What is Rent Geared to Income?
Silvera for Seniors accepts residents whose need for housing is greatest.
We determine who is eligible by using a system called “Rent Geared to Income.” This means that rent is calculated based on your income type and amount; the exact percentage varies depending of the cost of rent at a specific community.
To understand how much rent you will pay as a resident of Silvera, please refer to Line 150 of the most current tax year Notice of Assessment for your income. Then use this figure in the calculations.
Independent Living’s rent is geared to income at 30% of a person’s gross income on line 150 of their Notice of Assessment for a 1 bedroom. Base rents are in effect.
For example, if it is a studio suite it will be 30% of gross income minus $50.00 per month.
There are two independent living buildings that are exceptions, Willow Park on the Bow and Shouldice Manor 1 both have flat rental rates.
For information on individual locations please visit Independent Living Community Locations.