Passing on wealth: Strategies to Give, Receive, and Thrive

Here are three reasons why you should listen to this episode: Gain insight into the practical and emotional complexities of intergenerational wealth transfer, including the rise of living gifts. Discover how wills and estate plans are key to ensuring your wishes are respected and your family’s future is protected, along with strategies on having open family conversations about inheritance. Learn why financial independence matters and how the younger generation can build wealth beyond inheritance. Resources CIBC's "Smart Advice" Podcast and Website - Website | Apple Podcast | Spotify Visit CIBC for more Smart Advice Richard Voss: LinkedIn | CIBC Profile Episode Highlights [00:20] The Great Wealth Transfer in Canada Canada is seeing the largest intergenerational wealth transfer in its history. Richard Voss, Director of Wealth Strategies at CIBC, brings years of experience helping families manage the emotional and financial sides of passing on wealth. Gifting wealth while still alive is becoming more popular as Canadians live longer and want to see the impact of their generosity. Many people inherit at older ages, but financial support might have been more useful earlier in life. Giving during one’s lifetime can strengthen family relationships and create meaningful opportunities for the next generation. [02:45] Richard: “And so the question then arises, could a gift have been more effective and valued if they had received it at an earlier age? And I would argue, the answer to that is a resounding yes.” [03:44] Why Having a Will Matters Despite the increasing number of people planning to make a wealth transfer, nearly half of Canadians still don’t have a will. Richard breaks down why this gap exists, from discomfort discussing mortality to the belief that “it can wait.” [05:38] Richard: “Making a will is so important because it provides guidance to your survivors and your executors on how you want your assets divided. It reduces conflicts as your instructions are captured in a clear way and are formally recorded in a legal document.” A clear and legal will ensures your wishes are respected. Without one, provincial laws decide how assets are divided, which can lead to unintended and costly outcomes. However, a will alone is not an estate plan. Richard explains that a complete plan also includes powers of attorney and beneficiary designations. Every family’s situation is unique, and creating a complete plan ensures both financial and emotional peace of mind. [09:17] Starting Family Conversations About Wealth Transfer Talking about wealth transfer, inheritance, and legacy can be uncomfortable, but it is necessary. Richard recommends regular family meetings to maintain transparency and consistency. [10:28] Richard: “Having everyone together is better than having separate one on one conversations. It allows for consistency and continuity and the ability to ask questions both ways.” Establishing ground rules helps create a safe, judgment-free space for everyone to share their thoughts. These conversations can strengthen family understanding, align values, and prevent future misunderstandings. [13:42] Building Financial Independence for the Next Generation Rising costs of living mean many young Canadians can’t rely on inheritance alone for financial security. Richard shares practical steps, starting with living within their means and saving with purpose. He outlines the 20/50/30 approach: 20% to savings, 50% to fixed expenses, and 30% to discretionary spending. The focus, he says, should be on developing strong habits early and working with financial advisors to build long-term wealth. [17:40] The Role of Advisors and Ongoing Financial Planning Carissa reflects on Richard’s advice and emphasizes the importance of consistency and professional support. Together, they highlight how collaboration with a trusted advisor can help Canadians stay on track with financial goals. Richard encourages those living at home or with fewer expenses to tak