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The Great Wealth Transfer – Billions To Change Hands By 2026

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9 minute read

Here comes the boom.

What is ‘The Great Wealth Transfer’? 

 

This term has been coined by several major wealth managers across North America; referring to the tremendous amount of wealth that will be transferred to younger generations over the next decade. Wealth amassed by baby boomers will eventually be passed down to their families or beneficiaries, typically with the aid of a trusted wealth manager or financial advisor. 

Similar in a way to climate change, when we visit some of the data that has been reported in both Canada and the US, this issue seems to be far more pressing than most people are aware. Depending on the publication, the exact amount of wealth that will be transferred is questionable. Cited in Forbes, a report done by the Coldwell Banker Global Luxury® program and WealthEngine claim that $68 Trillion will change hands in the US by 2030.

We spoke with Gwen Becker and Devin St. Louis, two VP’s, Portfolio Managers and Wealth Advisors for RBC Wealth Management, offering their expert insight into the industry and the vast amount of wealth that is changing hands in Canada. 

According to RBC Wealth Management, their numbers in terms of the wealth transfer report $150 billion is set to change hands by 2026. The industry as a whole is at the forefront of this generational shift, whereas a trusted advisor can onboard younger family members to ensure the highest level of support through the process. Gwen offers her perspective:

“Certainly just around the corner; something that we are definitely paying attention to. My practice has always been very relationship-driven. It has been my privilege to advise many of my clients for decades. I have been intentional to welcome and include multiple generations of the same family. I advise grandparents who are now in their 90s, to which the majority of their children are my clients and even beginning to onboard grandchildren.”

This is an example of what is referred to as multi-generational estate planning. Being in the midst of the ‘great transfer of wealth’, this type of planning is crucial for advisors to implement early so they can continue to support the same family in the future. According to the Canadian Financial Capability Survey conducted in 2019, 51% of Canadians over the age of 65 will refer to a financial advisor to seek literacy and support. Contrary to that, Canadians aged 18-34 show that 51% are more likely to use online resources to aid in their financial literacy. 

Devin offers his perspective on how the importance of family legacy plays a role when an advisor poses this question: What is your wealth for?

“If you sat down with a couple 10 years ago, they may say, when I pass away, whatever wealth is left can be distributed evenly amongst our children. That has changed quite a lot now because elder family members are now more concerned about how their wealth is passed on to the next generation. Onboarding grandchildren can ensure that a family legacy that receives their wealth, uses it to benefit their family and their community.”

An important question to consider. Clearly there is a shift in attitude towards having a family legacy live on through younger generations of a family. Evident that having the support of a financial advisor or wealth manager not only ensures the most efficient use of your money and assets but also ensures financial stability for your family in their future.

If we revisit the above study in how a younger demographic is more likely to utilize online resources, interesting how a more digitally inclined audience will be receptive to advisors. Boiling down to how millennials and younger age groups will perceive wealth management if those in that space fail to offer their services through online communication.

Devin agrees that RBC is uniquely positioned for this digital shift:

“interesting that everybody had to transform their processes online through this COVID-19 pandemic. Every company has been forced to step up their technology means, RBC has definitely risen to that occasion. RBC has adapted quickly, improving a great technology base that already existed. I don’t perceive it at this point to be a challenge. I believe we have the right focus. I think it’ll be a good transition for us.”

Gwen continues:

“I do agree that RBC is very well positioned. The younger generations below millennials that would eventually take over some of this wealth carries some challenges. How does that age demographic think, and what are their expectations of wealth management or financial advisors? It is difficult to understand what that generation will expect out of digital advisors. Estate planning matters, and it will always be tied to you knowing the family, it’s a relationship business”

Consider that RBC Wealth Management oversees $1.05 trillion globally under their administration, has over 4,800 professionals to serve their clients and was the recipient of the highest-ranking bank-owned investment brokerage by the 2020 Investment Executive Brokerage Report Card, safe to say their decades of professionalism, expertise and ‘get it done’ attitude speaks for itself.

