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

Kelowna Ribfest launch faces animal rights protest

Animal advocates draw attention to abuse suffered by factory farm pigs

UPDATE: Crews still working to contain the wildfire north of Okanagan Connector

Update: Aug. 15 9:23 p.m. The Gottfriedsen Mountain wildfire, which was sparked… Continue reading

New urban winery approved by West Kelowna Council

The new winery will be located in the industrial area

Six people now mulling a mayoral bid in Kelowna this October

Five challengers and incumbent Colin Basran have picked up election packages for Oct. 20 civic vote

Central Okanagan firefighters are battling wildfires across B.C.

Lake Country, Kelowna and Peachland crews are assisting the BC Wildfire Service

‘Queen of Soul’ Aretha Franklin has died

Publicist Gwendolyn Quinn reports Franklin passed Thursday at 9:50 a.m. at her home in Detroit

UPDATED: B.C. RCMP dismantle Kinder Morgan protest camp

RCMP say they will enforce a court injunction today and remove Trans Mountain pipeline protesters who have been camped outside a Kinder Morgan terminal in Burnaby.

Searing memories of the Shuswap’s 1998 Silver Creek wildfire

Tales recounted from the battle against the blaze that nearly destroyed Salmon Arm

Italy says death toll will mount in Genoa bridge collapse

Authorities worried about the stability of remaining large sections of a partially collapsed bridge evacuated about 630 people from nearby apartments.

Former CIA Director: Trump worked with Russians and now he’s desperate

In an opinion piece in The New York Times, John Brennan cites press reports and Trump’s own goading of Russia during the campaign to find Democrat Hillary Clinton’s missing emails.

Church sex scandal: Abuse victims want a full reckoning

Since the crisis exploded in Boston in 2002, dioceses around the country have dealt with similar revelations of widespread sexual abuse.

Baloney Meter: is flow of asylum seekers at Canada-U.S. border a ‘crisis’?

“I think any time you have a government that allows 30,000 people over the course of a short period of time to come into Canada illegally, the impact that that has, that is a crisis,” said Conservative Leader Andrew Scheer.

Shuswap’s Roots and Blues features unique collaborations this weekend

Festival favourites are the magical workshops where musicians jam who haven’t played together before.

Altidore nets 3 as Toronto drubs Whitecaps 5-2

Vancouver falls 7-4 on aggregate in Canadian Championship final

Most Read