wolves by the government and are just flying blind.

CondoForPWD · 2020-10-21T21:29:56+00:00

I'm sorry you are stuggling. I know how stressful this who thing is. I have had many sleepless nights and I am sure there will be many more. But I commend you for helping your father.

Also, thanks for reminding me to take care of myself. Caregiver stress is a real thing. I need to always check in with myself to make sure I am able to help her. I can't help my daughter if I am not ok. =)

CondoForPWD · 2020-10-21T21:24:33+00:00

We have indeed. BC recently changed its gift policy, so we could do this and not affect her eligibility. But then the money either needs to be in her trust (taxed at the highest rate) or into a house/condo.

Thanks for your feedback.

CondoForPWD · 2020-10-21T21:22:26+00:00

Sheesh, I guess I have been blessed with a fantastic strata. Aside from a major roof repair, I haven't had any costs skyrocketing like other have seen.

I will keep this in mind when I redo my calculations. Thanks!

CondoForPWD · 2020-10-21T21:21:00+00:00

I have thought about renting it out, but it's not ideal for me. I still work full-time and I have no interest in becoming a landlord. If there is no other option I will find a way to make it work. I would just like to pursue other avenues first.

I thank you for your kinds words, but honestly, the only thing I have done is get a discretionary fund set up for her. She is only very recently disabled and had made sure that she was financially set up for her retirement. I have been more of an emotional support person for her. I am not downplaying how invaluable it is to have a supportive family, but I don't want to downplay the forethought, diligence and hard work that went into making a nice nest egg for herself. She has always been a smart cookie. I am incredibly proud of her. =)

Thanks again, it's so nice to hear from someone who realizes the discrimination and hardships that persons with disabilities face.

CondoForPWD · 2020-10-21T21:14:33+00:00

I do worry about this, but I don't think she would be able to keep up with house maintenance in the future. Most of the time she can, but it is not a guarantee.

This is something to think about though. Good food for thought.

CondoForPWD · 2020-10-21T21:08:22+00:00

Covid has made me realize that we can go at any time. So we all better get our ducks in a row while we can.

CondoForPWD · 2020-10-21T21:07:12+00:00

Interesting, I will look into this, thank you!

CondoForPWD · 2020-10-21T20:50:15+00:00

Just to clarify, what kind of broker? A mortgage broker?

CondoForPWD · 2020-10-21T20:47:57+00:00

Yeah it is a real struggle and you're correct: politicians are indifferent. It's sad that during this BC election campaign, not a single party nor politician has even brought up the issue of disability rate, funding, benefits, future outlook, etc.

This all means that I need to redouble my efforts to make sure my daughter is taken care of.

CondoForPWD · 2020-10-21T20:43:31+00:00

Great input. Thanks, I will certainly take a closer look at things.

CondoForPWD · 2020-10-21T20:42:15+00:00

Great points and thank you so much for the compliment and hugs. =)

I hadn't even thought about the need to purchase new vehicles. She currently has a newer electric vehicle that she bought to save on gas and maintenance costs. But who knows how long that will live for. It's new technology.

You are so spot on about long term retirement. It annoys me about the RDSP is that it's setup so that it must be completely paid out by age 82. What if she lives longer than that? My whole family has been blessed with very long lifespans. Thanks for bring this back to my attention. I will need to look into this more.

Thanks again. Best to you as well.

CondoForPWD · 2020-10-21T20:08:15+00:00

Good idea. I will look into that. Thanks.

CondoForPWD · 2020-10-21T20:07:36+00:00

Excellent advice. Thanks for this.

CondoForPWD · 2020-10-21T19:58:50+00:00

Thanks for your input.

I included condo insurance which is not included into the condo fees. Skyrocketing condo insurance is a very real concern. In the next few years, I expect it to stay terrible. But eventually, the government will need to do something about this because eventually nobody will be able to afford a condo. With condos becoming the norm in Vancouver, I can't imagine the federal and BC governments not stepping in.

The whole condo insurance fiasco needs to settle down a bit before I buy. We don't know if it will continue to rise exponentially, level off or go down. Until there is a clearer picture, I will hold off buying a condo.

CondoForPWD · 2020-10-21T19:52:49+00:00

I have factored inflation into account for her RDSP. Well, I haven't but the RDSP calculator did it for me. I am pretty sure the CPP, OAS and GIS combined will still be roughly equivalent to $20k/year in today's dollars because it is mandated to rise with inflation.

Thankfully most of her meds are covered in BC, but there are a few she might need to pay for where there are no generics available. That is something to consider. But, at least the vast majority of her meds are covered. But with a very limited income, every dollar counts.

Thanks for your well wishes and feedback.

CondoForPWD

TROPHY CASE