Guide to Financing Assisted Living


Assisted living can offer a comfortable and supportive environment for aging individuals who need help with daily activities but still want to maintain their independence. However, the cost of assisted living can be significant, and it’s essential to understand the various financing options available to ensure you or your loved one receives the care they need without straining your budget. 

Below, we will guide you through some tips and tricks for financing assisted living effectively and responsibly. 

Assess your finances 

Assessing your current financial situation is always the first step in any significant financial undertaking. Take stock of your current monthly income, savings, assets and any other funding sources you may possess. 

After you’ve recorded all the money you’re taking in monthly, it’s time to look at your monthly expenses. Take your rent or mortgage, bills, and any loans into account for a complete picture of your current financial situation. 

Creating a comprehensive financial plan for covering the cost of assisted living is essential to ensure that you or your loved one receives the necessary care while maintaining financial stability. 

Research the associated costs 

The cost of assisted living can vary significantly based on factors like location, level of care needed, and the specific amenities offered by the facility. To understand the price range, start by researching assisted living communities in your area, such as Seasons Retirement Communities. Typically, assisted living costs include room and board, meals, assistance with activities like chores, and various other services and amenities. 

You should tour multiple assisted living communities to find one that fits your or your loved one’s needs and budget. Don’t forget to ask about their pricing structure, what’s included in the monthly fee, and any additional charges for specific services to get a holistic view of the costs associated with assisted living in your desired community. 

Explore potential benefits 

If you’ve assessed your finances and are concerned that you cannot cover the costs of assisted living, you can look into potential benefits and other funding sources. Several federal and provincial programs are designed to lessen the burden of cost associated with this big life transition.

Some potential benefit programs to explore include: 

Old Age Security (OAS) 

The OAS is available to all Canadian seniors and provides monthly payments to eligible individuals over 65 years of age. Another excellent aspect of this benefit is that it often offers automatic enrollment, meaning no extra application work is necessary. 

However, if you do not begin automatically receiving your payments the first month after turning 65, you can visit the Government of Canada’s website to apply manually. 

Guaranteed Income Supplement (GIS) 

The GIS is a non-taxable monthly payment provided to individuals over the age of 65 that, rather than replacing a portion of their income, provides a ‘supplemental’ income on top of what they’re already taking in. 

Older persons must meet the following criteria to apply for this benefit:

  • Be a minimum of 65 years of age
  • They currently reside in Canada
  • They have applied for and received the Old Age Security (OAS) plan
  • Their current income falls below the annual GIS threshold based on their marital status at the time of applying

Canada Pension Plan (CPP)  

The Canadian Pension Plan is a taxable monthly benefit offered to individuals post-retirement. This plan depends on any earnings made during an individual’s working life and their contribution to their CPP. The allotted compensation will also change depending on the age at which they’ve started to access the plan. 

Individuals eligible for the CPP will continue to receive payments for the remainder of their lives. 

Older persons must meet the following criteria to apply for this benefit:

  • Must have contributed to the CPP at least once in their lifetime
  • Are 60 years old (or older)

To apply for the CPP, visit and access the form provided. 

Seniors Public Transit Tax Credit

Some provinces and territories, like Ontario, offer refundable tax credits to seniors who use public transportation. This credit is a great way to keep monthly travel expenses at a minimum. Check out your province’s website to find out if there are similar benefits and credits in your area. 

Each province and territory in Canada has its programs and services to support seniors. These may include home care services, financial assistance, and subsidized housing. Be sure to check with the relevant provincial or territorial authority for information on the specific programs available in your area.

Consult a professional  

If you’re still not entirely comfortable with the plan you’ve laid out after examining your expenses and costs, it’s likely time to consult a professional. 

Seeking advice from financial planners, elder care attorneys, or other experts can provide valuable insights and help optimize your financial plan. They can guide you on tax strategies and asset protection, ensuring you or your loved one gets the most out of their hard-earned income. 


Figuring out how to finance a future in assisted living is significant. Still, with proper planning and research, you can ensure that you or your loved one receives the necessary care in a comfortable and supportive environment while maintaining financial stability. 

If you want to learn more about assisted living and how you or your loved one could benefit from the transition, contact the team at Seasons Retirement Communities

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