According to the Pew Research Centre, nearly half (47%) of all adults in their 40s and 50s have a parent over the age of 64 and are simultaneously raising either a young child or adult child while caring for their aging parents.
Additionally, Statistics Canada's findings strengthen the case for creating a resolution to the growing financial burdens of the sandwich generation. Recently, they tabulated that 2.7 million Canadians provided unpaid care to people aged 65 and over. And, among these individuals, many of them had some sort of long-term illness.
If this scenario seems all too familiar you may feel comforted by the fact that the government feels your pain. This year the Canada Revenue Agency has introduced a new tax credit -- the family caregiver tax credit -- to help ease the financial burden.
Here's what you need to know so that you can maximize your tax savings this year.