Family Financial Planning

Family Financial Planning

1-in-5 young Canadians will postpone retirement to financially supporting aging parents

As the population ages, many Canadians expect that providing financial support to their elderly parents will have a major impact on their personal finances, a recent survey commissioned by FP Canada™ and Chartwell Retirement Residences reveals. Despite this trend, two thirds of Canadians say they’re unfamiliar with the tax credits, grants and other financial tools available to help alleviate the financial impact of this support.

The senior years can be financially challenging, and as a result, many older Canadians turn to family members for support. That can cause a significant financial strain, and as Canadians live longer, that strain will only grow. A Certified Financial Planner^® professional can help you tap into tax credits and other tools and build a plan to support your loved ones without compromising your own financial security.

What benefits exist to help your parents?

If you’re trying to figure out what federal and provincial supports exist for your parents, visit these Government of Canada sites for more info.

• CPP benefits
• OAS benefits
• Attendant care tax credits

Need more info?

I recently sat down with Leslie Horton from Global News Calgary to discuss this topic. You can watch the video here.