Getting Married: Money Edition

The Money Talk: What to Discuss

Before combining anything, have an honest conversation about:

• ◆Debts: Student loans, credit cards, car loans — lay it all out
• ◆Income: What you each earn and expect to earn
• ◆Spending habits: Are you a saver or spender? No judgment
• ◆Goals: Home ownership, kids, travel, retirement timeline
• ◆Values: What's worth spending on? What's not?

Joint vs. Separate Accounts

Tax Benefits of Marriage

• ◆Spousal RRSP: Higher-income spouse contributes to lower-income spouse's RRSP for tax savings
• ◆Transfer unused credits: Tuition, disability, and age credits can transfer between spouses
• ◆Spouse amount: If your spouse earns under ~$15,000, you get a tax credit
• ◆Medical expenses: Combine and claim on the lower-income spouse's return
• ◆Charitable donations: Combine for a bigger tax credit

Financial Checklist After Marriage

1. Update your marital status with the CRA
2. Update beneficiaries on all accounts (TFSA, RRSP, insurance, pension)
3. Review and update your wills
4. Consider life insurance if you don't have it
5. Set up a joint account for shared expenses
6. Create a combined budget and financial goals
7. Review employer benefits — one of you may have better coverage

Common Law vs. Married

In Canada, if you've lived together for 12 months, you're considered common-law for tax purposes. This means you already get most of the same tax benefits as married couples. However, property and inheritance laws differ by province — marriage provides stronger legal protections.