Our RDS Canada members do share stories about the financial impact of a diagnosis of dementia at a younger age. The sudden impact of a loss of income, the costs involved in getting a diagnosis, not understanding what financial supports may be available (e.g., provincial benefits) or the longer term impact of care costs can feel overwhelming. What financial and/or legal matters should you think about and/or plan for? You may want to consult a financial planner or speak openly and frankly with a family member or friend.
Disability benefits - You may be eligible for benefits and/or tax credits (e.g., sick leave, disability benefits). A first step for many will be to consult with your employer, usually your Human Resources Office. RDS Canada members report that the Disability Tax Credit is an important credit to put in place. You can also review Disability benefits | Canada.ca.
Will and Estate Planning – You are not legally required to have a will in Canada, but it makes good sense to have this planning in place. Please note that laws around estate planning are governed by individual provinces and territories. For assistance with planning your will and estate representative (executor), ideally you should consult with a legal professional or public trustee.
Power of Attorney – Many people as they age will appoint a power of attorney to give someone the power to manage your property and finances on your behalf if you are no longer able to do so. You should consult with a legal professional to make these arrangements. A good resource for Canadians on powers of attorney can be found here: What every older Canadian should know about: Powers of attorney | Canada.ca.
