Can Mom Afford to Stay at Home?
Paying for care is one of the hardest parts of this. Enter a few numbers to see the yearly cost, the gap after income, and a clear, benefits-first plan for how to fund it. Free, private, and nothing is saved.
Your parent's situation
What they have
Home equity we estimate: $650,000. Government benefits are not entered here because amounts depend on the person; the plan below points you to them first.
Care cost per year
$49,524
Income shortfall per year
$15,924
Funding needed over 5 years
$79,620
Savings could cover the roughly $79,620 shortfall for the full 5 years (about 7 years of runway). The plan below helps you stretch it further and protect what is left.
A plan to fund it, in order
1. Government benefits (start here)
Check every federal and provincial program first, they can meaningfully cut the shortfall and cost nothing to claim. Use the Benefits Finder and our guide to senior benefits, plus government-funded home care and any care tax credits.
2. Retirement income & savings
Use pensions and savings for the monthly shortfall. Drawing down thoughtfully, and in a tax-smart order, makes savings last longer.
3. Home equity, if staying home matters
With about $650,000 in home equity, a home-equity option can fund care while your parent stays put. A HELOC, a reverse mortgage, or downsizing each work differently. Compare them before choosing.
4. Protect the plan with insurance
Right-size home insurance if a home is changing hands, and consider final-expense coverage so care spending is not eaten by funeral costs later.
5. Family contribution
Many families pool a monthly amount. Agreeing who contributes what, in writing, prevents strain later.
Estimates are for planning only. They exclude benefit amounts, taxes, inflation, and one-time costs, and are not financial advice. For a plan tailored to your family, speak with a licensed advisor.
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How to pay for senior care in Canada
Most families cover care from a mix of sources, not one. The order matters: start with the money that costs nothing to claim. Government benefits and subsidies come first, then retirement income and savings, then, if staying home matters, home equity, and finally family support.
Our Paying for Senior Care guide walks through each step, and the Benefits Finder shows which programs your parent may qualify for.
Frequently asked questions
- How much does senior care cost in Canada?
- It varies widely by care type and province. Home care is usually billed by the hour, while assisted living and retirement residences charge an all-inclusive monthly fee, and long-term care is income-tested. The calculator lets you enter the monthly cost you are actually facing and seeds a starting point from published local prices.
- In what order should we pay for care?
- Start with the money that costs nothing to claim. Check government benefits and subsidies first, then use retirement income and savings, then, if staying home matters, home equity through a HELOC, reverse mortgage, or downsizing, and finally family contributions. Our Paying for Senior Care guide walks through each step.
- What if the savings will not last?
- The calculator shows roughly how many years savings can cover the shortfall and what gap is left. If there is a gap and your parent owns their home, home equity is often the next lever, alongside benefits you may not have claimed yet. A licensed advisor can help you sequence it.
- Is this financial advice?
- No. It is an educational planning estimate that excludes benefit amounts, taxes, inflation, and one-time costs. Confirm the details with a licensed financial advisor, mortgage broker, or insurance agent before you act.
Want a hand with any of this?
Our advisors offer free, confidential guidance for your family's situation.