Tax Advantages

Among other benefits, residents at life plan communities like Bishop Spencer Place may take advantage of considerable tax savings.

Residents in our retirement community may be eligible for a medical tax deduction on a portion of their fees.  Please consult your personal tax advisor regarding the tax implications of the medical tax deduction on your personal tax return

Financial benefits

Health care benefit

Bishop Spencer Place offers residents a health care benefit that provides a discount on future assisted living and skilled nursing care. This unique benefit is similar to a long-term care insurance policy for our residents if their care needs change and they move to a higher level of care.

For the Jardine Bruce and Buchanan entry fee plans, we offer a $60,000 benefit to help pay for future assisted living or long-term care. If a resident moves to a higher level of care within Bishop Spencer Place, they are immediately able to draw funds from the health care benefit which are divided into equal monthly portions throughout a five-year period.