Caring for aging parents in Canada: Financial challenges and strategies for relief Apr 12th

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Did you know that 1.8 million Canadians are “sandwiched” between multiple care responsibilities, including looking after their children and aging parents? This shift in caregiving responsibilities from parent to child (especially while having kids of your own) can have significant financial implications for the entire family. In Canada, where healthcare costs continue to rise and the senior population is one of the fastest growing age groups, the burden of caring for an aging parent can be substantial.

When is advance care planning day?
Advance Care Planning Awareness Day is April 16. It is meant to instigate conversations between family members and close friends about their wishes. Talk with your loved ones about what would happen if you or they weren’t able to make decisions.

How much does it cost to care for aging parents?

According to a survey conducted by the Petro Canada CareMakers Foundation, the average annual out of pocket expenses of caring for an elderly parent in Canada is $6,000, depending on the level of care needed…

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