rental income/getting a roommate on ADAP. Homeowner after flood.
Hi all! Can you help me do simple math? Haha, but seriously... I don't understand what Financial Benefits Summary is saying. I am assuming rental/roommate income when you own a home is 'Passive Business Income' (I assume)
For me, a Single on ADAP: Fully exempt portion is $300.
Exemption (%) on remainder is 25%.
So, if I rent a room for $800... is 75% of the 500 remainder really clawed back?
Would I get to keep $425 a month?
All my other income sources ADAP, Cpp-d, CDB, and the AISH transition benefit which amounts to $1940.
425 +1940 = 2,365
If my math is correct, this is madness. I would need to rent the room for $2000 to get to the $800 mark that would make it worth it.
Please tell me I misunderstood the math. Yikes.
Details: I co-own my home. Damages from this rainy reason led to discovery of cracks and demolition of basement where the co-owner lived (moved in with family). I need to figure out if it's worth it to get roommates... for money to fix the the basement/pay the bills.