POLL: PARENTS WILLING TO PAY ADULT CHILDREN TO LIVE ON THEIR OWN

Jul 27, 2017

By Bob Komsic

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Most parents would be more than happy to gift their grown kids money if it means having them pack up and move out on their own, according to a survey.

A poll done for CIBC found nearly three-quarters of those with children over 18 say they’d be happy to give them a cash gift if it would help them out, get married or move-in with someone else.
Given the option, nearly two-thirds of parents would prefer to give cash rather than have an adult child stay with them.
Among those who planed to give such a gift, the amount depended on family income, although the average was $24,125.
Nearly one-third of respondents are aware that there are no taxes on monetary gifts in Canada.
According to the latest figures from Statistics Canada, four in ten Canadians in their 20s are still living at home – much higher than in the past and nearly double the percentage in the early 1980s.
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