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 …

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 – Opens a tooltip 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