That is what the latest study from the Observatoire québécois des inégalités, titled “Les héritages au Québec, quel impact sur les inégalités?” produced in partnership with the CSF, reveals. The numbers speak for themselves—and they are striking. Quebecers aged 65 and over currently hold a net worth of $916.8 billion. Nearly a trillion dollars! Enough to turn heads and fuel dreams—and financial advice. But as is often the case with money, the reality is far more complex than it appears.
Here is where things get tricky, according to the Observatoire: in Quebec, the wealthiest 10% of families already own nearly half of all net assets (45.6%), while the poorest 40% must make do with a meager 4.3%. That shows the scale of the challenge ahead.
Far from being the great social equalizer it is sometimes imagined to be, inheritance actually amplifies existing inequalities.
Financial advisors should prepare for this new reality. Already, 29.3% of Quebec families report having received an inheritance. But the proportion rises to 46.5% among the wealthiest, compared to just 19% among the less fortunate. And the gap is widening. Between 2016 and 2023, the average value of inheritances for the richest 10% jumped by 81.5%, compared to 57.4% for less privileged families.
This concentration of inherited wealth has real-world consequences. In the midst of a housing crisis, inheritances and family gifts often become decisive factors in accessing homeownership. A telling statistic: 42% of homeowner families received an inheritance or family support to buy their home, compared to just 9.5% of renters. Grandpa and Grandma may therefore become, unwittingly, key players in the real estate market.
For advisors, the message is clear: inheritance is no longer just a family matter—it’s a societal issue that must be understood. Navigating between the legitimate expectations of heirs and a growing social pressure for a more equitable redistribution of wealth will be essential.
Finally, it’s worth noting that unlike most OECD countries, which directly tax inheritances with progressive rates, Quebec and Canada instead levy taxes on capital gains.
You can read the full study on the Observatoire’s website by clicking here (in French only).
