Women are the backbone of Canada's informal caregiving system — providing an estimated 64% of unpaid care for aging parents, in-laws, and other family members. This caregiving comes at a real financial cost: reduced working hours, lost income, lower CPP contributions, and depleted savings. At the same time, women are also more likely to need eldercare themselves as they age, given their longer lifespans. This guide covers eldercare costs, available supports, and financial planning strategies for Canadian women navigating this dual reality.
Women who reduce work hours or leave the workforce to provide eldercare face compounding financial losses:
Statistics Canada estimates unpaid caregivers in Canada provide an average of 4–5 hours of care per week, with intensive caregivers (often women in the "sandwich generation") providing 20+ hours per week while maintaining employment.
| Care Type | Estimated Monthly Cost |
|---|---|
| Home care (private, part-time) | $1,500–$4,000 |
| Home care (full-time, live-in) | $4,000–$8,000 |
| Retirement residence (independent) | $2,500–$5,000 |
| Assisted living | $3,500–$7,000 |
| Long-term care home (private pay) | $3,000–$8,000 |
| Long-term care home (publicly funded) | $1,900–$2,700 (co-payment) |
Publicly funded long-term care is subsidized in all provinces, but waitlists for preferred facilities can run 1–5 years. The co-payment is income-based in most provinces.
A non-refundable federal tax credit for individuals who support a spouse, common-law partner, or dependent with a physical or mental impairment. The credit amount depends on the relationship and the dependent's net income. Claim on line 30400, 30425, or 30450 of your T1 return depending on the relationship.
Eligible medical expenses paid for yourself, your spouse, and dependants are claimable. This includes home care costs, medical equipment, and certain therapies. Expenses must exceed 3% of net income or $2,635 (whichever is less) to generate a credit on the excess.
If your family member has a severe and prolonged physical or mental impairment, they may qualify for the DTC. Once approved, they can transfer unused DTC amounts to a supporting family member. The DTC also unlocks access to the Registered Disability Savings Plan (RDSP).
KOHO's no-fee account with cash back helps Canadian women keep more of every dollar they earn. No monthly fees, no minimum balance, and built-in savings tools. Use code 45ET55JSYA for a sign-up bonus.
Get KOHO Free — Use Code 45ET55JSYAGiven women's longer lifespans, planning for your own potential need for eldercare is essential. Key considerations:
If you are employed and need to take time away from work to provide care or support for a gravely ill family member, you may qualify for EI Compassionate Care Benefits — up to 26 weeks at 55% of earnings. Apply through Service Canada. This is available to employees who have accumulated the required insurable hours.