A living inheritance allows you to share your wealth with your children, tax-free, while you’re still around to see them enjoy it.
A CIBC poll shows more than half of Canadian parents have either given or plan to give a significant gift or early inheritance to their children or grandchildren. We believe this discussion will change the way you think about gifting to family members.
Why do parents give their children a cash “living inheritance gift”?
Parents simply want to help them buy a home. They’ve come to the realization that it’s getting harder and harder for younger adults to break into the housing market. And for many, without their parents’ financial help they simply can’t do it.
There are a few strategies available for homeowners.
As qualified mortgage agents, we can help you determine which strategy is best for you. For example, in one strategy, on the equity you take out, neither you or your children need to make any monthly payments on the equity you are using so it does not affect your own monthly cash flow or diminish your own retirement in any way.
Have questions or comments? Please contact:
Erich Tratnik, Mortgage Agent: 905-767-6018, email@example.com
Victor Camba, Mortgage Broker: 416-435-8340, firstname.lastname@example.org
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