Retirement can be a breath of fresh air for many older Canadians. After working for decades, seniors finally get a chance to relax and enjoy some time for themselves.
However, with retirement comes various financial concerns. This is true even for those who don’t live in retirement homes. Fortunately, for those looking to retire into senior living, there are several governmental benefits that can help.
Continue reading to learn about the senior benefits that seniors can receive. This way, before seniors start searching “senior living near me,” they can be prepared and the have assistance they need.
Federal Programs That Can Help with Senior Living Costs
There can be multiple costs associated with residing in a senior living home and retirement. Luckily, there are multiple federal programs that may be able to help offset these costs. It is important to note that government assistance programs will likely not cover all of the costs of senior living. In most cases, though, they can certainly help. These programs include:
OId Age Security (OAS)
The Old Age Security benefit is for those who are 65 and older, and have lived in Canada for 10 or more years. Individuals can complete the application for this program 6 months prior to turning 65. This way, they can receive assistance as soon as possible. Low-income individuals who are already on OAS can also apply for Guaranteed Income Support (GIS). GIS will provide seniors with a monthly payment if approved.
Canada Pension Plan (CPP)
Most people working in Canada have been paying into the Canada Pension Plan throughout their lives. This program can prove to be incredibly beneficial for those who need it. This program offers payment for retirement, disability, survivor, death, and children’s benefits.
Senior Independent Living Near Me: Territorial and Provincial Programs That Can Help
There are also territorial and provincial programs that can provide additional benefits alongside federal programs.
Seniors can check out their province’s or territory’s website to find out what benefits are available. Retirement can be costly, and seniors should try to use whatever benefits they qualify for.
It’s important to note that seniors should apply for these benefits before researching retirement living options. This way, they will ideally be approved and have access to any potential assistance. This will help them cover the costs of senior living before they actually move in. Plan for retirement ahead of time, and your efforts will certainly pay off.
Additional Federal Programs Available
There are other federal programs that can help seniors. However, some of these programs only apply to specific groups of people.
This includes programs for:
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Veterans
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Inuits
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First Nations People
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Those who have lived or worked in another country
Seniors can look on the Canadian government’s website to find out more about the nature of these programs. There are also programs for those with low income, including the Emergency Repair Program and the Residential Rehabilitation Assistance Program.
Find the Perfect Senior Living Fit With Symphony
If you’ve been searching for a senior living home for yourself or a loved one, let Symphony Senior Living help. We have multiple locations around Canada that can accommodate the needs of virtually any senior.
Our goal is for our residents to truly feel at home. This is reflected in our quality of care. It’s also why we treat residents like members of our own family. If you have any questions about our locations or care, please feel free to give us a call at 437-214-1608. We look forward to helping you or your loved one have an amazing, easeful, and peaceful retirement.