So, what does this mean for younger members of families who may not understand the field of wealth management?

Starting the conversation early

Whether you are the elder family member who has their financial ‘quarterback’ preparing their estate to change hands or are younger family members who may be the beneficiary of wealth in the near future, starting the conversation amongst family members early is important for the process to be successful. Considering that some possessions have more than just monetary value, but an emotional tie to the family legacy can be a difficult asset to distribute evenly. Of course, it can be a tough conversation to have, it may involve discussing the passing away of a loved one or even setting a plan to cover future expenses. Gwen mentions:

“I encourage my clients to have open conversations with their children while they are alive so that their intentions are clear. Depending on the dynamics of the family, things such as an annual family meeting with a beneficiary can be effective once it’s put in place. If they are not comfortable leading that conversation, bring a trusted adviser to the table to be impartial and logical.”

There is no way to know what ramifications will come of this ‘great transfer of wealth’. It may be that we see the resurgence of a strong bull market in the near future, we may see new tech innovation that we cannot yet grasp or new business investments that continue to disrupt traditional processes. Only time will tell.

For more stories, visit Todayville Calgary

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It’s time to finally free the beer

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This article supplied by Troy Media.

Troy MediaBy Samantha Dagres and Alessia Iafano

Canada’s booze trade is a protectionist mess.

Have you ever stopped to wonder who decides what beers you’re allowed to buy? Probably not. But every time you wander into a beer store you’re browsing a lineup handpicked not just by brewers, but by bureaucrats. Your choices are less about your taste and more about politics.

Sure, you’ll find Ontario staples like Mill Street. But if you’ve got a taste for an award-winning B.C. wine, a Quebec microbrew or a small-batch rye from Saskatchewan, prepare for disappointment. Welcome to the great Canadian alcohol paradox: it’s easier to buy French wine than a bottle of craft gin from the next province over.

This absurdity gave rise to the “free the beer” movement: an effort to let Canadian alcohol flow across provincial borders like, well, an actual country. The issue hit the headlines a few years back when Gérard Comeau of New Brunswick had the gall to go on a beer run to Quebec. Instead of paying a nearly $300 fine for that cross-border booze crime, he lawyered up and took the fight to the Supreme Court. Spoiler alert: he lost. The court ruled that there’s no constitutional right to free trade within Canada. Yes, you read that correctly.

Still, Comeau’s case lit a fire under the debate. Losing the battle doesn’t always mean losing the war. Since then, there’s been modest movement toward sanity. Ottawa even announced it wanted to liberalize domestic alcohol trade earlier this year. One problem: it can’t. Canada’s Constitution gives provinces—not the federal government—control over alcohol sales. And many provinces are still clinging to their liquor fiefdoms.

To be fair, a few have started to uncork their markets. Manitoba lets you order from out-of province businesses. B.C., Alberta, Saskatchewan and Nova Scotia have partially openmarkets. The rest—including Ontario—are still stuck in prohibition-era thinking.

Want to know how much Ontario’s LCBO monopoly costs you? Check your next receipt. Then subtract about one-third of the pre-tax price: that’s the LCBO’s average markup. While grocery stores survive on razor-thin margins, the government liquor store is pouring itself a nice fat profit at your expense. But it’s not just your wallet that suffers. That monopoly also limits your choices. In Ontario it’s easier to get wine from Spain than from Quebec. Welcome to Canada.

Yes, there’s been some progress. Ontario has cracked open the door to reform with recent steps to expand direct-to-consumer sales. And now, it’s making noise about taking the lead on building a national framework that would finally let Canadians buy booze from across provincial borders without jumping through flaming hoops.

Earlier this year, Ontario signed memoranda of understanding with B.C., Alberta, Manitoba, Saskatchewan, New Brunswick, P.E.I. and Nova Scotia—agreements aimed at reducing trade barriers and building bilateral deals. Several other provinces have done the same.

