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How long can we afford senior care?

Add up monthly income from CPP, OAS, GIS and pensions, then see how long savings and the sale of a home cover the cost of a retirement home, assisted living or care.

1. Monthly income
$

Average new pension at 65: $925; maximum $1,508.

Old Age Security

Reduced above $95,323 net income a year.

$

For low incomes; up to $1,123 a month for a single senior.

$
$

RRIF or annuity payments, rental income, family contributions.

2. Savings
$

RRSP/RRIF, TFSA, bank accounts and other investments.

$

Leave at 0 if the home isn't being sold.

3. Monthly cost of care
$

Use a quote from the residence. Estimated costs by area

$

Medications, insurance, phone, personal spending, care add-ons.

Questions

How much income do Canadian seniors get from government pensions?

For July–September 2026, Old Age Security pays $751.97 a month at 65–74 and $827.17 at 75 and older. The average new CPP retirement pension at 65 is $925.35 a month (maximum $1,507.65). Low-income seniors can also receive the Guaranteed Income Supplement, up to $1,123.17 a month for a single person.

Can you use the money from selling a house to pay for a retirement home?

Yes. Many families sell the home to pay for a retirement residence or assisted living. Enter the expected proceeds after real estate fees and moving costs, and the calculator adds them to savings.

Are retirement home costs tax-deductible?

Some can be. Attendant and personal care costs in a retirement home may qualify for the federal medical expense tax credit, and people who qualify for the disability tax credit may be able to claim more. Rent and meals generally don't qualify. Ask a tax professional what applies.

What if the money runs out?

Long-term care homes are publicly funded, with an accommodation co-payment that most provinces reduce for people with low incomes, so care doesn't stop when savings do. Ask your provincial health authority about long-term care eligibility and subsidies early, as there are often waitlists.