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2011 OPERATING COSTS FOR 901 PRINCESS Gas $1,046.63 Hydro $ 7,065.82 T.V.cable $915.71 Water heater $255.08 Bell telephone $981.82 Property Taxes $2568.09 Insurance $1600.00 Groceries $12,000.00 Staff $11,960.00
Current operating income 2012 $11,928.9 per month $143,146.8 per year
Homes for Special Care These are great investments for the right type of person. These are group homes that are geared to ex-psychiatric patients that are fully functional but are not independent enough to hold down jobs, provide their own shelter and meals, they do require assisted living. The owner are required to provide 3 meals and shelter for the resident. The homes are licensed by the Ontario Ministry of Health and payment for residents is directly from the ministry of health. Current payment from the Ministry of Health is $1,452.70 per month per resident. For a 8 bed home this is equivalent to $11,621.60 per month or $139,459.20 per year. Typically operating costs are less than $40,000 per year for a net income of about $100,000 per year for an owner occupier. If the home is your principal residence all income is absolutely tax free. Homes for Special Care come in all all sizes from 1 bed to 40 bed homes. The program is legislated in act of the Provincial Government, The Home for Special Care Act. No more licenses are being issued under this Act so the only way to obtain a license is to buy an existing home. The HSC operators are required to have someone on site 24 hours and provide 3 meals a day for residents. Residents are mobile and can leave the home during the day unsupervised. They can also choose which HSC they prefer to live in. Similarly the HSC operator can refuse to accept residents that they deem unsuitable for their home and can ask a resident to be removed if they do not fit in with the home. Residents are on medication and the operator ensures that they take their medication which is prepackaged for each resident. In order to be accepted as a licensee for a HSC the applicant must be approved by the Ministry of Health. There is an interview process and the licensee must have a clean police record for vulnerable persons and basic First Aid and CPR. |
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