Are you part of the Sandwich generation?

June 2019 – Once again a recent survey reminds us how many Canadians are part of the ‘Sandwich” generation. Not only are we still providing some degree of financial help to our adult children, but many are also worried about supporting their elderly parents. Many believe they will need to postpone their retirement to financially care for them, and/or have taken time off work or have even had to quit their jobs to care for them. Women are more likely than men to take time from their work to care for their own parents and/or their in-laws. This often seriously impacts their ability to financially secure their own retirement needs, particularly given their longer lifespans. There are various forms of financial assistance available to help care for aging parents including tax credits associated with dependent parents, and grants, loans and rebates for those renovating homes to accommodate elderly parents.