Most Canadians take the correct steps to protect their property against loss in case anything they own is lost or stolen.
Concerns about recouping losses if a home is robbed, or a favorite vintage guitar is destroyed during a basement flood, are questions with very routine answers. But when it comes to considering the value of a human life, many people don’t take the necessary steps to protect their loved ones against the financial loss when a primary income-earner dies.
By 2026, an estimated $1 trillion in personal wealth will be transferred from one generation to the next in Canada1, the largest transfer of wealth in our country's history. This transition involves financial complexities for both benefactors and their heirs. Without planning and clarity, wealth transfer can lead to confusion and misunderstandings.
If you are preparing to bequeath wealth to your heirs or anticipate receiving an inheritance, some of the information outlined below might be helpful.