Wednesday, February 4, 2026
Cancer often leads to debt in Canada. Even with public healthcare, cancer treatment often comes with hidden costs. Discovery why debt is often an unknown side effect of cancer here.
A cancer diagnosis is life-changing. It brings uncertainty, emotional stress, and difficult decisions about treatment and care. Cancer often has another unknown side effect for many: debt.
People face out-of-pocket costs for medications, specialized treatments, and home care even with public healthcare. Patients often need to take unpaid time off work, and for anyone who is self-employed or doesn’t have disability benefits, lost income can make an already difficult situation even harder.
Understanding how cancer-related expenses can lead to financial hardship is the first step in finding solutions.
A cancer diagnosis doesn’t just impact health—it can also push families into serious financial hardship.
Many healthy Canadians think they would struggle financially as the result of a cancer diagnosis. An overwhelming majority (90%) of Canadians believe a sudden cancer diagnosis would hurt their household finances, with 30% saying they would need to go into debt to cover the costs, according to a joint survey by the Angus Reid Group and the Canadian Cancer Society.
This belief lines up with the facts.
The average cancer patient in Canada faces nearly $33,000 in lost income and out-of-pocket expenses during treatment and recovery, according to a 2024 Canadian Cancer Society report.
That same report also found that the patients and their caregivers are responsible for paying about 20% of Canada’s total cancer costs, adding up to about $7.5 billion a year.
In the next decade, that number is expected to increase to around $8.8 billion as Canada’s population ages and the cost of living increases as well.
In all, an estimated 33%-40% of cancer patients in Canada experience financial distress after a diagnosis, with some returning to work before they are physically ready just to stay afloat, according to a report published in the Canadian Medical Journal in 2024.
A cancer diagnosis can put careers on pause and overturn household finances. A loss of income is unavoidable for many patients as they need to take time off work for treatment. As a result, many may face challenges in covering daily living expenses, medical bills, and other essential costs that can quickly accumulate during treatment and recovery. They may be forced to rely on credit to get just the basics.
The loss of income isn't the only thing that many have to worry about, though.
While many Canadians have paid sick leave or health and disability benefits, not everyone does.
Those that do may be able to weather the financial storm easier, but anyone self-employed or without workplace benefits, missing work, often means missing pay, something that can be catastrophic when many Canadians are living paycheque-to-paycheque.
Even with public healthcare, there are out-of-pocket costs for medications, specialized treatments, transportation, and home care. These costs can be especially hard to manage for those without health insurance through their work. Even those with benefits may use up the amount available to claim and have to rely on their own money instead.
Even if a person's cancer is considered easily treatable, it often leads to months of financial hardship, and for many, returning to work isn’t a simple solution, regardless of if they're an employee or self-employed.
Even with a more mild form of cancer, recovery is always unpredictable. Many patients will suffer some form of a setback that will delay their return to work.
Many may feel under pressure to return to work as soon as possible to ease their financial strain; some may end up returning before they're actually ready to.
This may lead to further setbacks and force them to take more time off, prolonging their financial strain.
It's important to remember the financial burden doesn’t just fall on the patient. Family members often step in as caregivers, taking time off work or reducing the hours they work to be able to care for their loved one. This can mean two people in one family losing a significant portion of their income.
How to manage debt if you're a caregiver.
Understandably, handling debt, is not the top priority for anyone battling cancer. The focus is on beating the illness and then managing their recovery. Financial issues often fall by the wayside as a result.
There are ways to minimize the financial impact of cancer that all patients should be aware of though.
If you have insurance through your work, or a private insurance plan, you should immediately reach out to your provider to discuss the terms and conditions of your coverage. Ensure you fully understand what your insurance will pay for, and how to access your full coverage.
The government of Canada offers a variety of programs that you may be able to access while battling cancer. This may include unemployment insurance, sickness benefits, tax deductions.
The government also has programs to help caregivers financially as well.
The Canadian Cancer Society can also help you find financial assistance in your area. They can also help you cover travel expenses if you need to do so for treatment.
The Society has a great webpage with links to all of these things and more here.
If you begin to fall behind on bills contact your creditors to explain your situation. They will likely do their best to come to some sort of agreement with you. This may mean reducing your monthly payments to something more manageable.
They may also lower or even potentially waive interest fees for a certain amount of time as well.
If you’re struggling with multiple high-interest debts then debt consolidation is an option to consider. Debt consolidation combines these multiple debts into a single monthly payment. This monthly payment often comes with a lower interest rate than that of a credit card, saving you money over time.
A cancer diagnosis brings unbelievable stress and worry, without the added issue of financial hardship. If you or a loved one are experiencing debt due to cancer, remember there is support available.
If you’d like to review your finances with a trustworthy professional, consider reaching out to a Licensed Insolvency Trustee. The first consultation is free of charge.
Licensed Insolvency Trustees are regulated by the government of Canada and can help you see all your options to relieve debt. They can also negotiate with your creditors on your behalf, removing that stress for you.
Wednesday, February 4, 2026
Cancer often leads to debt in Canada. Even with public healthcare, cancer treatment often comes with hidden costs. Discovery why debt is often an unknown side effect of cancer here.
