CARING FOR AGING PARENTS ADDS UP TO $33-BILLION ANNUALLY: CIBC SURVEY

May 08, 2017

By Jane Brown

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Caring for aging parents is an expensive proposition for Canadians.

A new CIBC study reveals the cost is $33-billion a year in direct out of pocket expenses and time off work.

A senior lady together with her daughter

Findings from the poll suggest close to two million Canadians, or 14 per cent of those with parents 65 and over, incur care-related out of pocket costs of $3300 a year, translating into an annual cost of just over $6 billion.

But direct costs pale in comparison to labour-related costs, in which close to 30 per cent of workers with parents over the age of 65 sacrifice about 450 working hours annually, accounting for roughly 27 billion dollars of lost income or foregone vacation time.

The report also says costs will only increase over the next decade as the share of Canadians 65 and older grows from its current level of 17 per cent to roughly 22 per cent.

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