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

Being Young: What happened America?

‘Give me your tired, your poor, your huddled masses.’

Good Reads: A quilt for friends of the Maple Ridge Public Library

Quilt launch on Saturday, 11 a.m. – 12:30 p.m.

Country Fest brings new talent to the stage in Maple Ridge

Spencer Creek: Live Musical Showcase is at Country Fest on July 29th.

Along the Fraser: The wasp nest had to go

Give a hoot, don’t pollute is my motto.

Maple Ridge wants to limit number of auto wreckers

Staff writing up change to M2 industrial zone

BC Games: Day 2 comes to an end

Hundreds of medals have been handed out at the 2018 BC Summer Games in the Cowichan Valley

B.C. mining company, involved in 2014 spill, ordered to pay lost wages

Mount Polley Mining Company must pay wages to 26 employees who were laid off without proper notice

Two significant wildfires burning in southeastern B.C.

More than 20 fires were burning in the Southeast Fire Centre as of Saturday afternoon

Volunteers provide the glue that keeps BC Games moving

The 2018 Cowichan Summer Games had more than 2,300 volunteers on hand across Vancouver Island

No Name brand chicken nuggets recalled due to possible salmonella

Canadian Food Inspection Agency says multiple illnesses reported in B.C., Alberta and Ontario

Lodeiro scores twice to help Sounders beat Whitecaps 2-0

Seattle’s Nicolas Lodeiro opened the scoring in the fifth minute when he converted a penalty kick

Fraser Surrey Docks mechanic dies on the job

‘This is a very sad day - a worker went to his job this morning and didn’t go home’

VIDEO: Critter Care opens its doors

Thousands attend open house at Lower Mainland wildlife rehabilitation centre

Race walker breaks 18-year-old BC Games record

Zone 6 athlete Olivia Lundman crossed finish line with ease, to loud cheers in Cowichan

Most Read