FOR IMMEDIATE RELEASE
Provincial Budget Benefits Seniors in Life
Lease Housing
Ministry
of Finance Tax Bulletin re Life Lease
TORONTO (March 28, 2003) – There was good news in yesterday’s provincial
budget for seniors living in not-for-profit life lease housing with the
government announcing an exemption from land transfer tax for these residents.
“We are extremely pleased,” said Donna Rubin, CEO of the Ontario
Association of Non-Profit Homes and Services for Seniors (OANHSS). “Life lease
is really a unique type of housing and this exemption is the right move for
seniors.”
Over the past year, OANHSS has been actively urging the province to
retroactively exempt not-for-profit life leases from the Land Transfer Tax Act.
Life leases are a form of housing for seniors where the purchaser has the
exclusive right to occupy a residential dwelling or unit. There are about 67
completed projects in Ontario representing over 4,000 units.
“Land transfer tax was a significant cost for the seniors in these
projects,” said Rubin. “The government listened, and it delivered.”
OANHSS members were early pioneers of the life lease concept which they saw
as a creative way to address the growing gap in their communities between the
supply of and the demand for senior’ housing.
OANHSS is the provincial association representing not-for-profit providers of
long term care, services and housing for seniors. Its member organizations
operate over 25,000 long term care beds and over 5,000 seniors housing units
across the province.
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For further information, contact:
Donna Rubin
905-851-8821 ext. 230
|
Ontario Association of Non-Profit Homes & Services for Seniors
7050 Weston Road, Suite 700, Woodbridge, Ontario L4L 8G7
(P) 905-851-8821
(F) 905-851-0744
Comments or questions about our site?
Contact
Debbie Humphreys
at 905-851-8821 ext. 233
Media Enquiries
© Copyright 2008 OANHSS
OANHSS members include not-for-profit providers of long term care, services and
housing for seniors in Ontario.
Members include municipal and charitable long term care homes, non-profit
nursing homes,
seniors' housing projects and community
service agencies.