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“The pressure and the extra unplanned stress was definitely there, but it was all the timing,” said Kathy, who asked only her first name be used.

“You can’t plan for cancer.”

Making financial plans for unexpected, serious health issues is key, say financial advisors. Access to an emergency fund, even if it’s through a secured line of credit, can help make ends meet.

“If you can find the time to sit down with your advisor, they’ll look at your current cash flow situation, they’ll look at how much money you’ve got set aside and also look at the bigger picture as well,” said Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth Management.

“It’s very important at the very beginning, sometimes before treatment starts, that you can get a handle on your financial resources so it doesn’t stress you out further.”

If a cash reserve is not an option, advisors suggest a line of credit secured by your home, as they offer the lowest interest rates.

Golombek advises against using funds in an RRSP since withdrawals are taxable, but he still places that option above credit cards, which have the highest interest rates of all.

Certain expenses associated with treatment, such as travel for specialized treatment, may also be eligible for a tax credit. Eligible costs are listed on the Canada Revenue Agency’s website.

Kevin Dougherty, president of Sun Life Financial Canada, said 69% of the major health event claims his company sees are for cancer, compared to, for example, 11% for heart attacks.