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h' H O CN o u te r ear o' v H -i-- * CO tuO =3 =3 < Parents give adult children average $24K to move out " O CO o e r 1 1 1 00 LU R E e -i-- * CD JZ o a a) co Are you hearing but NOT understanding? D id y o u k n o w t h a t 47% o f a d u lts a ge 6 0 -7 9 h a v e h e a r in g lo s s ? 1 Your hearing d iffic u ltie s could be caused by dam aged hearing hair cells inside y o u r in n e r ear (cochlea). W hen dam age occurs in th e h ig h -fre q u e n cy areas o f th e cochlea, speech m ay sound garbled and co m p re h en sio n m ay becom e d iffic u lt. A c o m p re h e n s iv e h e a rin g a s s e s s m e n t w ill id e n tify th e c h a lle n g e s y o u fa ce a n d w h a t can be d o n e to h e lp im p ro v e b o th y o u r h e a rin g a n d y o u r c o m p re h e n s io n . It ta k e s less th a n 60 m in u te s , y o u d o n 't n e e d a re fe rra l fr o m y o u r d o c to r, an d th e r e 's no c o s t o r o b lig a tio n w h a ts o e v e r. Earn 50 AIR MILES® reward miles when you join us for a FREE Hearing Test OFFER ENDS AUGUST 31 st ecently CIBC com m issioned a poll of Canadians to learn more about how families gift money. It is important to understand there are no taxes on financial gifts to adult children in Canada, no matter the am ount given. The poll show ed 76 per cent of parents w ould be happy to give m oney if it w ould help their child m ove out, get married, or live w ith their significant other. Almost two out of three parents w ould rather give their adult child m oney than have the child remain living at home. The average gift o f $24,000 is based on parents having varying incom e amounts. Parents earning more than $100,000 an nually are prepared to gift $40,000-$50,000. One of the m ost significant shifts in the way Canadians live is the new reality that children are twice as likely to live at hom e w hile they are in their 20s as was the case in the 1980s. Statistics Canada reported 42 per cent of people in their 20s still live at home. Acting as the `Bank o f Mum and Dad' to financially launch the children isn't a new concept, but it could be risky. The trend towards supporting adult chil dren should be view ed in the context of how it impacts the parents' long-term finan cial plan. The largest financial risk the parents face is the possibility of outliving their financial assets. Especially taking into consideration that there are fewer people w ith significant pension incom e, and that Canadians are experiencing an ever-increasing life expec tancy. The family gift expenditure should be view ed in the same light as any other ex penses. Can the parents afford it? For som e families, a significant financial gift to children could result in the parents becom ing less financially stable during their later years. They m ight be forced to m ove in w ith the children as a result of failing finances. There is also a risk to the children. Dollars & Sense Peter Watson Guest Contributor Children w ho receive m oney from their parents m ight not use the m oney wisely. They may be encouraged to live beyond their means. For example, assume a child used the m oney to purchase a more expensive house than they could otherwise afford. A more expensive house is usually more expensive to operate year in and year out. Could living in an expensive neighbour hood, w ith more affluent neighbours, lead to peer pressure to live a lifestyle beyond their means? We can learn from the CIBC survey, Statis tics Canada information, and financial plan ning com m on sense. More adult children are living at home. More parents are providing financial gifts to their adult children. Both parents and their adult children have financial risks. I recom m end using this information to de termine what is in the best interest of your family, both parents and adult children. -- Submitted by Peter Watson of Peter Wat son Investments and Aligned Capital Partners Inc, MBA, CFP, R.F.P, CIM, FCSI, Certified Financial Planner g Sciences Hearing Aid Centre CALL DEBBIE NOW Since 196? Bronte | 2419 M arine Dr 1-855-565-6032 or v is it HearingSciences.ca PROUDLY CELEBRATING TRUSTED PARTNER OF C Fa p p r e d a t io n ca baier's upholstery & design w w w .b a ie rs .c a High quality new upholstered furniture & reupholstery. Make an appointment to come in and see one of the largest designer fabric collections in the area. CANADA 150 4kQCC vantage L e g io n # --------------------- NIHB, VAC and Worker's Compensation P r o v i d e r --------------------Hearing tests are provided free of charge for adults ages 18 and older. Some conditions may apply. Please see clinic for details. Offer not valid in Quebec. 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