Don’t bank on a big inheritance

Don’t bank on a big inheritance

This is especially true if you live out east

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Raining moneyPraying for an inheritance is hardly a sound financial plan, but a recent BMO poll found that two-thirds of Canadians are counting on receiving one to help them pay down mortgage debt, fund a child’s education or build up their investments. They shouldn’t. Only about half of those surveyed in June 2014 said they received any inheritance—and the national average is just above $96,000, an amount that varies dramatically depending on which region of the country you live in.

inheritance chart

Source: BMO Financial Group

 

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