Aging can be an uncomfortable topic to broach with one’s elderly relatives, but experts say some Canadians can’t afford to put off the conversation, especially if caregiving responsibilities are bound to fall on them later on.
It’s an issue becoming more relevant as Canada’s population of those 65 and older grows, but many aren’t prepared for the financial and personal toll of meeting the needs of their loved ones.
“The earlier we start having conversations in families is always better,” said Tracey McLennan, head of high net worth and legacy planning at Edward Jones Canada.
A report released earlier this month by Edward Jones Canada found more than 3.6 million Canadians currently serve as financial caregivers for an adult 65 or older. Those caregivers contribute around $20 billion annually in support of their loved ones.
But seven in 10 entered the role with little or no planning, according to the research, conducted in partnership with Age Wave and The Harris Poll.
McLennan said many “were caught by surprise.”
“When care is not discussed, maybe there’s siblings in the mix, maybe there is still a parent in the mix, and it can create questions about alignment or decision making,” she said.
“Without the proper documentation ... when you go into financial institutions or you’re trying to navigate the resources that may be available, it is very challenging.”
The data comes from an online survey of 2,152 Canadian adults who are financial caregivers to seniors or adults with disabilities. The Canadian Research Insights Council, an industry organization that promotes polling standards, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.
The survey found that the costs associated with caregiving often come at the expense of caregivers’ own financial goals — underscoring the urgency to plan ahead to ensure those expenses are divided as fairly as possible.
Caregivers spend an average of $7,025 annually in unreimbursed personal funds supporting aging loved ones, and more than three-quarters said caregiving has changed how they prepare for their own future.
Around 44 per cent said they have reduced or stopped savings in the process, with around one-quarter reducing retirement contributions or taking on additional work or shifts. Some are also borrowing money, increasing debt or delaying repayments, along with giving up career opportunities.
“All of those have a very deep life impact,” said McLennan, noting many also find themselves unprepared for the role’s often long-haul nature.
“Those time frames can be quite long and they can have an impact on how you view your life.”
Edward Jones’ research found the average age of a caregiver is 49, or what McLennan described as “peak earning years” for many in that demographic.
“If I haven’t been prepared because I haven’t had conversations in my family, now all of a sudden ... I may not have the same length of time to make adjustments,” she said.
Both people thrust into a life of caregiving responsibilities and those requiring sudden care may have to forego the dreams they had for later in life, said Sandra Abdool, regional financial planning consultant for RBC Financial Planning.
“When most of us think of the future, we tend to think of the things we want to spend money on. So we think of travel and the golf and the entertainment, but we don’t necessarily think about the cost of our own care or the cost related to caregiving as an automatic,” she said.
Abdool said her advice to clients is to be proactive in researching the issue, as well as being open to help. She said starting those conversations with a financial adviser early on — even when you and your family members are healthy and relatively young — can help set a course for action if situations change.
She said the most common question advisers hear is how much caregiving will cost.
“Of course, the answer is it varies for every single individual,” Abdool said, noting clients often don’t initially realize the supports available, including volunteer organizations that donate their time and sometimes even assist with costs, depending on the circumstances.
“Often once you step into those shoes of a caregiver and it is live, you’re so caught up in the situation that not a lot of thought is given to planning at that point. So the best-case scenario is start the conversation early, start thinking about it now before you’re actually in the situation.”
She added an important component of planning is ensuring powers of attorney and wills are up to date. Without taking that step, she said it can be challenging to manage a situation where an individual needing care is no longer capable of handling a legal document.
“It makes things even more cumbersome, messy for the family and friends who may be needing financial resources to look after that individual, but don’t have the authority to step in and make those decisions,” Abdool said.
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Sammy Hudes, The Canadian Press
This report by The Canadian Press was first published Oct. 29, 2026.
