The Cost of Cognitive Care in Canada
As life expectancy continues to rise, people are living longer and more fulfilling lives. With longer lifespans comes the opportunity to plan thoughtfully for the years ahead—including how to maintain independence, quality of life, and financial confidence over time.
While aging can bring changes in physical and cognitive abilities—including memory-related conditions such as dementia and Alzheimer’s disease—these transitions are often gradual. Therefore, early discussions with both a care provider and a trusted financial partner are especially important. Planning ahead—considering where care will occur, how it will be financed, and who will be involved—helps reduce uncertainty, allowing families to focus on practical planning with clarity.
Did you know?
In January 2025, Canada had around 771,939[TM1.1]1 dementia cases. The cases are estimated to increase to nearly 1 million by 2031.
So how much does care cost?
As cognitive health declines, families often face an important, and sometimes unexpected, question: Where will care happen, and what will it cost? Support can take place at home, in a retirement residence, or in a long-term care setting. Each option offers different benefits and considerations, such as:
Care Options at a Glance2
| Care Option | Key Considerations | Typical Costs |
|---|---|---|
| Care at Home | Flexible and familiar; care can scale over time; typically, privately funded | ~$60,000/year (part-time) to $300,000+/year (full-time) |
| Retirement Residences | Independent living with access to services; costs vary by level of care | $4,500–$9,000/month ($40,000–$85,000+/year) |
| Long-Term Care | Higher level of medical support; partially government-funded | Lower overall, varies by province and eligibility |
The figures above are approximate and intended to illustrate typical care-related expenses. Actual costs may vary by region, level of care, and duration.
Regional differences in the cost of care3
Care costs vary across Canada, influenced by housing markets, labour costs, and provincial care systems. These regional differences can impact both affordability and access, making location an important consideration in long-term planning. Care can include services like meal preparation, housekeeping, and daily support, and each province offers its own government programs and tax credits to help offset costs.
Toronto
Toronto is one of the highest-cost markets for elder care in Canada. Private home care in the GTA typically ranges from $30 to $38 per hour, while retirement residences often fall between $4,400 and $6,200+ per month, with higher-end options exceeding that range.
Vancouver
Vancouver is among the most expensive markets for elder care in Canada, reflecting its high cost of living. Private home care can range from about $32 to $50+ per hour, depending on the level of support. Retirement residences range from $4,000 to $7,000+ per month.
Montreal
Montreal remains relatively affordable compared to other major cities. Home care can range from $25 to $35 per hour for basic support, with higher rates for specialized care. Retirement residence costs can fall between $2,000 and $4,000 per month but may rise with level of care and accommodation needs.
Calgary
Home care services typically range from about $40 to $50 per hour for personal and companion care, depending on the level of support, while facility-based care can range from approximately $2,500 to $6,500 per month depending on care needs and accommodation type.
To better understand how these costs may affect your situation, you can explore the Cost of Aging Calculator from Canada’s National Institute on Aging.
Key steps in building a care plan
Planning for future care can be overwhelming. Starting early and having the right conversations can help create clarity and confidence as needs evolve. Working with a financial advisor can also help bring structure to these decisions and ensure financial considerations are aligned with personal goals.
A simple way to approach these conversations is through four key stages:
1. Prepare — When everyone is healthy
Focus on planning ahead while options are open.
- Have we discussed future care preferences?
- Who would step in to help make decisions if needed?
- Are key documents in place (e.g., will, power of attorney)?4
2. Concern — When something begins to change
Stay aware of early shifts and revisit plans as needed.
- Are daily tasks becoming more complex?
- Would it help to review plans or documents together?
3. Diagnose — As needs become clearer
Adjust plans to reflect current realities.
- Are care plans realistic given current needs and costs?
- Is it time to activate the Continuing Power of Attorney for Property and the Power of Attorney for Personal Care (Protection mandate in Quebec)?
4. Legacy — Looking ahead
Consider how today’s decisions shape the future.
- What feels fair for everyone involved?
- How can plans support both current care and long-term goals?
Starting the conversation
Whether planning ahead or supporting a loved one, working with a trusted advisor can help bring structure to the care process so that families feel prepared, supported, and informed at every stage.
Footnotes:
1. Statistics Canada. “Alzheimer’s Awareness Month.
2. La Presse. “Le prix de la vieillesse enfin chiffré.” La Presse, 29 Mar. 2026; Senior Home Canada. Memory Care.
3. Regional differences in the cost of care: Age Place Hub, Care Patrol, Live Peace Seniors Home Care, Senior Home Canada, Government of British Columbia, KindredCare Global, Wealth North, Ohana Care Health Services.
4. In Québec, this refers to a will and a Protection mandate (mandat de protection), rather than a power of attorney.
Securities-related products and services are offered through Raymond James Ltd. (RJL), regulated by the Canadian Investment Regulatory Organization (CIRO) and a Member of the Canadian Investor Protection Fund. RJL financial/investment advisors are not tax advisors, and we recommend that clients seek independent advice from a professional advisor on tax-related matters. Insurance products and services are offered through Raymond James Financial Planning Ltd., which is not regulated by CIRO and is not a Member of the Canadian Investor Protection Fund. Solus Trust Company (“STC”) is an affiliate of Raymond James Ltd. and offers trust services across Canada. STC is not regulated by CIRO and is not a Member of the Canadian Investor Protection Fund.
