are aging parents a financial burden for Canadians?
Are aging parents a financial burden for Canadians?
Survey finds only 28% of those polled are familiar with tax credits associated with caring for dependent parents
IE Staff June 7, 2019
Many Canadians are worried about the financial strain of supporting their elderly parents, according to a survey commissioned by FP Canada and Chartwell Retirement Residences.
The survey, conducted by Leger, polled more than 1,500 Canadians. Fourteen percent of respondents who had a living parent said they expect to postpone their retirement to financially care for them. Twelve percent said supporting their parents would prevent them from paying off debt. In contrast, only 5% and 8%, respectively, confirmed that financially being there for their parents has resulted in those scenarios.
Still, 13% of respondents said they have taken time off work to care for their parents, and 5% said they have had to quit their jobs. A press release notes that women were more likely than men to have taken time off work (15%, compared to 10%).
Canadians aged 18 to 34 are the most concerned about the financial implications of caring for elderly parents, with 18% expecting to postpone their retirement, the release adds.
The survey also found that many Canadians are unaware of various forms of financial assistance available to them to help them care for aging parents.
Only 28% said they’re familiar with tax credits associated with dependent parents—the press release says men were more likely than women to be aware of these credits (31%, compared to 24%). Only 22% of all respondents knew about grants, loans and rebates that are associated with renovating homes to accommodate elderly parents.