More than half of Canadians to leave wealth to next generation

Thursday, July 9th, 2015

Steve Randall

Although the conversation may prove difficult for many, a new survey shows that 51 per cent of Canadians expect to leave wealth for their children and other family when they die. A new survey from mortgage lender CIBC shows that transferring the family cottage to children while the parents are still alive can be a cause of tension as the two generations may have differing views on how the property should be used. Other areas that spark disagreement include the use of trusts for inheritance, with children taking their use as their parents believing they won’t use the money wisely; giving to charity; and measures taken to avoid probate. Despite the potential issues the poll shows that 79 per cent of Canadians have not discussed the implications of inheritance with a professional advisor.   

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