FINANCIAL TOLL CARING FOR AGING PARENT

Aug 22, 2018

By Christine Ross

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A new report is shedding light on the financial toll on Canadians caring for aging parents. The report by CIBC found that 76 percent are forced to make financial sacrifices as a result of the added responsibility.

photo: Bayshore HealthCare

Over a third of caregivers report they spend about 430 dollars a month out of pocket. 59 percent say they had to cut back on expenses and 41 percent admit to dipping into their personal savings to cover costs. The poll also shows that while most agree siblings should share caring for an aging parent, just over half actually do…and it often leads to family squabbles over how the work and cost should be shared. And even though there are tax credits available, 43 percent don’t know about them and just 12 percent have used them.

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