Paying for Care in Canada | Government Contributions
The amount government pays for senior care and the benefits seniors can receive depends on a few criteria such as contributions, average annual earning, and the time you started your pension. Some other parameters such as your health, if you’re married, or whether you’re planning to continue working might also affect the amount of financial assistance for pensioners.
Paying for Care in Canada | Stretching Your Dollars
Not everyone is entitled to government support for their care. If your care needs are not deemed critical, or if you are considered to have a sufficient amount of personal capital, you may be liable for a significant portion of your retirement care expenses. It's important that you take stock of the different vehicles you have to fund your care from your personal finances. If you plan it early enough, you can have more than you need for your care. The certainty you can give yourself around your finances in retirement can save you a significant amount of anxiety. Below are some of the vehicles you could have access to finance your care.