Québec, October 6, 2015 – The total value of inheritances in Québec between 2007 and 2012 is estimated at $20 billion. The number of successions rose considerably over this period. In 2005, only 17% of families had received an inheritance, versus 28% in 2012. On average, Québec families estimated the total value of their inheritances at $82,100, while families in Alberta ($153,900) and British Columbia ($137,800) received much larger inheritances.
Inheritances are an important enrichment factor for the families who receive them. Even after taking into account age and income, families who received an inheritance were more likely to be in the top wealth quintiles. In addition, these families’ wealth was significantly higher than that of families who did not receive an inheritance. These results come from an article published today in the bulletin Données sociodémographiques en bref, based on data from Statistics Canada’s Survey of Financial Security.
Cohabitation: a better protection against low income for youth and women than for men
A comparison of low-income rates calculated based on family income and the personal income of each family member shows that women and youth are more vulnerable in terms of personal income, but are better protected by cohabitation. At the same time, these results highlight their greater financial dependence. Although men usually have larger personal incomes than women, those who experience financial difficulties are less likely to be able to count on other members of the family to help them out of a low-income situation.
Lack of money: friends and family most often solicited
Deprived of certain goods and services essential to daily life due to lack of money, 14% of households obtained financial assistance from friends or family, 12% incurred debt or sold goods, and 5% relied on charitable organizations. Households in which the major income earner is a woman or does not have a university education, as well as unattached individuals and lone parent families were more likely to have used one of these three options. However, young households were by far the ones who used them most frequently.
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