Starting a life together

The decision to start a life together is a big one, and requires a bit of preparation. Follow these simple tips to get off to a great start!

Money matters

Prepare a balance sheet so you can …

• Calculate your respective assets and liabilities
• Decide whether certain payments (car, tuition, etc.) will be shared or separate
• Talk about how you'll pay for the things you want to do together

Create a budget together so you can…

• Allocate income to expenses (rent, groceries, loan payments, etc.)
• Decide what you're going to do with your bank accounts (a joint account, separate accounts, or both)
• Set aside money for long-term savings and the things you're looking forward to doing together

Start your estate planning so you can …

• Get an idea of what's involved in settling an estate
• Name an executor
• Set up your Personal Record (PDF, 186 KB) so all your personal information and documents are in one place to make things easier for the executor

Need help with estate planning?

Tips from an expert

Talk to a representative or a financial planner about…

• Updating the beneficiaries of your insurance policies and savings plans
• Taking out life insurance to make sure your loved ones are taken care of when you die
• Buying other coverages (disability, critical illness, long-term care, etc.) to protect your savings in case you get sick or become disabled
• How to save more
• Saving for your children's future (education saving plans)

Talk to a lawyer or notary about…

• Drawing up a prenuptial agreement or a common-law agreement that sets out each of your rights and obligations
• Making estate planning decisions, especially if either of you has been married, in a common-law relationship or in a civil union before or has children with another partner

Talk to an accountant or a tax-specialist about...

• What kind of financial and tax impact this change to your relationship will have on your taxes, child benefits, tax credits, etc.

Talk to your employer about…

• What changes should be made to your group insurance coverage and your retirement savings plan