Economist Benjamin Tal wrote that the generation that will pass away aged 75 and over will leave more than previous older generations due to the number of them and their greater wealth.
There are 25 per cent more elderly people in Canada now compared to a decade ago. Those over 75 total 2.5 million and this is predicted to grow.
The report suggests that this great wealth held by the older generations exacerbates income equality and impacts many facets including the real estate market.
Those aged between 50 and 75 have already inherited an average $180,000 with those in BC receiving the most, “no doubt due to the elevated value of real estate in the province,” Tal says.
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Canadian baby boomers are in line to inherit a combined $750 billion over the next decade according to an estimate from CIBC.