OUR DESIRE IS TO PROVIDE THE HIGHEST QUALITY OF CARE AT THE LOWEST COST THAT WE POSSIBLY CAN WHILE PRESERVING AESTHETICS.
ALTHOUGH OPERATING ACCORDING TO BUSINESS BEST PRACTICES,THE ORGANIZATION IS NOT A BUSINESS AND IT EXISTS FOR THE SOLE PURPOSE OF PROVIDING CARE TO SENIORS.
Chara Foundation will be governed by a qualified and experienced Board of Directors and will have very strong and robust governance policies and procedures.
Chara Foundation will be applying for charitable status and will therefore be subject to the laws for Registered Charities.
THESE INVESTMENTS WILL QUALIFY AS RRIF, RRSP AND TFSA ELIGIBLE INVESTMENTS.
INVESTMENT WILL EARN 4% PER ANNUM AND WILL BE SECURED BY A FIRST MORTGAGE ON LAND AND BUILDINGS.
No resident will be required to invest in Chara Seniors Community. Non-resident investors are welcome to invest in the community. There is no specified investment amount although there is a $5,000 minimum investment for administration reasons.
Residents can simply choose to pay the specified resident fees if they choose not to invest. Fees will not be higher for those who choose not to invest in the community as resident fees are completely separated from investment earnings.
Investors will receive interest as with any other interest-bearing investment and they will receive a T5 Supplementary for interest earned unless it is earned in a RRIF, RRSP, TFSA or other qualifying registered investment.
RESIDENTS WILL BE CONSIDERED FOR ON‐SITE EMPLOYMENT OPPORTUNITIES IF THEY ARE QUALIFIED AND ABLE TO RENDER THE SERVICES.
REGULAR EMPLOYMENT LAWS WILL APPLY FOR QUALIFIED RESIDENTS WHO ARE EMPLOYED BY CHARA FOUNDATION.
Chara Foundation will provide the unique opportunity of allowing residents preferred access to on-site employment opportunities for which they are qualified. These opportunities will enhance affordability and long-term financial viability for residents.
Residents may choose employment just to remain active or they may desire to earn additional income through some part-time employment.
It is expected that residents may be qualified for a broad range of employment opportunities which would include landscaping, gardening, mowing, equipment servicing, repairs and maintenance, and related activities. There will also be possible opportunities in food services, care giving and housekeeping.
CHARA FOUNDATION WILL SEEK CHARITABLE STATUS AND WILL THEN SEEK CHARITABLE DONATIONS TO ASSIST LOW INCOME RESIDENTS.
VERIFICATION AND INCOME TESTS WILL APPLY FOR THOSE SEEKING FINANCIAL ASSISTANCE.
It is our desire that no one be left behind for financial reasons. Each of the cottage and care home models will be identical, with no potential upgrades. Residents may be wealthy or they may have very little wealth…they will all be treated the same.
Chara Foundation will be applying for charitable status and will then actively seek both personal and corporate donations. It is our hope and intent that low-income seniors can live in the community as those who have more contribute to the fund. Donors will receive income tax receipts for all charitable donations.
All financial information which will be requested for verification purposes will only be reviewed by a Chartered Professional Accountant and will be held in the strictest confidence.
