IG Wealth Management
July 27th, 2026
Many people find it difficult to discuss wills, powers of attorney and other elements of estate planning. Fortunately, there are strategies that can help you to start those conversations.
There’s no doubt that Canadians are generous when it comes to leaving money to their children in their will. However, while 80% of Canadians intend to leave an inheritance, less than half of Canadians have discussed their plans with their kids.
This can lead to considerable problems, one of them being the tax implications.
While inherited money and assets might not be taxable, some assets, such as second homes, RRSPs and businesses, are typically taxable to the deceased person’s estate (in situations where those assets are not “rolled over” to the spouse). Those taxes in turn can prevent an inheritance from being as fair as intended.
Not discussing the contents of your will can lead to disputes among your kids and the will being contested. It can also be less tax efficient than if it had been discussed with your children and your financial advisor.
For the adult children in line to receive an inheritance, knowing roughly what they can expect to receive (if anything) when their parents die should be an essential part of their own retirement plan. If you over- or underestimate your inheritance, this could have a significant impact on when you can retire and/or the quality of your lifestyle in retirement.
