Sadly, some seniors need to move from their home due to daily-living difficulties in their home. At some point their home stopped being safe and easy to manage. The question becomes whether or not the individual can stay in the home. Today we have options that can assist seniors stay in there home in safety and comfort with renovations to allow seniors to stay in their home. Financially it could prove difficult with lower income, but there some solutions.
Government Assistance and Credits for Seniors by Province
An announcement by the Federal Government July 4, 2011 was for provinces and territories to have the flexibility to invest in a range of programs and initiatives designed to achieve the overall intended outcome: to reduce the number of Canadians in housing need by improving access to affordable housing that is sound, suitable and sustainable. Federal investments in affordable housing are being cost matched and delivered by provinces and territories under the Investment in Affordable Housing (IAH) 2011-14 agreement. If there is a program in your Province, we’ve listed them here for your convenience.
Ontario – There is available financial assistance for repairs, renovations with the Healthy Homes Renovation Tax Credit. The credit is worth up to $1,500 each year, calculated as 15 per cent of up to $10,000 in eligible home renovation expenses that will help seniors stay safely in their homes. It can also be claimed by senior homeowners and tenants, and people who share a home with a senior relative.
British Columbia – Senior’s Home Renovation Tax Credit assists individuals 65 and over with the cost of certain permanent home renovations to improve accessibility or help a senior be more functional or mobile at home.
Manitoba – Home Adaptations for Seniors’ Independence Program (HASI). Home Adaptations for Seniors’ Independence Program (HASI) The HASI Program provides financial assistance to homeowners and landlords to carry out minor home adaptations/changes that help low-income seniors experiencing difficulties with daily living activities in the home.
Saskatchewan – Saskatchewan Home Repair Program – Adaptation for Independence. The Adaptation for Independence Program provides financial assistance for low- to moderate-income households to modify their dwellings to improve the accessibility for a household member or tenant with a housing-related disability to live independently. Assistance is in the form of a forgivable loan to a maximum of $23,000. The property owner is responsible for all costs greater than the approved amount.
Quebec – Residential Adaptation Assistance Program. If you have a disability and your participation in everyday activities in your home is limited, you may be eligible for the Residential Adaptation Assistance Program. The program grants financial assistance to homeowners for eligible work to adapt a dwelling to meet the disabled person’s needs. The work must provide simple and economic solutions.
Newfoundland and Labrador – Home Modification Program (HMP). Homeowners with low-to-moderate income requiring accessibility modifications to their homes (an Occupational Therapist’s report is required clearly indicating whether modifications are urgent or non-urgent. NOTE: Urgent modifications are required for client to return/remain home.
Prince Edward Island – Seniors’ Home Repair Program. The Seniors’ Home Repair Program helps seniors make necessary repairs to their principal residence. The person who is applying must own the residence and live there.
New Brunswick – Federal/Provincial Repair Program. Seniors are eligible for a forgivable loan for minor adaptations to facilitate independent living to a maximum of $3,500.
Nova Scotia – Home Adaptations for Seniors’ Independence. This program helps homeowners pay for home adaptations so seniors with low incomes can stay in their homes independently for longer periods of time. A one-time forgivable grant of up to $3,500 is available.
Government of Canada PDF Guide
Read Maintaining Seniors Independence through Home Adaptions PDF from Government of Canada.
Loans for Seniors
CMHC – CMHC Home Adaptations for Seniors’ Independence (HASI). Contact CMHC to find out whether you are eligible to apply for HASI. If you meet the program eligibility conditions, CMHC will send you the HASI application package, which outlines all the information you will need to provide.
Reverse Mortgage Loan – A reverse mortgage is a mortgage designed specifically for the changing financial needs of Canadian seniors. Live more comfortably in retirement by accessing the equity in your home with a Seniors Home Loan. If you want to find out more, contact one of our Mortgage Brokers to find more information and best rates.