[CliffFletcher]

‘Bequest boom’: Canadian parents will pass on $750 billion to kids over next decade

A new study out Monday suggests Canadians can expect a $750 billion windfall from their aging relatives over the next decade, an inheritance inflated 50 per cent compared to what was passed on in the previous decade.

Canadian Imperial Bank of Commerce deputy chief economist Benjamin Tal says this is the largest intergenerational wealth transfer in Canadian history for the time considered and the amount will grow even larger in subsequent decades.

Tal says the wealth transfer will have important economic consequences that will impact wealth distribution, start-up activity, labour participation, savings and the real estate market.