The Financial Strain of Elder Care: Planning and Resources

The financial strain of elder care in Canada is a growing concern as more families face the emotional and economic challenge of supporting aging parents. With rising costs and limited public support, many Canadians are left navigating a complex care landscape without a clear financial roadmap.

In this article, we break down the true costs of elder care, explore government assistance programs, and offer cost-effective care planning tips tailored to Canadian families. 

The Cost of Caring: What Families Are Up Against

Many families are surprised by how quickly elder care costs can add up. From in-home care to mobility aids and long-term care fees, supporting an aging loved one can range from hundreds to thousands of dollars each month.

According to the Canadian Medical Association, public health costs related to seniors are expected to double over the next decade. Yet most families are left paying for a significant portion of that care themselves, out of pocket.

Typical elder care expenses include:

• Respite or overnight support
• Hourly PSW or caregiver rates
• Private nursing care
• Home safety renovations (e.g. stair lifts, grab bars)
• Transportation to medical appointments
• Out-of-pocket medications and therapy

What Public Programs Cover (and What They Don’t)

Canada’s universal healthcare system does not fully cover elder care (yes, there is public homecare, but it’s limited in its coverage). However, there are several programs that can help reduce some of the financial burden:

1. Home and Community Care Support Services (Ontario Health at Home)

Families may qualify for publicly funded nursing, PSW support, and therapy services, though these are often limited. Learn more about eligibility

2. Veterans Affairs Canada Programs

Eligible veterans may access home support through the Veterans Independence Program, which can cover personal care, cleaning, and transportation.

3. Disability Tax Credit (DTC)

If your loved one has a prolonged impairment, they may qualify for the Disability Tax Credit, which can reduce your tax burden.

4. Canada Caregiver Credit

Caregivers can claim up to $7,999 in federal tax credits depending on the support they provide.

5. Ontario Seniors Care at Home Tax Credit

Aimed at low- to moderate-income seniors, this refundable tax credit can help offset homecare and related expenses.

The Importance of Financial Planning for Elder Care

Too often, families find themselves reacting to a health crisis without a plan. That’s why proactive planning is key.

At Good Comfort, we recommend beginning these conversations early. Use our Care Conversation Guide to start discussing preferences, costs, and responsibilities before a crisis arises.

Top Planning Tips:

• Keep detailed records of caregiving costs for tax purposes
• Meet with a financial advisor experienced in elder care
• Explore long-term care insurance and health spending accounts
• Set a care budget with family contributions clearly outlined

Affordable Care Options That Work

We know care can be expensive, but at Good Comfort, we’re committed to making it more accessible through our flexible model:

Companion Care

Ideal for seniors who are still independent but need occasional check-ins, errands, or company.

Essential Care

This includes personal care, wellness support, and light housekeeping. It is great for families who need dependable daily or weekly support.

Add-On Services

Choose from our transportation service, physiotherapy, or nurse visits—without locking into expensive packages.

Care Costs, But You Need to Plan Ahead

Elder care will continue to be one of the biggest expenses many families face—but with the right mix of planning, support, and care flexibility, it doesn’t have to derail your finances.

If you’re unsure where to start, we’re here to help. Book a free care consultation to create a plan that works for your family’s budget and your loved one’s needs.