A Guide to Retirement Care & Senior Living in Richmond Hill
Richmond Hill is a peaceful city located just outside of Toronto, and near Vaughan and Markham. Richmond Hill’s current residents have chosen this community for its high quality of life, fresh air, scenic views of nature, peaceful environment, and variety of recreational activities. There are lush green forests surrounding the different neighborhoods, and the city maintains well-preserved hiking and equestrian trails for outdoor lovers. No matter your preferences when it comes to deciding on a retirement community, let Cared Upon help you find a community in Richmond Hill that suits your unique needs.
Lifestyle and Activities
Older adults can look forward to enjoying Richmond Hill’s 166 outdoor parks, and a wide variety of trails and forest paths in and around the city. A fifteen-minute drive from the city center will take you to Lake Wilcox where you can spend the day fishing, swimming, boating, or canoeing, in the spring and summer. If you are looking to spend your retirement on the beach, Richmond Hill’s fantastic Sunset Beach is your destination. For seasoned golfers, Richmond Hill is home to more than 12 golf clubs-- like the famous Richmond Hill Country Club, and the Summit Golf & Country Club. If you’re eager to take in some of Richmond Hill’s culture, the Richmond Hill Centre for the Performing Arts is a great place to watch theatre performances and explore art exhibits.
Weather and Climate
Richmond Hill winters are cold, snowy, and windy, and the summers are warm and humid. Over the course of the year, the temperature typically varies from -10°C (14°F) to 27°C (80.6°F) and is rarely below -20°C (-4°F) or above 32°C (89.6°F), with partial cloud-cover to be expected most days. Richmond Hill experiences ample precipitation throughout the year, with monthly average snow or rainfall ranging between 60mm and 80mm.
Housing Options in Ontario: Finding the Right Fit for You
You may find that as you age, your home care and retirement needs will change. From assisted living to adult lifestyle communities, Ontario offers seniors a range of housing options to fit their lifestyle and health needs. Although the location of your retirement community in Ontario will directly affect the cost, you can typically expect the cost of assisted living to start at $2000-$3000 per month.
Although a large portion of retirement housing is privately owned and paid for, the government allows you to claim the costs of nursing homes or long-term care facilities through the Medical Expense Tax Credit (METC). Depending on the type of care you require and the facility you choose to call home, you can choose to claim for the costs which will be determined by your personal income. To learn more about the Medical Expense Tax Credit, visit the GGFL website.
Cost of Retiring in Ontario: Budgeting and Financing
In terms of retirement budgeting, you’ll find that the cost of retiring in Ontario will vary depending on the city you choose to settle down in. For example, as Toronto is one of the most vibrant and liveable cities in all of Canada, you may find that the cost of living is higher than the national average. However, seniors living on a low to moderately low income wishing to retire in Ontario may be eligible for various income support programs.
Ontario Trillium Benefit (OTB): The Ontario Trillium Benefit is a program that provides eligible seniors with payment from a combination of the Ontario Energy and Property Tax Credit, Northern Ontario Energy Credit, and the Ontario Sales Tax Credit.
Seniors residing in Ontario may also access several federally provided financial resources to help them prepare and pay for their retirement. If eligible, you may access funding through federal programs such as the Canadian Pension Plan Retirement Pension (CPP), Guaranteed Income Supplement (GIS), and the Old Age Security Pension (OAS). For more information on Government contributions and your eligibility, visit our care blog.
Post-Retirement Income Sources
For seniors not eligible or looking for government funding, there are several different ways they can look to fund their retirement.
Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs): Using a Registered Retirement Savings Plans (RRSPs) or a Tax-Free Savings Account (TFSAs) you may save up for your post-retirement income, which will be dependent on the amount put into these accounts when you first began saving and the interest you received.
Investment accounts: Taxable investment accounts, such as stocks and bonds, is a more common form of saving up for a post-retirement income source.
Employer-sponsored pension plans: You may be eligible for an employer-sponsored pension plan through your employer. This plan involves your and your employer contributing money towards your retirement over the course of your employment.
To learn more about your post-retirement income source options, visit our resource centre.
Access to Healthcare
All residents of Ontario must sign up with the Ontario Health Insurance Plan (OHIP) to receive free health care and health services. As health care is publicly funded, under OHIP residents are entitled to coverage on health services such as visits to your doctor, hospital stays, medical surgeries, dental surgeries, ambulance services, eligible optometry services, and even travel for health-related services. While these are the standard services covered under OHIP, seniors 65 and up receive extended coverage on optometry services and prescription medication. You can find information on extended prescription medication coverage through the Ontario Drug Benefit program (ODB) on the Ontario Ministry of Health website.
For further information, you can visit and/or contact these sources:
Ontario Senior Living Guide: A comprehensive guide to all things senior living and program-related in Ontario.
Telehealth Ontario: Call 1-866-797-0000 Toll-free to get access to a confidential health information line.