Caring for aging parents costs Canadians $33B a year in expenses and lost income

Caring for aging parents costs $33B a year

TORONTO — Caring for aging parents costs Canadians $33 billion a year in direct out-of-pocket expenses and time off work, a new study by CIBC says.

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

Findings from the poll suggest close to two million Canadians, or 14 per cent of those with parents over the age of 65, incur care-related out-of pocket costs of $3,300 per year â€” 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 of lost income or foregone vacation time. 

CIBC’s online survey was conducted from March 16-20 among Canadian adults who are Angus Reid Forum panellists.

The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

“An aging population combined with longer life spans and strained social services has in recent years seen more and more Canadians taking on the role of caregiver for their aging parents, and in the coming years, that tendency is only likely to intensify,” said CIBC deputy chief economist Benjamin Tal in a statement.

“Add in the fact that costs associated with the elderly are already rising faster than the pace of inflation because of the high demand for such goods and services, and you can see that this will be a major concern for a growing number of Canadians in the years to come.”

The Canadian Press

Just Posted

Myra Falls re-opening gets a timeline

Mine suspended operations in 2015 but is set to start removing ore again early next year

Walter Morgan Shed to finally get its renovation

City sees heritage value in the property and will fund renewal project to the tune of $200,000

Oyster River structure fire leaves two families without a home

With less than two weeks until Christmas, two Oyster River families are… Continue reading

Campbell River senior occupies MLA, MP’s office; challenges prime minister to wrestle

Wants immediate action taken on homelessness and seniors poverty

North Island College’s TV and Film Crew Training building excitment

Walking into the warehouse where the NIC TV and Film Crew Training… Continue reading

Me Too At Work: Sexual assault and harassment in the B.C. workplace

Introducing an in-depth look at who is affected and what can be done

More than 20,000 pounds of garbage removed from riverside homeless camps

Two camps taken down last week on the banks of the Fraser and Chilliwack rivers

Suspect in Revelstoke standoff killed himself: RCMP

Mohammadali Darabi, suspect in the Calgary homicide of his roommate, was stopped in Revelstoke

Clinton visits Vancouver, applauds Trudeau, celebrates Democrats’ win in Alabama

Clinton told crowd she cheered when Prime Minister Justin Trudeau appointed the country’s first gender-balanced cabinet.

VIDEO: Salt Spring Islanders ferry piano to their floating home

Everyone enjoys a little music on the water, but not everyone has a piano on their boat

Bomb detonated in Kamloops neighbourhood

Kamloops RCMP are investigating after an improvised explosive device was detonated Wednesday morning

No More Shootouts: Strong defence will be Canada’s backbone at world juniors

Head coach doesn’t want a situation where a hot goalie or a lucky bounce can determine a team’s fate

Proposed snowmobiles along Sicamous roads concern RCMP

RCMP, ICBC and province not yet on-board with proposed off-road bylaw in the B.C. Interior

‘Assemble your own meal’ kits grow into $120M industry in Canada

Kits offer a middle ground between eating out and grocery shopping

Most Read