I too had the same issue with my T2i, both the front and rear rubber grips were stretching and starting to peel off. I found the perfect solution, check out the following rubber grip replacements on Ebay, merchant Pro Photo Camera Shop:
Front grip with adhesive tape: Item #330644220239
Rear thumb grip with adhesive tape: Item #330596895687
I peeled off the old rubber grips and double stick tape, cleaned thoroughly, reapplied the new tape that was supplied with the grips and pressed the new grips into place. The whole process was quick and easy, and best of all, very inexpensive. For less than $30, you can restore the grips back to new.
I hope this helps those with similar issue. I do believe they have grips for many other Canon models.

