A Guide to Retirement Care & Senior Living in Cambridge

Cambridge is a historic city located at the confluence of the Grand and Speed rivers in Ontario. This unique city is an amalgamation of four smaller towns, Galt, Preston, Hespeler, and Blair. The relics of these early Canadian settlements can still be experienced today in Cambridge. Whether you’re in the market for a quiet place by the river, or a slice of Canadian history, let Cared Upon help you find a community in Cambridge that suits your unique preferences.  

This quaint city has more than 20 kilometers of woodland and riverside trails to explore, and opportunities to swim, canoe or icefish depending on the season. Cambridge is a great place for art lovers with three separate galleries: with two contemporary art galleries, Queens Square and Preston, and the Riverside Gallery that focuses on architecture and design. In the summer, residents can look forward to the Mill Race Festival and the Rock the Mill music festivals. Cambridge also hosts the Cambridge Highland Games in Churchill Park every July. The city is also home to the Cambridge Butterfly Conservatory, an annual dragon boat festival, and the Cambridge Fall Fare which has been held for over 100 years. 

Cambridge has a humid continental climate with moderately cold, snowy winters with an occasional freeze. In Cambridge, the summers are warm, and it is partly cloudy year-round. For gardeners, this climate is favorable for growing produce between mid-May and October, with five months free of frost. Over the course of the year, the temperature typically varies from -10°C (14°F) to 26°C (78.8°F) and is rarely below -19°C (-2.2°F) or above 31°C (87.8°F). 

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. 

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.  

Government Funding  

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. 

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. 

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.