Canadians expect that they will have cleared all their debts, including mortgages, by the time they are 56. That sets them up for a debt-free retirement in a home that’s all theirs. Sadly the realty does match the dream. A new poll from CIBC found that although 56 is the average age when debts are expected to be paid down many will carry debt well into their 60’s. More than half of over-65’s still have debt and do not expect to be debt-free until they are in their 70’s. Younger Canadians are optimistic in their ability to be debt-free younger; on average 25-34 year olds expect to have cleared debts by the time they are 47, however 68 per cent of Canadians over 45 still have debt including 31 per cent with a mortgage. Thirteen per cent of respondents say they will never be debt-free.