Some 83 per cent of Canadians have not achieved their financial objectives, according to a poll commissioned by the investment dealer firm Edward Jones. It goes on to say that Canadians are banking on an inheritance as they struggle to meet their financial goals.
Among the obstacles, respondents cited the cost of living (47 per cent), low income (39 per cent), unplanned financial obligations and overspending (19 per cent), and insurmountable debt (17 per cent).
- The poll outlines several obstacles faced by Canadians in trying to meet their financial objectives. (iStock)
Many plan a significant contribution
The survey found that 44 per cent were expecting an inheritance in the future and 63 per cent intended to leave an inheritance. Of those planning to bequeath wealth, 58 per cent agreed that it would provide a significant contribution to their heir’s financial future.
The company urges people to plan their legacy to minimize tax implications. In Canada, estates must pay all of the deceased’s tax obligations but there is no extra tax on inheritances.
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