Canada. Care of aging parents costs Canadians an estimated $33B annually
Caring for aging parents costs Canadians an estimated $33 billion a year in out-of-pocket expenses and time taken from work, and that figure is expected to grow, according to a report released Monday by economists at CIBC.
“An aging population combined with longer lifespans and strained social services has in recent years seen more and more Canadians taking on the role of caregiver for their aging parents,” CIBC deputy chief economist Benjamin Tal and senior economist Royce Mendes said in their report.
That tendency is likely to intensify in the coming years, they said.
Statistics Canada said recently the latest census data indicates seniors now outnumber children in Canada, as the population has experienced its greatest increase in the proportion of older people since Confederation.
The 2016 census figures show there are 5.9 million Canadian seniors, compared to 5.8 million Canadians 14 and under.
Full Content: CBC News
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