CMHC Loans to Home-Owning Seniors

WHEREAS research shows that many seniors quality of life is best served by maintaining independence and remaining in their own home for as long as feasible; and

WHEREAS seniors’ income is generally reduced upon retirement, and their property-related taxes continue to increase; and

WHEREAS property-related taxes, therefore, constitute an increasing percentage of the expenses of seniors who own their home, and may force them to sell that home before they would otherwise choose to do so; and

WHEREAS progressive jurisdictions (e.g. British Columbia, Denmark) have adopted programs that allow home-owning seniors to defer payment of property related taxes through a program of mortgaged-backed government loans; therefore

BE IT RESOLVED that a Liberal government consider adoption of a program whereby the government, through CMHC, pay property related taxes on behalf of home-owning seniors through a mortgage agreement; such mortgage plus simple, non-compounding interest to be reimbursed when they vacate or sell their home.

Senior Liberals’ Commission

National Women’ Liberal Commission

17 Responses to “CMHC Loans to Home-Owning Seniors”

  1. Michel Sastre 11. Feb, 2014 at 5:59 pm #

    Property taxes and/or mortgage interest payments should be a deductible amount from income.

  2. Volker Masemann 11. Feb, 2014 at 8:22 pm #

    A great idea !

  3. David Hall 11. Feb, 2014 at 9:02 pm #

    This is a plan that could benefit many seniors by keeping them in their homes much longer. The simple interest feature is especially appealing.

  4. 11. Feb, 2014 at 9:37 pm #

    Mortgage backed property tax loans to allow Seniors to stay in their homes is a sensible idea. But there is no reason to make the interest rate non-compounding. It should be compounding and at market rates.

    Allan Portis

  5. Lois McGrattan 11. Feb, 2014 at 10:00 pm #

    Excellent idea. I hope that all Provincial Governments would agree.

  6. John Patton 12. Feb, 2014 at 10:11 am #

    Great idea, I can support this even though I don’t need support paying property taxes, but other do. Staying in your own home as long as possible actually saves the government money. Also consider making things like stair lifts and safety railing deductible..

  7. Patricia Beurteaux 12. Feb, 2014 at 11:14 am #

    I recall this idea was in force in Australia when I lived there.

    Depending on the locale, the estate could be in deficit when the house was sold. Add to this the perception by property investors that these properties could be had for very little for flipping purposes and you open the door for exploitation (plus, according to some, corruption). It’s not a good idea.

    I don’t see this as a workable national strategy since property taxes are in the realm of local government.

  8. Wilfred Cosby 12. Feb, 2014 at 12:03 pm #

    Property owners living in their own homes , should not be required to pay education taxes after the age of 75 years .

    Do not support the idea of the deferred taxes being charged against the property

    What about doing something positive ,reduce the cost of heating our homes ,like removing the HST.from oil and hydro.


  9. Christene Daub 12. Feb, 2014 at 12:05 pm #

    I support this recommendation as I see many older women struggling once they are on their own. Having worked in community health care and hospitals for much of my career I have witnessed how important it is to remain in one’s own home with appropriate supports to maintain independence and overall well-being. Finances or lack of them directly impact the choices of seniors as they age. Let’s ensure that remaining in one’s home is a viable option.

  10. Dorothy Cruickshank 12. Feb, 2014 at 8:09 pm #

    Bad idea. Costly. Gov. program with too many possibilities for error &/ or unprecedented costs for heirs. Eliminate GSTHST on heat, hydro, & essential services.

  11. 13. Feb, 2014 at 3:34 pm #

    I agree with Michel re taxes and mortgage payments by seniors be deductible; however, all the costs cannot be born by our children or grand children and the ability to claim must be tied to income, i.e., Justin would not be eligible. lol

    Bruce Bushey

  12. Nick Taylor 19. Feb, 2014 at 2:44 pm #

    Great idea. As far as expenses of administration,that is a non starter as we already use CMHC for insuring mortgages (which help the young) Lastly, remember this is voluntary. If senior wants to leave home unencumbered to kids or church, bless them.

  13. James Draycott 01. Dec, 2014 at 9:58 am #

    Removing the HST and all taxes from all utilities makes the most sense. Oil/gas/hydro reductions would be most welcome, and aid us more than the property tax referrals ever would.

  14. Neville Jardine 31. Jan, 2015 at 3:13 pm #

    HST should be removed from Gas heating /Hydro

    At the age of 70 yrs Property Taxes for Seniors should not include Education Taxes

  15. Terry Gabriel 07. Feb, 2015 at 4:24 pm #

    I do not feel this would be very sustainable. If seniors are aleady in their own homes the greatest threqat is the INCREASING cost of living. Perhaps taxes for the elderly could be capped at a certain level. PERHAPS the cost of maintenance eg. yard care, home care, housekeeping should qualify as a tax credit.

  16. Kathleen Jacques 03. Mar, 2015 at 9:18 am #

    As home property taxes will be a major expense for me in retirement with a limited income, I am in favour of Michel Sastre’s suggestion that property taxes and mortgage interest payments should be a deductible amount from income – in fact, a tax credit would be preferable.

  17. Maria Valenti 07. Jul, 2015 at 5:20 pm #

    There also should be something for seniors who rent. I am ok but I have friends who do not have a mortgage or pa taxes but are on limited income and their rent keeps going
    G up.

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