Yes, I think theoretically at least it is possible, and it has been discussed among researchers and with various policy departments. It is somewhat more difficult to implement in terms of establishing eligibility criteria, but it would certainly go a long way towards dealing with some of the long-term consequences.
The other policy measure that has been discussed is something equivalent to the child care drop-out provision for the Canada Pension Plan. At the moment, there is no equivalent for circumstances when you take care of an adult person. You have to leave the labour force to drop that period out of your Canada Pension Plan calculations.