Nearly 3 in 10 Canadians planning to retire in 2025 or 2026 expect to keep paying a mortgage after leaving work, underscoring why more boomer parents are relying on their children for support.
Debt is rising even before retirement: mortgage balances for Canadians aged 55 to 64 climbed about 6% in the past year, while average non-mortgage debt stands at C$22,377.
Retirement income often cannot absorb those obligations, with new CPP beneficiaries receiving an average C$877.01 a month and maximum OAS for ages 65 to 74 at C$751.97.
That squeeze is sharper because 52% of Canadian workers lack a workplace pension, leaving many households exposed to home repairs, health costs and growing care needs.
The pattern points to a broader reversal of the usual wealth-transfer model, with money increasingly flowing from adult children to aging parents instead of the other way around.