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 council defers decision on homeless development

BC Housing is revisiting original plan after concerns from local businesses

3% tax hike proposed in West Kelowna

Proposed provisional budget tax hike in line with recent annual increases in the city

Okanagan robbery suspect sought

RCMP are seeking the public’s assistance in identifying a suspect in an… Continue reading

11-year-old water quality advisory lifted in Glenmore

Glenmore-Ellison Improvement District says Interior Health gave the green light to lift advisory

Site C dam goes ahead, cost estimate now up to $10.7 billion

Premier John Horgan says Christy Clark left him no other choice

Crook’s Corner

A slice of this week’s arts and entertainment happenings in the North Okanagan at a glance

Liberal Hogg wins South Surrey-White Rock byelection over Conservative Findlay

B.C. riding to be represented by non-conservative for first time in decades

Six-year-old boy needs $19,000 a month to treat rare form of arthritis

Mother of sick Sooke boy asks government to help fund treatments

Environmental groups slam NDP decision to continue with Site C

Construction industry, meanwhile, is cautiously optimistic about how the project will look

Be ladder safe both at work and home

WorkSafeBC wants you to keep safe while hanging those Christmas lights this year

B.C. overdose deaths surpass 1,200

96 people died of illicit drug overdoses in October

A classic Christmas play with a Kelowna twist

Scrooge is transported to Kelowna in New Vintage Theatre’s new holiday play, opening Wednesday

Crown appeals stay against Jamie Bacon in Surrey Six killings

B.C.’s prosecution service says judge’s decision reveals ‘errors of law’

Feds agree to give provinces 75 per cent of pot tax revenues

Finance Minister Bill Morneau announced the agreement today

Most Read