As different types of funding opportunities become available, families may pursue various home ownership options. Parents may consider purchasing a home for their child during their lifetime or passing the family home onto their child in their estate plan, particularly when the child wants to remain living in the home.
While individuals can own their own principal residence without affecting their eligibility for ODSP, other factors that should be considered include personal and financial supports, legal decision-making, tax implications, and succession planning.
You may want to consider creating a separate housing Trust for your family member during their lifetime as a means to provide a secure and personalized living arrangement. We would recommend that you discuss your various options as part of your overall estate planning process.