Accounting for Your Senior Years

Accounting for Your Senior Years

Accounting for Your Senior Years

Money is a funny thing. People say not to talk about it, but that may lead to confusion and embarrassment when you have a question. Every year countless dollars are left unclaimed by deserving people because they simple don’t know that they are there, or are unable to properly apply for such benefits. Making accounting for your senior years difficult. That is something that should not happen. Vancouver Island is home to a large number of senior communities. The members of these communities need the help of professionals looking out for their unique needs. That’s where Peggy Hoult comes in.

 Peggy Hoult & Associates

Peggy Hoult is a central island income tax accountant, who specializes in taxes to do with aging, caregiving, and disabilities. This can be a topic that many may not think about, until they are faced with a life-changing event. Such as an accident, a medical change, a parent’s declining health, etc. Peggy Hoult & Associates focus on “helping seniors in transition, families living with disabilities and family caregivers to access the tax savings and benefit programs they deserve.” (SourceShe sees that there is a void on Vancouver Island for those in need of this particular help, and she is trying to fill that void. She is creating a help centre for elder needing help, and their families, with the goal of being a one stop shop for her clients.

Here we have a video of the interview I had with Peggy. Great information on an essential service that needs to be talked about more. Let’s start the conversation here. A common theme to our talk was the need for understanding long before you need it. How to create a financial plan to get ready for your senior years.

What Do We Need As We Age?

Everyone’s journey looks a little bit different. And the needs you have may be drastically different than those of your spouse, friend, or family member. Keeping that in mind, Peggy and her team assesses each client’s individual needs to formulate a plan that best suites their needs. Bringing together future goals, finances, family dynamics, and so much more. Peggy is able to find the right fit for your senior years.

There are two main avenues when thinking about what your senior years may look like. First being doing it all by yourself, or with help from friends and family. And second would be paying for everything you may need through professional services and help. Or, a combination of the two.

“If it takes a village to raise a child, than it will take an army to help a senior.” – Peggy Hoult

Public Services

Vancouver Island Health Association or VIHA would be the main source of public care. Easily accessible with the proper help and guidance. Public services are more common as the other option of private services are quite a bit more expensive. As Peggy mentions in our interview, planning what type of services you, your spouse, or your family member may need will help decide which of the two services you will need.

With public services ranging in costs, and with the ability to subsidize some services (around $1,100-$3,400). Many people seek out this type of services when looking into elder care. When applying for subsidized services it is noted that these numbers will be based off of a single tax return, not the family’s as a whole. This is something an accountant would be very helpful at doing because there are loopholes – such as pension splitting. Subsidized help are billed as a daily rate, and based off of one’s income. Those with very low income, that think they can not afford home support, can be eligible for fully subsidized by home and community care.

Private Services

Private services come at a much higher cost, but do have their benefits as well. Something that comes with private care is the ability to schedule your care around your preferences. Things like personal care, i.e. bathing, personal hygiene, shopping, etc. are sometimes more comfortable when you are able to know exactly what your schedule is. Also, controlling who helps you is a benefit of private care. Public care is difficult to know exactly who will come, and when they will arrive.

There are a lot of different companies that focus on helping seniors age in place. Ranging from help with grocery shopping to personal shopping to relocation or moving help. In Nanaimo, we have the Nanaimo Seniors Services Network or NSSN. A great resource to find help available for seniors. This service can be accessed by seniors, family members or friends to help aid one’s aging process.


Peggy and her associates have many ways to get in touch with them. Making it easy for anyone to get in touch. Listed below are the ways to contact.

Accounting for your senior years can happen at any point in your life. You don’t need to wait until you must make the decision. Planning for your senior years early helps everyone out, and creates a sense of comfort in what your elder years may look like. Like Peggy said in our interview, her goal is to try to bring everything together to save clients and client’s family’s time. Reach out to Peggy and her team today to take a look at your options, and what she can do for you!

For full episodes of my podcast, Your Longest Life, and to hear more about living to 100 check out this link.

To contact Ian call or text (250) 616-3641 or email

Ask how Ian can develop an accurate evaluation of your home using a virtual meeting room from the comfort of your own home.

Future focused and positive

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