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Lower income Canadians bear the largest dollar burden when it comes to their aging parents, according to a report published Monday.

Canadian Imperial Bank of Commerce economists Benjamin Tal and Royce Mendes say the average annual cost in terms of out-of-pocket expenses for those with parents over 65 will be about $3,300. They estimated almost two million, or 14 per cent of those with parents in the 65 or over threshold, incur care-related expenses.

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The care costs Canadians $33 billion a year in direct out-of-pocket expenses and time off work, the new study by CIBC says.

“The trend is clear. An aging population combined with longer life spans and strained social services has in recent years seen more and more Canadians taking on the role of caregiver for their aging parents. And, in the coming years that tendency is only likely to intensify,” they write.