1. In terms of unmet needs, caregivers identify financial support — including government assistance and tax credits — as the most common need they have.
2. According to the 2019 Change Foundation Report, 32 percent of caregivers in Ontario experienced financial difficulties in the previous 12 months.
3. 15 percent of Canadian caregivers reduced their paid work hours directly because of their caregiving responsibilities.
4. 43% of caregivers reported arriving late to work, leaving early or taking time off to care for a family member or friend.

5. Only 14 percent of caregivers receive support from a family member or friend.
6. Just 8 percent of caregivers benefited from federal tax credits, and only 6 percent get financial assistance from a government program. Overwhelmingly, caregivers do not apply for funding that is available to them.
7. Caregivers who are caring for a parent are less likely to receive financial support than those who are caring for a child, a spouse, or partner.
8. Each year, seniors and their caregivers incur about $5,800 of out-of-pocket expenses.
9. Low-income caregivers are less likely to benefit from non-refundable tax credits, the most common form of financial support available.
10. Also, 6 percent of caregivers leave the workforce specifically because of their caregiving responsibilities.

It’s worth mentioning that financial hardships caused by caregiving can also negatively affect caregivers’ mental and emotional health.

In the long run, this creates additional financial hardship in terms of specific medical therapy or medication to cope and more time off from work.

How to Lower Your Financial Burden as a Caregiver

• Have a proactive mindset. From the very beginning, acknowledge that, as a caregiver, you have a very high risk of facing financial difficulty. This awareness will motivate you to learn more and acquire the necessary tools and habits to prevent or cope with any financial burden.

If you haven’t done so yet, create a budget so you know exactly where you personally stand each month. It can help you to identify unnecessary expenses or opportunities to save.

• Apply for income-support benefits through the federal government’s Employment Insurance (EI) program if you have to take time off for caregiving.
• Research charities that offer financial assistance programs for patients with specific illnesses and their caregivers. One example is the Canadian Cancer Society.
• Cohabit. The majority of baby boomers and seniors in Canada own their homes. If you and your parent currently live in separate residences, consider selling and moving into one home with an in-law suite. You’ll share expenses for one home and also have an additional source of funds for out-of-pocket expenses.
• Delegate. Ask family members to help out more to reduce stress and burnout that make you more likely to miss work. Or consider hiring a part-time professional caregiver, which could cost you less than the amount of money you lose from missing work if you’re not a salaried employee.

Also, some communities are opening daytime care centres for elderly people. It’s a viable option for those who do not want to live in 24-7 care homes.