How much (monetarily) do you / plan to help out your parents?

[Vulcan]

I'm retired and don't have a great income but my expenses are also way down so I'm pretty comfortable. No mortgage on my house, no car payments, no outstanding debts, and spend little on gas, clothing, property taxes, etc.

My parents are both deceased.

[activeStick]

Originally Posted by calgarygeologist

My dad is gone already and I'm hoping to send my mom back to the motherland soon (within two years probably.) Once we sell her condo and she gets onto CPP she will be able to live very comfortably back in Poland. Her parents won't be around much longer so it is best that she goes back and takes care of them and any matters related to their estate.

If after sometime over there she gets sick or has to move back to Canada I guess she'll have to come and live with us.

Can people live out of country permanently and still receive CPP and other Canadian old age benefits?

[calgarygeologist]

Originally Posted by activeStick

Can people live out of country permanently and still receive CPP and other Canadian old age benefits?

Yes, in certain cases.

[Reaper]

Originally Posted by You Need a Thneed

For my wife's parents, I might consider building an above garage suite at some point, and charge them below market rent.

Don't do it unless you plan on swapping rooms with them when getting up and down that flight of stairs is too much work for them. A walkout basement with kitchenette is your best solution, in my opinion.

[GGG]

I plan on finding the finest cheapest nursing home that he government pays for.

[CliffFletcher]

Only about a quarter of seniors end up in assisted living.

[CroFlames]

Originally Posted by calgarygeologist

My dad is gone already and I'm hoping to send my mom back to the motherland soon (within two years probably.) Once we sell her condo and she gets onto CPP she will be able to live very comfortably back in Poland. Her parents won't be around much longer so it is best that she goes back and takes care of them and any matters related to their estate.

If after sometime over there she gets sick or has to move back to Canada I guess she'll have to come and live with us.

I brought that up with my parents, but they have no desire to go live in the motherland. Their kids and grandkids are here so they want to stay in Canada.

[AcGold]

As much as I possibly can. My parents helped me when they could have turned their backs on my lazy, dumb decisions.

Without them I'd never have had a chance at a good career. I'll pay them back with vacations and quality of life stuff (massages, healthy food, good water filter etc.).

[pseudoreality]

I don't think my parents will ever require financial assistance. They are in their 70's, have good pensions, RRIFs, and own high-value house. My Dad also can't stay retired. So he always has other income coming in. They have offered me money recently, which I have refused. I tell them to spend their money. Go on cruises, etc.

My wife's parents are a different situation. They are younger, late 50's now, and live out east where the attitude is the government should take care of you. Also, they only have one other kid who is an Air Force Corporal. I get along well with them and if we end up building a in-laws suite that's fine by me. They say they want to live closer to their grandkid(s).

[Lubicon]

Great question, and I honestly don't know what my answer is. Financially I don't see myself (and wife) having to help any of our parents out. They all have government pensions and dad has made some good investments as well so they should all be set. the possible exception is my mom who was a teacher but didn't start her career until later so her pension may not be quite as much plus her family has a history of living to an old age so she could run low on funds later. For us the bigger question is where would they live if they could no longer live by themselves. Our families are somewhat scattered around with only my brother and mom living near each other. My dad lives several provinces away from all of us. neither myself nor my sister live anywhere near any our our parents or in laws. My wife's parents live int eh same city as her sisters so I would imagine they would probably be in a position to help more than we would.

[Locke]

I invested, in my opinion wisely, in heavy duty tarps and a pig farm.

I consider this an equitable solution.