A recent CIBC poll has uncovered a significant gap in estate planning among Canadians: although 94% of respondents agree that having a will is essential for clearly outlining asset transfers, only 52% have actually created one.
Barriers to Estate Planning
The poll indicates that the disconnect stems not from a lack of values but from obstacles to getting started. Among those without a will, the primary reasons include procrastination (39%), the belief that they do not have enough assets to warrant a will (31%), and uncertainty about where to begin (24%).
Beyond wills, even fewer Canadians have implemented other foundational planning elements. Only 39% have a financial plan, and a mere 29% have an estate plan, highlighting a pattern of incomplete planning despite good intentions.
Expert Insights
Carissa Lucreziano, Vice-President of Financial Planning and Advice at CIBC, commented: “Canadians overwhelmingly agree that a will is essential, yet many delay or avoid taking the steps needed to have the peace of mind a will can bring. Financial and estate planning can feel intimidating or easy to put off, but it doesn’t have to be. With the right guidance, a clear plan can be put into place, helping to ensure your assets are distributed as you would want.”
Shifting Wealth Transfer Preferences
The survey also reveals a shift in how Canadians intend to pass on wealth. Among those planning to transfer wealth, nearly three-quarters (73%) prefer to give gradually during their lifetime (26%) or combine gradual giving with a lump sum after death (47%). This trend underscores the value of planning, particularly for families seeking a balance between short-term generosity and long-term needs.
CIBC Resources
CIBC offers personalized advice and tools to support clients with financial and estate planning, including Tax and Estate Planning Insights, CIBC Smart Advice, and access to advisors. Ms. Lucreziano hosts the Smart Advice podcast, and its May 25, 2026 episode features her conversation with intergenerational wealth expert Tom Deans.
Poll Methodology
The findings are from an Ipsos poll conducted between February 27 and March 6, 2026, on behalf of CIBC. A sample of 1,200 Canadians aged 30-85 were interviewed online via the Ipsos panel. Weighting was applied to balance demographics according to Census data. The poll is accurate to within ± 3.5 percentage points, 19 times out of 20.
