{"id":32848,"date":"2026-05-12T08:23:00","date_gmt":"2026-05-12T12:23:00","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/?p=32848"},"modified":"2026-05-12T08:23:01","modified_gmt":"2026-05-12T12:23:01","slug":"five-ways-to-manage-the-emotional-and-financial-costs-of-caregiving","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/five-ways-to-manage-the-emotional-and-financial-costs-of-caregiving","title":{"rendered":"Five ways to manage the emotional and financial costs of caregiving"},"content":{"rendered":"\t\t<!-- Start of Brightcove Player -->\n\t\t\t\t\t\t<div style=\"display: block; position: relative; min-width: 0px; max-width: 640px;\">\n\t\t\t\t\t<div style=\"padding-top: 360px; \">\n\t\t\t\t\t\t<video-js\n\t\t\t\t\t\t\t\tid=\"6395245830112\"\n\t\t\t\t\t\t\t\tdata-video-id=\"6395245830112\" data-account=\"3187797751001\"\n\t\t\t\t\t\t\t\tdata-player=\"VBE5DE1mC\"\n\t\t\t\t\t\t\t\tdata-usage=\"cms:WordPress:6.9.4:2.8.8:javascript\"\n\t\t\t\t\t\t\t\tdata-embed=\"default\" class=\"video-js\"\n\t\t\t\t\t\t\t\tdata-application-id=\"\"\n\t\t\t\t\t\t\t\tcontrols   \t\t\t\t\t\t\t\tstyle=\"width: 100%; height: 360px; position: absolute; top: 0; bottom: 0; right: 0; left: 0;\">\n\t\t\t\t\t\t<\/video-js>\n\n\t\t\t\t\t\t<script src=\"https:\/\/players.brightcove.net\/3187797751001\/VBE5DE1mC_default\/index.min.js\"><\/script> \t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<!-- End of Brightcove Player -->\n\t\t\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>As <a href=\"https:\/\/globalnews.ca\/news\/11611310\/life-expectancy-canada-statcan\/\" target=\"_blank\" rel=\"noreferrer noopener\">Canadian life expectancy bounces back to pre-pandemic levels <\/a>, the intersection of <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/video-how-to-plan-for-care-as-you-age\">caregiving<\/a> and <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/why-planning-for-your-health-and-wealth-together-matters\">wealth planning<\/a> has become increasingly important. Whether you&#8217;re planning for your own potential care needs or already navigating the caregiving journey for a loved one, understanding both the practical and emotional dimensions of the experience is essential.<\/p>\n\n\n\n<p>In a recent panel discussion, specialists from Elder Caring Inc., CanAge and Baycrest&#8217;s Koschitzky Centre for Innovations in Caregiving joined RBC Wealth Management to share valuable insights to help families and caregivers prepare for the care journey.<\/p>\n\n\n\n<p>Caregiving touches virtually every Canadian family, and the financial implications can be substantial. Yet beyond the dollars and cents, caregiving is deeply human, involving complex emotions as we support those living longer lives. Medical advances have extended lifespans, but conditions like <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/recognizing-the-early-signs-of-dementia\">dementia can unfold slowly over years<\/a>, creating what experts call &#8220;ambiguous loss,&#8221; or grief for someone who&#8217;s still physically present but no longer the person you once knew. The emotional toll is often compounded by the sheer complexity of modern caregiving.<\/p>\n\n\n\n<p>Below are five key takeaways from the panel discussion that can help you manage the emotional and financial toll of caregiving:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-start-planning-now-not-during-a-crisis\">1. Start planning now, not during a crisis<\/h2>\n\n\n\n<p>Waiting until an emergency to begin care planning can be an expensive mistake. Having conversations during periods of calm, not while responding to a health crisis, can help preserve choices and reduce stress later. Consider touring retirement residences or exploring options before you need them, just to know what&#8217;s available.<\/p>\n\n\n\n<figure class=\"wp-block-rbcwm-blockquote mb-0\"><blockquote class=\"h5 header-alt mb-1\"><strong>&#8220;The cost of not planning becomes very, very expensive. We lose choices, we lose opportunities.\u201d<\/strong><\/blockquote><figcaption class=\"regular\">\n<p>&#8211; Audrey Miller, founder and managing director, Elder Caring Inc.<\/p>\n<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-identify-yourself-as-a-caregiver-it-unlocks-support\">2. Identify yourself as a caregiver\u2014it unlocks support<\/h2>\n\n\n\n<p>One crucial insight from the panel: people who recognize themselves as caregivers access help sooner and experience better outcomes. Identifying as a caregiver can open doors to counselling services, support groups, tax credits and community resources.<\/p>\n\n\n\n<figure class=\"wp-block-rbcwm-blockquote mb-0\"><blockquote class=\"h5 header-alt mb-1\"><strong>&#8220;The minute you identify yourself as a caregiver, we know there&#8217;s better outcomes\u2014because those are the people that avail themselves of help.