Often caregivers must use their personal finances and savings to pay for the needs of the person they care for. They may need to reduce their hours of work, or their family’s spending to do so. Some will need a loan or have to sell off other assets to afford care. There are several financial supports available for caregivers from government agencies and community organizations. You may also be eligible for caregiver benefits and leave. In addition, completing personal income tax on a yearly basis can increase the opportunity for potential credits or benefits from the Government of Canada.
- Check out the Canadian Federal Government’s Benefits Finder.
- Prescription Drug Coverage: Ontario Drug Benefit – Seniors Co-Payment Program (SCP) and Trillium Drug Program (TDP) applications.
- Federal government information on managing your finances (financial literacy programs, financial goal calculator, budget planner, frauds and scams, and income tax tips)
- Ontario Caregiver Organization: Financial Support (includes information about Tax Credits for Caregivers).
Additional Financial Support Resources (Ontario Caregiver Organization):
- Canada Revenue Agency List of Benefits and Tax Related Resources
- Service Canada List of Potential Financial Benefits for Caregivers
- Ontario & Federal Income Tax credits
- Credit Canada (links to credit counselling and building, debt consolidation or repayment, stopping collection calls, identifying financial scams, improving credit scores, and reading credit reports)
- Prosper Canada Resources: Benefits Way-Finder Tool, a Future Planning Tool, and some other financial support resources