The goal? A pan-Canadian framework to allow direct-to-consumer alcohol sales, where producers can ship across the country and consumers can buy what they actually want.

As of 2024, the domestic alcohol market was worth $15.5 billion for Canadian-made products—or $26.2 billion when you include imports. It’s not just common sense—it’s good economics. Smaller producers in particular stand to gain. In fact, 76 per cent of Canadian wineries say direct-to-consumer sales would increase their revenue in the next year.

And for consumers? Better access, better variety and—brace yourself—possibly lower prices.

The first framework agreement was promised with Manitoba by the end of June. That deadline has come and gone Still, for those who’ve been fighting to pry Canada’s alcohol trade from the grip of protectionism and provincial monopolies, the finish line is at least on the horizon. If Premier Doug Ford wants to live up to his “open for business” motto, now’s the time. Honour the commitments. Finish the job. Then maybe—just maybe—Canadians will finally be able to toast with a beer from another province without breaking the law.

Samantha Dagres is the communications manager and Alessia Iafano is a research intern at the Montreal Economic Institute, a think tank with offices in Montreal, Ottawa and Calgary.

Troy Media empowers Canadian community news outlets by providing independent, insightful analysis and commentary. Our mission is to support local media in helping Canadians stay informed and engaged by delivering reliable content that strengthens community connections and deepens understanding across the country.

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Health-care costs for typical Canadian family will reach over $19,000 this year

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From the Fraser Institute

By Nadeem Esmail, Nathaniel Li and Milagros Palacios

A typical Canadian family of four will pay an estimated $19,060 for public health-care insurance this year, finds a new study released today by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.

“Canadians pay a substantial amount of money for health care through a variety of taxes—even if we don’t pay directly for medical services,” said Nadeem Esmail, director of health policy studies at the Fraser Institute and co-author of The Price of Public Health Care Insurance, 2025.

Most Canadians are unaware of the true cost of health care because they never see a bill for medical services, may only be aware of partial costs collected via employer health taxes and contributions (in provinces that impose them), and because general government revenue—not a dedicated tax—funds Canada’s public health-care system.

The study estimates that a typical Canadian family consisting of two parents and two children with an average household income of $188,691 will pay $19,060 for public health care this year. Couples without dependent children will pay an estimated $17,338. Single Canadians will pay $5,703 for health care insurance, and single parents with one child will pay $5,934.

Since 1997, the first year for which data is available, the cost of healthcare for the average Canadian family has increased substantially, and has risen more quickly than its income. In fact, the cost of public health care insurance for the average Canadian family increased 2.2 times as fast as the cost of food, 1.6 times as fast as the cost of housing, and 1.6 times as fast as the average income.

“Understanding how much Canadians actually pay for health care, and how much that amount has increased over time, is an important first step for taxpayers to assess the value and performance of the health-care system, and whether it’s financially sustainable,” Esmail said.

The Price of Public Health Care Insurance, 2025

  • Canadians often misunderstand the true cost of our public health care system. This occurs partly because Canadians do not incur direct expenses for their use of health care, and partly because Canadians cannot readily determine the value of their contribution to public health care insurance.
  • In 2025, preliminary estimates suggest the average payment for public health care insurance ranges from $5,213 to $19,060 for six common Canadian family types, depending on the type of family.
  • Between 1997 and 2025, the cost of public health care insurance for the average Canadian family increased 2.2 times as fast as the cost of food, 1.6 times as fast as the average income, and 1.6 times as fast as the cost of shelter. It also increased much more rapidly than the average cost of clothing, which has fallen in recent years.
  • The 10 percent of Canadian families with the lowest incomes will pay an average of about $702 for public health care insurance in 2025. The 10 percent of Canadian families who earn an average income of $88,725 will pay an average of $8,292 for public health care insurance, and the families among the top 10 percent of income earners in Canada will pay $58,853.
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