&#8221;<\/strong><\/blockquote><figcaption class=\"regular\">\n<p>&#8211; Dr. Adriana Schnall, program director, Koschitzky Centre for Innovations in Caregiving, Baycrest<\/p>\n<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-review-the-financial-impact-and-available-support\">3. Review the financial impact and available support<\/h2>\n\n\n\n<p>Caregiving can significantly impact financial security, with <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/five-health-care-costs-to-consider-in-your-financial-and-retirement-plans\">potential costs reaching hundreds of thousands of dollars<\/a>. Early planning is critical to avoid costly emergency decisions. Key steps include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Estimating lifetime care costs with an advisor<\/li>\n\n\n\n<li>Aligning <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/video-what-is-a-power-of-attorney\">Powers of Attorney<\/a> (property and care) to ensure legal and financial preparedness<\/li>\n\n\n\n<li>Leveraging government supports like the&nbsp;<strong>Canada Caregiver Credit<\/strong>,&nbsp;<strong>Disability Tax Credit<\/strong> and&nbsp;<strong>EI Compassionate Care Benefit<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-embrace-technology-and-ai-to-lighten-the-load\">4. Embrace technology and AI to lighten the load<\/h2>\n\n\n\n<p>New digital tools are transforming the caregiving landscape. Baycrest&#8217;s <a href=\"https:\/\/c-cart.baycrest.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">Canadian Caregiver Assessment and Resource Tool <\/a> (C-CART), supported by RBC Wealth Management, uses AI to match caregivers with local resources after a brief questionnaire. Smart home technologies can alert family members to falls or changes in routine. Remote check-ins via video calls allow long-distance caregivers to stay connected. Even simple technologies like smart watches or location tracking can provide peace of mind.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-coordinate-care-as-a-team-not-a-solo-mission\">5. Coordinate care as a team, not a solo mission<\/h2>\n\n\n\n<p>Long-distance caregiving is increasingly common, and it requires creative coordination. Divide responsibilities among family members: one person handles medical appointments, another arranges cleaning services, someone else manages food delivery. The person living closest doesn&#8217;t have to shoulder everything, which can lead to <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/caregiver-burnout-is-real-how-to-help-plan-and-show-up-for-your-loved-ones\">caregiver burnout<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-rbcwm-blockquote mb-0\"><blockquote class=\"h5 header-alt mb-1\"><strong>&#8220;We&#8217;re no longer a sandwich generation. We&#8217;re a club sandwich generation.&#8221;<\/strong><\/blockquote><figcaption class=\"regular\">\n<p>&#8211; Laura Tamblyn Watts, president and CEO, CanAge<\/p>\n<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-your-next-steps\">Your next steps<\/h2>\n\n\n\n<p>The panelists emphasized one consistent message: start the conversation now. Talk with your family during calm moments and meet with your advisor to model different care scenarios and understand the implications for your wealth plan. More importantly, give yourself permission to ask for help.&nbsp;<\/p>\n\n\n\n<p><em>This discussion was part two of a popular conversation started in late 2024. <\/em><a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/video-how-to-plan-for-care-as-you-age\"><em>Watch part one<\/em><\/a><em> to learn more.<\/em><\/p>\n\n\n\n<div class=\"wp-block-rbcwm-well well is-style-b-blue-tint-4\">\n<p>Visit the RBC Wealth Management <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/campaign\/aging-well\">Longevity: Aging Well<\/a> hub to explore more strategies, insights and resources to help you plan for a long and healthy retirement.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A panel of specialists share what families and caregivers need to know about the caregiving journey.<\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9],"tags":[179,1033],"rbcwm_content_owner":[],"rbcwm_need":[69],"rbcwm_segment":[66],"rbcwm_solution":[82],"rbcwm_topic":[81,94],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-32848","post","type-post","status-publish","format-standard","hentry","category-eldercare","tag-caregiving","tag-cost-of-caregiving","rbcwm_need-support","rbcwm_segment-individuals-and-families","rbcwm_solution-wealth-planning","rbcwm_topic-health-and-well-being","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"A panel of specialists share what families and caregivers need to know about the caregiving journey.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":"This video is provided by RBC Wealth Management for informational purposes only. The comments contained in this video are general in nature, and do not constitute legal, investment, trust, estate, accounting or tax advice. RBC Dominion Securities Inc., Royal Trust Corporation of Canada, The Royal Trust Company, RBC PH&amp;N Investment Counsel Inc., RBC Wealth Management Financial Services Inc. are affiliated corporate entities and member companies of RBC Wealth Management, and business segment of Royal Bank of Canada. *Member \u2013 Canadian Investor Protection Fund. Please visit www.rbc.com\/legal\/ for further information on the entities that are member companies of RBC Wealth Management. \u00ae \/ \u2122 Trademark(s) of Royal Bank of Canada. Used under licence."},"rbcwm_insight_cta_id":[11937],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":48,"article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Five ways to manage the emotional and financial costs of caregiving<\/title>\n<meta name=\"description\" content=\"A panel of specialists share what families and caregivers need to know about the caregiving journey.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/five-ways-to-manage-the-emotional-and-financial-costs-of-caregiving\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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