Neely was born in Comox, British Columbia and grew up in Maple Ridge, British Columbia. Both of his parents died of cancer. Neely remains active in the Cam Neely Foundation run in conjunction with Tufts Medical Center, where patients and their families avail themselves of accommodation at the "Neely House" while undergoing cancer treatments. After his mother died of cancer in 1987 and his father in 1993, he founded the charity in 1995 and that same year asked Denis Leary if he were interested in orchestrating a Boston-based comedy benefit show, which became the annual Comics Come Home event.