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Long Term & Continuing Care Association of Manitoba
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Options for Seniors
 
 
 
Financial Considerations

Financial ConsiderationsDetermining the financial resources available is an important part of this process.

Costs vary depending on the accommodation and services. It is advisable to consult with a financial planner or other qualified advisor to help you determine what you can afford.

Supportive Housing Costs
We have provided an example of the average monthly costs associated with Supportive Housing. The chart that follows describes the average monthly cost of Supportive Housing. The calculator below will assist you in determining your current costs versus potential costs in a new living environment.


Supportive Housing Monthly Costs
Rent: $1,200 - $2,600
Household Expenses:
Water, gas, electricity, property taxes, repairs.
Included
Phone/Cable: $85
Insurance: $10
Food: Included
Total Average Monthly Cost: $1,295 - $2,695

January 28, 2016

The cost of Supportive Housing will in the majority of cases, be offset by these credits:

Disability Tax Credit - Canada Revenue Agency

For information on the Disability Tax Credit and to find out who qualifies, please visit: www.cra-arc.gc.ca/disability

For Qualified Practitioners who are called upon by their patients to certify Form T2201 (Disability Tax Credit Certificate), the following link is to ensure you are equipped with key information on the disability tax credit and can feel confident in completing Form T2201: www.cra.gc.ca/qualified-practitioners 

Primary Caregiver Tax Credit

https://www.gov.mb.ca/finance/tao/caregiver.html

This credit recognizes the vital support caregivers provide to those needing care. Manitoba’s Primary Caregiver Tax Credit provides a refundable credit of up to $1,400 a year to people who act as primary caregivers for spouses, relatives, neighbours or friends who live at home in Manitoba. For this tax credit, people requiring care must be assessed at Level 2 or higher under the Manitoba Home Care Program guidelines. They are assessed based on the amount and type of care required for tasks like bathing, dressing, eating meals, mobility and receiving medical care. Level 1 requires minimal care in most cases and is not eligible.

Caregivers may claim the tax credit for each of up to three care recipients, at any one time.

This credit is refundable and not income tested. This means you can claim it even if you do not have taxable income. The credit may defray your caregiver expenses such as shopping, transport, outings and respite.



Please use the calculator below to assist you in determining your average monthly cost.

 

Rent/Mortgage: $
Property Taxes: $
Home Insurance: $
Home Repairs: $
Periodic Capital Improvements: $
Water: $
Gas: $
Electricity: $
Cable: $
Phone: $
Food: $
Regular Maintenance: $
House Cleaning Services: $
Yard Services (snow, lawn): $
Parking: $
Security: $
Other: $
Other: $
Other: $
Total Average Monthly Cost: $0.00
 

Financial ConsiderationsIn Conclusion


Research your Options:
Visit our interactive map which lists our members' housing and care residences throughout the Province. You can review details for each of our members' residences to learn about the amenities and services available. Some locations include photos and/or Virtual Tours that can give you an even better sense of what is offered. You can also request additional information from the residences you are interested in by calling each one directly.

Visit your top candidates:
Schedule a visit to tour a residence of interest. In fact, we recommend visiting several. Go prepared with your list of questions and keep notes. By systematically evaluating your top candidates, you can compare how each matches the particular needs and expectations for your situation.

Finally:
In conversations with the individuals involved and other family members, it helps to be open and honest about what is absolutely needed and what is open to compromise and negotiation. Once the needs are clearly defined based on considerations of health, safety, financial implications and social connections, you can decide the best way to maintain your preferred lifestyle.

If you are assisting someone in making this decision, remember to evaluate the options from their point of view, as well as your own. And if you are uncertain of anything, it may be best to seek the advice of a professional.

Supportive Housing in Manitoba