Planning Care for Aging Parents: Five Key Steps

Scotia Wealth Management
July 10th, 2025

For many Canadians today, caring for an aging parent or a family member is a defining part of life. 

According to Statistics Canada, one in four Canadians provides care or help to a family member or a friend with a long-term health condition, a physical or mental disability, or an aging-related need.

Taking on caregiver responsibilities can be especially stressful for those in the “sandwich generation” as most still have careers to grow, children to raise, and financial obligations to meet, in addition to providing care for aging parents.

When caring for a parent or an ill family member, the demands on your time and finances can add up quickly. While the shift to becoming a caregiver can be difficult, taking steps now to prepare a thoughtful plan can help you provide your loved ones with the personal and financial support they need.

Not sure where to start? Here are five key steps that can help ease the transition to caregiving:

1. Don’t wait to have important conversations
2. Understand your parents’ financial picture
3. Prepare for unexpected costs
4. Where there is a will, there is a way
5. Consider your own caregiving goals

It’s never too early to start talking with your family members to ensure everyone is on the same page when a care crisis occurs. Specifically, talk to your parents about their intentions for the future when they’re still capable of managing their affairs.