Many Halton Residents Relying on Inheritance
According to a recent poll, many Canadians are waiting for a loved one to pass on before making a big financial decision in their lives.
According to the data released today by Edward Jones, 83 percent of Canadians are banking on receiving a large inheritance due to the fact they aren't meeting their financial goals on their own.
Some of the reasons so many Canadians struggle to save money are: high cost of living (47 percent), low income (39 percent), unplanned financial obligations (19 percent), and insurmountable debt (17 percent).
The poll also found 44 percent of Canadians expect some form of inheritance in the form of assets or money, and of those who will be leaving an inheritance to their loved ones, 58 percent believe it will have a significant impact on their financial future, and 63 percent plan to leave a lump sum to their loved ones to avoid excessive taxes.
Known as "leavers" 63 percent of Canadians intend to leave some form of inheritance to their loved ones. According to the available data, Canadians who are married, have assets (such as a house or property), or earn $80,000 per year are most likely to leave an inheritance to their loved ones.
Of those leaving an inheritance, 69 percent report using the assistance of a financial professional.
“It’s important that every Canadian understands that inheritance and legacy planning is not just for the wealthy. There are many other factors to consider and account for beyond monetary funds that can go into a legacy strategy,” David Gunn, Country Leader at Edward Jones Canada, said in a news release. “The primary purpose of an inheritance and legacy strategy is to ensure your assets are protected and handled according to your wishes--whatever they may be.
“Overall, it’s encouraging to see more Canadians openly talking about inheritance, because when it comes to your finances, communication is key. Including your loved ones in your discussion with your financial advisor is the first step to developing a thoughtful approach to an inheritance plan that factors in the needs of the giver and receiver," he added.
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