You are considering moving into a seniors’ residence but this question tickles you: can I afford it? What if it was more accessible than you think? Here are three factors that can make renting an RPA more affordable.
Fewer costs to manage, less expenses
Make a list of expenses you won’t have to worry about once you move into a residence, such as utilities, rent or condo fees, property taxes, general upkeep, and even the cost food. Plus, as you get older, some expenses decrease, leaving you with savings that you can invest elsewhere.
Tax credit for home support
In Quebec, you can benefit from the tax credit for home support for seniors. If you are 70 or older, you can claim a tax credit for expenses incurred for home-support services such as meals, housekeeping, laundry services or nursing services.
Sources of income multiple
To assess affordability, it’s important to add up all your sources of income, including government benefits and pensions, any RRSPs, RRIFs, or TFSAs, and the individual pension plan you purchased. Keep in mind the potential profit and investment related to the sale of a house or a cottage, to name a few examples.
Our advice: speak with a financial planner who can help you with your calculations or visit Chartwell.com to find many financial resources.