As the population ages and Generation Y struggles to achieve a lucrative work-life balance, it is the so-called "sandwich generation" that is left to pick up both the emotional and financial tab.

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.

April 30^th is just around the corner, and if you haven't filed yet because you are looking for creative ways to reduce your tax liability, take comfort and learn from the fortunes and misfortunes of other taxpayers.

The key to maximizing your tax return is to plan ahead, so you won't miss some of the little deductions that could make a big difference to your tax return.

Beyond the usual deductions, there are more that people have successfully argued are valid deductions. Have a look and see what has worked - and what hasn't - in the murky world of tax write-offs.

CLICK PHOTO FOR A GALLERY OF ODD TAX WRITE-OFFS

It's been a busy year for accountant Selva Perera, 45, who lives and works in Brampton, Ontario. His wife, Vasudha, 43, has had a pretty eventful year too. (We've changed their names to protect their privacy.) Six years after arriving to Canada from Sri Lanka -- via a brief stint in Abu Dhabi -- they became Canadian citizens last winter. "When we received the chance to come to Canada, we didn't hesitate," says Vasudha. This long awaited opportunity did not come without a few sacrifices.

Since immigrating to Canada, Vasudha, a trained lawyer, has had difficulties finding steady full-time work in the legal profession. This has meant that her family has endured some financial hardships on their way to achieving their Canadian dream. "It's been demoralizing as well as financially challenging," she adds.

With two children aged 11 and 16, like many parents, both Selva and Vasudha want to provide them with a secure future. In 2012, after many years of searching and praying, Vashuda finally landed a full-time job as a legal assistant at a downtown law firm.

Over the years the Pereras have toiled away and saved enough money to purchase a townhouse for their family of four. The Pereras were laser-focused on their quest of buying their first home, so much so, that they cashed in the entire value of the RESPs they had set aside for their children's post secondary education. Now that Selva and Vasudha both have reliable full-time jobs, Canadian citizenship and a home that they can call their own, they are at a loss as to what their financial priorities should be. Should they be more aggressive with saving for their children's education or should they focus more on their retirement savings?

Love it or hate it, Valentine's Day is undeniably a significant day. Celebrated by millions of men, women, and children all around the world, the grand love-in never ceases to keep cash registers ringing or curb the occupancy rates of hospital nurseries.

Here are some facts and figures about this beloved (and bemoaned) global celebration of affection and love.

Last summer, while knee deep in her backyard vegetable garden, Lucy Nichols found herself at a crossroads. At the age of 39 she was established in her career as a high school principal and was living quite comfortably in her three-bedroom home, which she had purchased by herself four years earlier. But she felt something was missing. (We've changed her name to protect her privacy.) She began to feel her life was becoming mundane. She craved adventure yet she still felt compelled to help people.

As a single and childless woman she thought she was in a good position to take a sabbatical. Trouble is how much of a beating would a one or two-year sabbatical take on her finances? "I've been quite fortunate in life and I don't necessarily want to wait till I'm in my sixties and seventies to travel, volunteer and write that book that been on my bucket list for years," she says with a grin.

If you've been bombarded with RRSP ads, you'll know that Registered Retirement Savings Plan (RRSPs) season is in full swing. It's important to save for retirement and RRSPs are but one strategy to employ. So before you run off to your nearest financial institution or to your financial advisor to get one, we thought it might make sense to break down the basics of this vehicle that dates all the way back to the 50's.

The end is nigh, or is it?

Ask a Mayan about Friday, December 21, 2012 being the end of the world and they'll most likely laugh it off. They may even tell you that it's an example of marketing at its very best.

Still, that hasn't stopped visitors from flocking to Mexico to witness doomsday in person. Mexico expects to receive 52 million tourists as result, and estimates to take
in $19.5 million in profits.

It's not just hotels and tourism boards that are cashing in from the doomsday paranoia. Businesses that supply survival essentials are enjoying the financial benefits, too. It's hard not to want to service the needs of customers who are willing to spend between $130,000 to over $500,000 on ensuring their survival in the event of a natural or manmade disaster.

In any event, who doesn't love an excuse to party? Here are some inexpensive ways to party like it's the end of the world, as we know it.

1. Cuddle Party
According to the organizers a cuddle party isn't just an ordinary party – it's a movement! Hey, no funny business is aloud here. There are some strict rules to abide by, for instance you have to receive a verbal yes to cuddle someone. So far the Canadian headquarters for the cuddle party is in Calgary and admission is $25 for singles and $40 for couples.

2. Go to a concert
It just may be your last chance to cut a rug so you might as well go celebrate Mayan style. If you're headed to Mexico chances are you'll check out one of the two government-sponsored concerts located in Mexico's Yucatán Peninsula. If not, maybe you're local bar will host an "End of the World" concert.

3. Head to church
This is what the Mayans will be doing as they will be praying and holding traditional ceremonies at home. You may want to reserve your space at the chapel as many churches are anticipating full houses, as people will have to pray more than usual.

When 20 year-old Olivia Culpo was crowned Miss Universe 2012, she made it all look easy. She confidently flashed her pearly white mega-watt smile, blew a few kisses here and there, and threw in a sprinkle of waves just for good measure.

The reality is becoming a top beauty queen isn't cheap. According to the Pageant News Bureau, pageantry is big business. How big? It's a $5 billion-a-year industry that draws an estimated 250,000 entrants per year in the U.S. alone.

The younger you start the more expensive the journey towards the crown will be.
You can hardly blame a parent for being giddy with pride after seeing his or her daughter, or son, win the top prize at a child pageant. However, when you take a look past the glamour, the price tag of competition can make your eyes burn.

There are apps to help us to do our banking; apps that help us sort out our receipts, and apps that help us to manage our day-to-day finances. But isn't it time someone created an app that would help us earn real money? Oh, yeah, someone has made an app for that.

It's called Field Agent, and it's timing couldn't be better. Maybe you're one of many people who are still recovering from a Black Friday or Cyber Monday hangover. Or, maybe you're looking for a chance to redeem yourself after a major shopping spree.

As 2012 draws to a close it's time to take stock and recognize the top 10 products that made our hearts sing. With the vast amount of new products entering the marketplace on an annual basis, this task was no easy feat. There were recipes we risked our lives to taste, tablets to tinker with and cosmetics we surrendered our epidermis to science for. In the end, we found 10 products that were worthy of a honourable mention across the consumer technology, food, house & home and beauty categories.

So without further ado, let's meet the winners.

SLIDESHOW: BEST NEW PRODUCTS OF 2012