Commentary
Even as Canada reportedly raked in a cool $500 billion in new investment commitments at the mid-September Canada Investment Summit in Toronto, beneath the glamorous headlines, many Canadians are living precarious lives propped up by financial transfers from their families.
A report released by the Royal Bank of Canada (RBC) on Sept. 15 argues that a “new kind of ‘Family Plan’ is taking shape” in the country that goes well “beyond shared cell phone plans or streaming services” to encompass “the everyday costs of adult life for their children.”
The bank commissioned polling firm Ipsos to survey 1,000 Canadian parents with children aged 18 to 40, a sample that was weighted to ensure it reflected the country’s demographics. It found that a full 51 percent of parents had transferred money to an adult child in the past year, with the average amount topping $6,000….