JULY 15, 2022
By Sun Life Staff
Have you read about "the great wealth transfer?" In 2026, the first of the Canadian baby boomers will reach 80. Starting around then, as much as $1 trillion (that’s 12 zeroes!) will pass from boomers to their families. Some are calling it the biggest intergenerational wealth transfer in history.
A lot of that wealth will come from their homes, businesses, registered retirement savings plans (RRSPs) and other investments.
Are your parents or grand-parents part of that generation? Depending on their financial situation, you might be inheriting some of that money.
Of course, you don’t want to be waiting for them to die. But you do want to prepare. You could inherit a significant sum, and you’ll want to use it wisely. What will you do with it? Will your emotions sway you? Or will logic rule you? Maybe a little of both?
Here are 5 steps to take before deciding what to do with your inheritance: